<SEC-DOCUMENT>0001554855-25-000262.txt : 20250401
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<ACCEPTANCE-DATETIME>20250401154922
ACCESSION NUMBER:		0001554855-25-000262
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		248
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250401
DATE AS OF CHANGE:		20250401

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
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		25799404

	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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<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>
<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; text-align: center; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 18pt; font-weight: bold;">FORM <ix:nonNumeric contextRef="D20241231" name="dei:DocumentType" id="Tag28">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: 'Times New Roman'; font-size: 12pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231" name="dei:DocumentRegistrationStatement" id="Tag30" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric>&#160; &#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: 'Times New Roman'; font-size: 12pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231" name="dei:DocumentAnnualReport" id="Tag2746" format="ixt-sec:boolballotbox">&#9746;</ix:nonNumeric>&#160; &#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><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231" name="dei:DocumentPeriodEndDate" id="Tag3288" format="ixt:date-monthname-day-year-en">December 31,2024</ix:nonNumeric></span></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: 'Times New Roman'; font-size: 12pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231" name="dei:DocumentTransitionReport" id="Tag26" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric>&#160; &#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: 'Times New Roman'; font-size: 12pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231" name="dei:DocumentShellCompanyReport" id="Tag3273" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric>&#160; &#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="D20241231" name="dei:EntityFileNumber" id="Tag2735">001-31518</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; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 24pt; font-weight: bold;"><span style="-sec-ix-hidden:Tag3456">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>
<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;">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="D20241231" name="dei:EntityIncorporationStateCountryCode" id="Tag3274" 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: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"><br/></span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231" name="dei:EntityAddressAddressLine1" id="Tag41">26, Boulevard Royal &#8211; 4th Floor</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;"><ix:nonNumeric contextRef="D20241231" name="dei:EntityAddressPostalZipCode" id="Tag24">L-2449</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonNumeric contextRef="D20241231" name="dei:EntityAddressCityOrTown" id="Tag3304">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:Tag3470">executive offices</span>)</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="D20241231_BusinessContactMember" name="dei:ContactPersonnelName" id="Tag49">Marcos Basaldella</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; page-break-after: avoid;"><ix:nonNumeric contextRef="D20241231_BusinessContactMember" name="dei:EntityAddressAddressLine1" id="Tag48">26, Boulevard Royal &#8211; 4th Floor</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;"><ix:nonNumeric contextRef="D20241231_BusinessContactMember" name="dei:EntityAddressPostalZipCode" id="Tag45">L-2449</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonNumeric contextRef="D20241231_BusinessContactMember" name="dei:EntityAddressCityOrTown" id="Tag1042">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="D20241231_BusinessContactMember" name="dei:CityAreaCode" id="Tag50">352</ix:nonNumeric>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231_BusinessContactMember" name="dei:LocalPhoneNumber" id="Tag1287">26 47 89 78</ix:nonNumeric></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;">Fax. + </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(<span>352</span>)</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;"><span>26 47 89 79</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;">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:Tag3476">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: 0pt;"><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: 0px; break-after: avoid; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><br/></span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; text-align: left;"><br/></p>
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<p style="margin:0pt"><br/></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; height: 69px; width: 100%;" width="100%">
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<th style="vertical-align: middle; width: 46%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&#160;</span></p> </th>
<th style="vertical-align: middle; width: 46%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&#160;</span></p> </th> </tr>
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<th style="vertical-align: bottom; width: 49%; height: 22px;">
<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>
<th style="padding-left: 7.2pt; vertical-align: bottom; width: 49%; height: 22px;">
<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>
<tbody>
<tr style="height: 20px;">
<td style="vertical-align: top; height: 20px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231_AmericanDepositarySharesMember" name="dei:Security12bTitle" id="Tag54">American Depositary Shares</ix:nonNumeric></span></p> </td>
<td style="vertical-align: top; height: 20px; padding-left: 0px; padding-right: 0px; 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;"><ix:nonNumeric contextRef="D20241231_AmericanDepositarySharesMember" name="dei:SecurityExchangeName" id="Tag3410" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></span></p> </td> </tr>
<tr style="height: 10px;">
<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; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20241231_OrdinarySharesMember" name="dei:Security12bTitle" id="Tag47">Ordinary Shares, par value $1.00 per share</ix:nonNumeric></span></p> </td>
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; 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;"><ix:nonNumeric contextRef="D20241231_OrdinarySharesMember" name="dei:SecurityExchangeName" id="Tag60" 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-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20241231" name="dei:EntityCommonStockSharesOutstanding" unitRef="Shares" id="Tag3405" decimals="0" format="ixt:num-dot-decimal">1,162,757,528</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 </span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20241231_TreasurySharesMember" name="dei:EntityCommonStockSharesOutstanding" unitRef="Shares" id="Tag1056" decimals="0" format="ixt:num-dot-decimal">78,485,337</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> treasury shares, as of December 31, 202</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: 10pt; font-weight: bold;">.</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="D20241231" name="dei:EntityWellKnownSeasonedIssuer" id="Tag3187" 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;&#9744;</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="D20241231" name="dei:EntityVoluntaryFilers" id="Tag27" 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>&#160;<span style="color: #000000; font-family: 'Times New Roman'; 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;">&#9746;</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;<span style="color: #000000; font-family: 'Times New Roman'; 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;"><ix:nonNumeric contextRef="D20241231" name="dei:EntityCurrentReportingStatus" id="Tag2774" format="ixt-sec:yesnoballotbox">&#9746;</ix:nonNumeric></span></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 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;<span style="color: #000000; font-family: 'Times New Roman'; 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;"><ix:nonNumeric contextRef="D20241231" name="dei:EntityInteractiveDataCurrent" id="Tag3279" format="ixt-sec:yesnoballotbox">&#9746;</ix:nonNumeric></span></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>
<td style="vertical-align: middle; width: 32.6%; height: 17px;">
<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;"><ix:nonNumeric contextRef="D20241231" name="dei:EntityFilerCategory" id="Tag29" 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;&#9746;</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></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
<td style="vertical-align: top; width: 32.6%; height: 18px;">
<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 0pt 1pt; text-align: right;"><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="D20241231" name="dei:EntityEmergingGrowthCompany" id="Tag23" 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: 12pt 0pt 0pt; page-break-after: avoid;"><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; &#160;<ix:nonNumeric contextRef="D20241231" name="dei:IcfrAuditorAttestationFlag" id="Tag3280" 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;&#160;<ix:nonNumeric contextRef="D20241231" name="dei:DocumentFinStmtErrorCorrectionFlag" id="Tag2765" 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;&#9744;</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>
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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: '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="D20241231" name="dei:DocumentAccountingStandard" id="Tag43">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="D20241231" name="dei:EntityShellCompany" id="Tag25" 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>&#160;<span>&#9746;</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>
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<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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<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="background-color: #ffff00; font-family: 'Frutiger 45 Light'; font-size: 4pt;">&#160;</span></p>
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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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<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&#160;</span></p>
<table id="TOC" cellpadding="0" cellspacing="0" border="0" style="height: 698px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
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<td id="BM_Ba1_1222025215622142" style="height: 16px; width: 90%; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba1_1222025215622142">LETTER FROM THE CHAIRMAN</a></span></td>
<td class="bmpageno" id="BMP_Ba1_1222025215622142" style="text-align: center; height: 16px; width: 10%; margin: 0pt;">9</td>
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<td id="BM_Ba2_1222025215646203" style="height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba2_1222025215646203">CERTAIN DEFINED TERMS</a></span></td>
<td class="bmpageno" id="BMP_Ba2_1222025215646203" style="text-align: center; height: 16px; margin: 0pt;">11</td>
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<td id="BM_Ba3_122202521574246" style="height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba3_122202521574246">PRESENTATION OF CERTAIN FINANCIAL AND OTHER INFORMATION</a></span></td>
<td class="bmpageno" id="BMP_Ba3_122202521574246" style="text-align: center; height: 16px; margin: 0pt;">14</td>
</tr>
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<td id="BM_Ba4_1222025215713191" style="height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba4_1222025215713191">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</a></span></td>
<td class="bmpageno" id="BMP_Ba4_1222025215713191" style="text-align: center; height: 16px; margin: 0pt;">15</td>
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<tr style="height: 16px;">
<td id="BM_Ba5_1222025215724861" style="height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba5_1222025215724861">RISK FACTORS</a></span></td>
<td class="bmpageno" id="BMP_Ba5_1222025215724861" style="text-align: center; height: 16px; margin: 0pt;">16</td>
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<tr style="height: 16px;">
<td id="BM_Ba7_12220252224838" style="padding: 0px 0px 0px 20px; height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba7_12220252224838">Risks Relating to Our Business and Industry</a></span></td>
<td class="bmpageno" id="BMP_Ba7_12220252224838" style="text-align: center; height: 16px; margin: 0pt;">16</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bb1_1222025215827362" style="padding: 0px 0px 0px 20px; height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb1_1222025215827362">Risks Relating to the Structure of the Company </a></span></td>
<td class="bmpageno" id="BMP_Bb1_1222025215827362" style="text-align: center; height: 16px; margin: 0pt;">31</td>
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<td id="BM_Bb2_1222025215859774" style="padding: 0px 0px 0px 20px; height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb2_1222025215859774">Risks Relating to Shares and ADSs </a></span></td>
<td class="bmpageno" id="BMP_Bb2_1222025215859774" style="text-align: center; height: 16px; margin: 0pt;">32</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bb3_1222025215919558" style="height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb3_1222025215919558">INFORMATION ON THE COMPANY</a></span></td>
<td class="bmpageno" id="BMP_Bb3_1222025215919558" style="text-align: center; height: 16px; margin: 0pt;">34</td>
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<tr style="height: 16px;">
<td id="BM_Bb4_1222025215941770" style="padding: 0px 0px 0px 20px; height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb4_1222025215941770">Overview</a></span></td>
<td class="bmpageno" id="BMP_Bb4_1222025215941770" style="text-align: center; height: 16px; margin: 0pt;">34</td>
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<tr style="height: 16px;">
<td id="BM_Bb5_1222025215953109" style="padding: 0px 0px 0px 20px; height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb5_1222025215953109">History and Development of the Company</a></span></td>
<td class="bmpageno" id="BMP_Bb5_1222025215953109" style="text-align: center; height: 16px; margin: 0pt;">36</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bb6_122202522010341" style="padding: 0px 0px 0px 20px; height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb6_122202522010341">Business Overview</a></span></td>
<td class="bmpageno" id="BMP_Bb6_122202522010341" style="text-align: center; height: 16px; margin: 0pt;">37</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bb7_122202522029287" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb7_122202522029287">Our Competitive Strengths</a></span></td>
<td class="bmpageno" id="BMP_Bb7_122202522029287" style="text-align: center; height: 16px; margin: 0pt;">39</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bb8_12220252204554" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb8_12220252204554">Business Segments</a></span></td>
<td class="bmpageno" id="BMP_Bb8_12220252204554" style="text-align: center; height: 16px; margin: 0pt;">39</td>
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<tr style="height: 16px;">
<td id="BM_Bc1_122202522330448" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bc1_122202522330448">Our Products</a></span></td>
<td class="bmpageno" id="BMP_Bc1_122202522330448" style="text-align: center; height: 16px; margin: 0pt;">40</td>
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<tr style="height: 16px;">
<td id="BM_Bc2_122202522347887" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bc2_122202522347887">Production Process and Facilities</a></span></td>
<td class="bmpageno" id="BMP_Bc2_122202522347887" style="text-align: center; height: 16px; margin: 0pt;">40</td>
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<tr style="height: 16px;">
<td id="BM_Bc3_122202522440482" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bc3_122202522440482">Sales and Marketing</a></span></td>
<td class="bmpageno" id="BMP_Bc3_122202522440482" style="text-align: center; height: 16px; margin: 0pt;">49</td>
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<tr style="height: 16px;">
<td id="BM_Bc4_122202522527155" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bc4_122202522527155">Competition</a></span></td>
<td class="bmpageno" id="BMP_Bc4_122202522527155" style="text-align: center; height: 16px; margin: 0pt;">56</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bn1_122202522619733" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bn1_122202522619733">Capital Expenditure Program</a></span></td>
<td class="bmpageno" id="BMP_Bn1_122202522619733" style="text-align: center; height: 16px; margin: 0pt;">59</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bn2_122202522719432" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bn2_122202522719432">Raw Materials and Energy </a></span></td>
<td class="bmpageno" id="BMP_Bn2_122202522719432" style="text-align: center; height: 16px; margin: 0pt;">60</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bn3_122202522751438" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bn3_122202522751438">Product Quality Standards</a></span></td>
<td class="bmpageno" id="BMP_Bn3_122202522751438" style="text-align: center; height: 16px; margin: 0pt;">63</td>
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<tr style="height: 16px;">
<td id="BM_Bn4_122202522821805" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bn4_122202522821805">Research and Development </a></span></td>
<td class="bmpageno" id="BMP_Bn4_122202522821805" style="text-align: center; height: 16px; margin: 0pt;">63</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bb5_122202522844860" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb5_122202522844860">Insurance</a></span></td>
<td class="bmpageno" id="BMP_Bb5_122202522844860" style="text-align: center; height: 16px; margin: 0pt;">63</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bn6_12220252297889" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bn6_12220252297889">Disclosure Pursuant to Section&#160;13(r) of the Exchange Act </a></span></td>
<td class="bmpageno" id="BMP_Bn6_12220252297889" style="text-align: center; height: 16px; margin: 0pt;">63</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bn7_122202522935635" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bn7_122202522935635">Organizational Structure and Subsidiaries</a></span></td>
<td class="bmpageno" id="BMP_Bn7_122202522935635" style="text-align: center; height: 16px; margin: 0pt;">64</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm1_1222025221024908" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm1_1222025221024908">Operating and Financial Review and Prospects</a></span></td>
<td class="bmpageno" id="BMP_Bm1_1222025221024908" style="text-align: center; height: 16px; margin: 0pt;">67</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm2_1222025221043898" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm2_1222025221043898">Overview</a></span></td>
<td class="bmpageno" id="BMP_Bm2_1222025221043898" style="text-align: center; height: 16px; margin: 0pt;">67</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm3_1222025221153" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm3_1222025221153">Operating Results</a></span></td>
<td class="bmpageno" id="BMP_Bm3_1222025221153" style="text-align: center; height: 16px; margin: 0pt;">70</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm4_1222025221157870" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm4_1222025221157870">Liquidity and Capital Resources</a></span></td>
<td class="bmpageno" id="BMP_Bm4_1222025221157870" style="text-align: center; height: 16px; margin: 0pt;">77</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm5_1222025221223831" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm5_1222025221223831">Trend Information</a></span></td>
<td class="bmpageno" id="BMP_Bm5_1222025221223831" style="text-align: center; height: 16px; margin: 0pt;">81</td>
</tr>
<tr style="height: 16px;">
<td id="BM_BSQ1_1522025155249801" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BSQ1_1522025155249801">Critical Accounting Estimates</a></span></td>
<td class="bmpageno" id="BMP_BSQ1_1522025155249801" style="text-align: center; height: 16px; margin: 0pt;">85</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Ba1_1222025231049650" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba1_1222025231049650">Corporate Governance Statement</a></span></td>
<td class="bmpageno" id="BMP_Ba1_1222025231049650" style="text-align: center; height: 16px; margin: 0pt;">86</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Ba2_122202523115276" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba2_122202523115276">Corporate Governance</a></span></td>
<td class="bmpageno" id="BMP_Ba2_122202523115276" style="text-align: center; height: 16px; margin: 0pt;">86</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Ba4_1222025231143860" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba4_1222025231143860">Summary of differences with NYSE standards </a></span></td>
<td class="bmpageno" id="BMP_Ba4_1222025231143860" style="text-align: center; height: 16px; margin: 0pt;">91</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm1_1222025231259112" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm1_1222025231259112">Directors, Senior Management and Employees</a></span></td>
<td class="bmpageno" id="BMP_Bm1_1222025231259112" style="text-align: center; height: 16px; margin: 0pt;">94</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm2_1222025231326817" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm2_1222025231326817">Directors and Senior Management</a></span></td>
<td class="bmpageno" id="BMP_Bm2_1222025231326817" style="text-align: center; height: 16px; margin: 0pt;">94</td>
</tr>
<tr style="height: 10px;">
<td id="BM_Bm3_1222025231351703" style="height: 10px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm3_1222025231351703">Compensation</a></span></td>
<td class="bmpageno" id="BMP_Bm3_1222025231351703" style="text-align: center; height: 10px; margin: 0pt;">101</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm4_122202523141276" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm4_122202523141276">Board Practices</a></span></td>
<td class="bmpageno" id="BMP_Bm4_122202523141276" style="text-align: center; height: 16px; margin: 0pt;">102</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm5_1222025231436836" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm5_1222025231436836">Employees</a></span></td>
<td class="bmpageno" id="BMP_Bm5_1222025231436836" style="text-align: center; height: 16px; margin: 0pt;">104</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm6_1222025231456190" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm6_1222025231456190">Share Ownership</a></span></td>
<td class="bmpageno" id="BMP_Bm6_1222025231456190" style="text-align: center; height: 16px; margin: 0pt;">104</td>
</tr>
<tr style="height: 16px;">
<td id="BM_BBimp_13202515375632" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BBimp_13202515375632">Recovery of Erroneously Awarded Compensation</a></span></td>
<td class="bmpageno" id="BMP_BBimp_13202515375632" style="text-align: center; height: 16px; margin: 0pt;">104</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm8_122202523152990" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm8_122202523152990">Major Shareholders and Related Party Transactions</a></span></td>
<td class="bmpageno" id="BMP_Bm8_122202523152990" style="text-align: center; height: 16px; margin: 0pt;">105</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm9_1222025231537440" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm9_1222025231537440">Major Shareholders</a></span></td>
<td class="bmpageno" id="BMP_Bm9_1222025231537440" style="text-align: center; height: 16px; margin: 0pt;">105</td>
</tr>
<tr style="height: 16px;">
<td id="BM_Bm10_122202523165712" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm10_122202523165712">Related Party Transactions</a></span></td>
<td class="bmpageno" id="BMP_Bm10_122202523165712" style="text-align: center; height: 16px; margin: 0pt;">105</td>
</tr>
</tbody> </table> <br/>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; 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="break-before: page; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#TOC"></a></span><br/></div> </div>
<p style="margin:0pt"><br/></p>
<table id="TOC1" cellpadding="0" cellspacing="0" border="0" style="height: 516px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 16px;">
<td id="BM_BBm11_27220251348366" style="height: 16px; width: 90%; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BBm11_27220251348366">SUSTAINABILITY STATEMENT</a></span></td>
<td class="bmpageno" id="BMP_BBm11_27220251348366" style="text-align: center; height: 16px; width: 10%; margin: 0pt;">108</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bm12_1222025231713388" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm12_1222025231713388">Sustainability In Tenaris</a></span></td>
<td class="bmpageno" id="BMP_Bm12_1222025231713388" style="text-align: center; height: 16px; margin: 0pt;">108</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bm13_122202523173837" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm13_122202523173837">Basis for Presentation</a></span></td>
<td class="bmpageno" id="BMP_Bm13_122202523173837" style="text-align: center; height: 16px; margin: 0pt;">108</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bm14_1222025231750840" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm14_1222025231750840">Policies and Procedures</a></span></td>
<td class="bmpageno" id="BMP_Bm14_1222025231750840" style="text-align: center; height: 16px; margin: 0pt;">109</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bm15_1222025231815854" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm15_1222025231815854">The Administrative and Management Bodies</a></span></td>
<td class="bmpageno" id="BMP_Bm15_1222025231815854" style="text-align: center; height: 16px; margin: 0pt;">110</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bm16_1222025231831208" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm16_1222025231831208">Due Diligence</a></span></td>
<td class="bmpageno" id="BMP_Bm16_1222025231831208" style="text-align: center; height: 16px; margin: 0pt;">110</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bm17_1222025231848251" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm17_1222025231848251">Strategy and Business Model</a></span></td>
<td class="bmpageno" id="BMP_Bm17_1222025231848251" style="text-align: center; height: 16px; margin: 0pt;">110</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bm18_1222025231858873" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm18_1222025231858873">Double Materiality Assessment&#160;</a></span></td>
<td class="bmpageno" id="BMP_Bm18_1222025231858873" style="text-align: center; height: 16px; margin: 0pt;">110</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bm20_122202523192592" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bm20_122202523192592">Identifying and Assessing Material Impacts, Risks and Opportunities&#160;</a></span></td>
<td class="bmpageno" id="BMP_Bm20_122202523192592" style="text-align: center; height: 16px; margin: 0pt;">110</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bq1_1222025232612921" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bq1_1222025232612921">Material Impacts, Risks and Opportunities (&#8220;IROs&#8221;)</a></span></td>
<td class="bmpageno" id="BMP_Bq1_1222025232612921" style="text-align: center; height: 16px; margin: 0pt;">114</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bd15_1322025203656273" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bd15_1322025203656273">Environment</a></span></td>
<td class="bmpageno" id="BMP_Bd15_1322025203656273" style="text-align: center; height: 16px; margin: 0pt;">115</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bq3_122202523275319" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bq3_122202523275319">Environmental Management System</a></span></td>
<td class="bmpageno" id="BMP_Bq3_122202523275319" style="text-align: center; height: 16px; margin: 0pt;">116</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bcc_222202516210127" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bcc_222202516210127">Climate Change</a></span></td>
<td class="bmpageno" id="BMP_Bcc_222202516210127" style="text-align: center; height: 16px; margin: 0pt;">116</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bq5_1222025232754880" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bq5_1222025232754880">Air Quality</a></span></td>
<td class="bmpageno" id="BMP_Bq5_1222025232754880" style="text-align: center; height: 16px; margin: 0pt;">127</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bq6_1222025232813141" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bq6_1222025232813141">Water Management</a></span></td>
<td class="bmpageno" id="BMP_Bq6_1222025232813141" style="text-align: center; height: 16px; margin: 0pt;">128</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bq7_1222025232832230" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bq7_1222025232832230">Circularity</a></span></td>
<td class="bmpageno" id="BMP_Bq7_1222025232832230" style="text-align: center; height: 16px; margin: 0pt;">131</td> </tr>
<tr style="height: 16px;">
<td id="BM_BBiodiv11_282202510261201" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BBiodiv11_282202510261201">Biodiversity</a></span></td>
<td class="bmpageno" id="BMP_BBiodiv11_282202510261201" style="text-align: center; height: 16px; margin: 0pt;">135</td> </tr>
<tr style="height: 16px;">
<td id="BM_BSQ2_1522025155425884" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BSQ2_1522025155425884">EU Taxonomy (Article 8 of Regulation (EU) 2020/852)</a></span></td>
<td class="bmpageno" id="BMP_BSQ2_1522025155425884" style="text-align: center; height: 16px; margin: 0pt;">136</td> </tr>
<tr style="height: 10px;">
<td id="BM_BSA1_152202516123623" style="height: 10px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BSA1_152202516123623">Social</a></span></td>
<td class="bmpageno" id="BMP_BSA1_152202516123623" style="text-align: center; height: 10px; margin: 0pt;">146</td> </tr>
<tr style="height: 16px;">
<td id="BM_BSQ4_1522025155731422" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BSQ4_1522025155731422">Human Capital</a></span></td>
<td class="bmpageno" id="BMP_BSQ4_1522025155731422" style="text-align: center; height: 16px; margin: 0pt;">146</td> </tr>
<tr style="height: 16px;">
<td id="BM_BBAA_2722025182237258" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BAA_2722025182237258">Health and Safety</a></span></td>
<td class="bmpageno" id="BMP_BAA_2722025182237258" style="text-align: center; height: 16px; margin: 0pt;">154</td> </tr>
<tr style="height: 16px;">
<td id="BM_Ba1_1222025233316696" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Ba1_1222025233316696">Community Relations</a></span></td>
<td class="bmpageno" id="BMP_Ba1_1222025233316696" style="text-align: center; height: 16px; margin: 0pt;">160</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb2_1222025233352740" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb2_1222025233352740">Our Value Chain</a></span></td>
<td class="bmpageno" id="BMP_Bb2_1222025233352740" style="text-align: center; height: 16px; margin: 0pt;">165</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb4_1222025233445701" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb4_1222025233445701">Governance - Business Conduct</a></span></td>
<td class="bmpageno" id="BMP_Bb4_1222025233445701" style="text-align: center; height: 16px; margin: 0pt;">176</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb6_1222025233553503" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb6_1222025233553503">Compliance Culture</a></span></td>
<td class="bmpageno" id="BMP_Bb6_1222025233553503" style="text-align: center; height: 16px; margin: 0pt;">177</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb7_1222025233656511" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb7_1222025233656511">Business Conduct Compliance Program</a></span></td>
<td class="bmpageno" id="BMP_Bb7_1222025233656511" style="text-align: center; height: 16px; margin: 0pt;">177</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb8_1222025233717208" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb8_1222025233717208">Business Conduct Risk Management</a></span></td>
<td class="bmpageno" id="BMP_Bb8_1222025233717208" style="text-align: center; height: 16px; margin: 0pt;">179</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb9_1222025233747651" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb9_1222025233747651">Monitoring, Investigations Audit Reviews and Compliance Assurance</a></span></td>
<td class="bmpageno" id="BMP_Bb9_1222025233747651" style="text-align: center; height: 16px; margin: 0pt;">179</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb10_1222025233830370" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb10_1222025233830370">Compliance Line</a></span></td>
<td class="bmpageno" id="BMP_Bb10_1222025233830370" style="text-align: center; height: 16px; margin: 0pt;">180</td> </tr>
<tr style="height: 10px;">
<td id="BM_Bb11_122202523393159" style="height: 10px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb11_122202523393159">Human Rights</a></span></td>
<td class="bmpageno" id="BMP_Bb11_122202523393159" style="text-align: center; height: 10px; margin: 0pt;">182</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb12_1222025233919203" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb12_1222025233919203">Annexes</a></span></td>
<td class="bmpageno" id="BMP_Bb12_1222025233919203" style="text-align: center; height: 16px; margin: 0pt;">184</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb13_1222025234025439" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb13_1222025234025439">Annex I: Sustainability Statement Accounting Policies</a></span></td>
<td class="bmpageno" id="BMP_Bb13_1222025234025439" style="text-align: center; height: 16px; margin: 0pt;">184</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb14_1222025234045898" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb14_1222025234045898">Annex II: Sustainability performance indicators</a></span></td>
<td class="bmpageno" id="BMP_Bb14_1222025234045898" style="text-align: center; height: 16px; margin: 0pt;">191</td> </tr> </tbody> </table> <br/>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; 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="break-before: page; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#TOC"></a></span><br/></div> </div> </div>
<div style="line-height: 1.2;"><br/></div>
<div style="line-height: 1.2;">
<table id="TOC2" cellpadding="0" cellspacing="0" border="0" style="height: 345px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 16px;">
<td id="BM_Bs1_1222025234232345" style="height: 16px; width: 90%; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs1_1222025234232345">LEGAL AND FINANCIAL INFORMATION</a></span></td>
<td class="bmpageno" id="BMP_Bs1_1222025234232345" style="text-align: center; height: 16px; width: 10%; margin: 0pt;">201</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs2_1222025234248536" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs2_1222025234248536">Financial Information</a></span></td>
<td class="bmpageno" id="BMP_Bs2_1222025234248536" style="text-align: center; height: 16px; margin: 0pt;">201</td> </tr>
<tr style="height: 10px;">
<td id="BM_Bs3_1222025234320831" style="height: 10px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs3_1222025234320831">Consolidated Statements and Other Financial Information</a></span></td>
<td class="bmpageno" id="BMP_Bs3_1222025234320831" style="text-align: center; height: 10px; margin: 0pt;">201</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs5_1222025234413646" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs5_1222025234413646">The Offer and Listing</a></span></td>
<td class="bmpageno" id="BMP_Bs5_1222025234413646" style="text-align: center; height: 16px; margin: 0pt;">202</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bb6_1222025234424903" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bb6_1222025234424903">Offer and Listing Details</a></span></td>
<td class="bmpageno" id="BMP_Bb6_1222025234424903" style="text-align: center; height: 16px; margin: 0pt;">202</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs7_1222025234449917" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs7_1222025234449917">Additional Information</a></span></td>
<td class="bmpageno" id="BMP_Bs7_1222025234449917" style="text-align: center; height: 16px; margin: 0pt;">203</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs8_122202523455649" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs8_122202523455649">Exchange Controls</a></span></td>
<td class="bmpageno" id="BMP_Bs8_122202523455649" style="text-align: center; height: 16px; margin: 0pt;">203</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs9_1222025234524382" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs9_1222025234524382">Taxation</a></span></td>
<td class="bmpageno" id="BMP_Bs9_1222025234524382" style="text-align: center; height: 16px; margin: 0pt;">203</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs10_1222025234551712" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs10_1222025234551712">Documents on Display</a></span></td>
<td class="bmpageno" id="BMP_Bs10_1222025234551712" style="text-align: center; height: 16px; margin: 0pt;">209</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs11_1222025234716534" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs11_1222025234716534">Quantitative and Qualitative Disclosure about Market Risk</a></span></td>
<td class="bmpageno" id="BMP_Bs11_1222025234716534" style="text-align: center; height: 16px; margin: 0pt;">210</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs12_1222025234755983" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs12_1222025234755983">Description of Securities Other Than Equity Securities</a></span></td>
<td class="bmpageno" id="BMP_Bs12_1222025234755983" style="text-align: center; height: 16px; margin: 0pt;">213</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs13_1222025234813239" style="height: 16px; padding: 0px 0px 0px 30px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs13_1222025234813239">American Depositary Shares</a></span></td>
<td class="bmpageno" id="BMP_Bs13_1222025234813239" style="text-align: center; height: 16px; margin: 0pt;">213</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs14_1222025234913106" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs14_1222025234913106">Controls and Procedures</a></span></td>
<td class="bmpageno" id="BMP_Bs14_1222025234913106" style="text-align: center; height: 16px; margin: 0pt;">214</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs15_1222025234952964" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs15_1222025234952964">Principal Accountant Fees and Services</a></span></td>
<td class="bmpageno" id="BMP_Bs15_1222025234952964" style="text-align: center; height: 16px; margin: 0pt;">216</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs16_122202523501971" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs16_122202523501971">Purchases of Equity Securities by the Company and Affiliated Purchasers</a></span></td>
<td class="bmpageno" id="BMP_Bs16_122202523501971" style="text-align: center; height: 16px; margin: 0pt;">217</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs17_1222025235118638" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs17_1222025235118638">Change in Registrant&#8217;s Certifying Accountant</a></span></td>
<td class="bmpageno" id="BMP_Bs17_1222025235118638" style="text-align: center; height: 16px; margin: 0pt;">220</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs18_1222025235154563" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs18_1222025235154563">Insider Trading Policy</a></span></td>
<td class="bmpageno" id="BMP_Bs18_1222025235154563" style="text-align: center; height: 16px; margin: 0pt;">221</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs19_122202523528192" style="height: 16px; padding: 0px 0px 0px 20px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs19_122202523528192">Cybersecurity</a></span></td>
<td class="bmpageno" id="BMP_Bs19_122202523528192" style="text-align: center; height: 16px; margin: 0pt;">222</td> </tr>
<tr style="height: 16px;">
<td id="BM_Bs20_122202523525595" style="height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#Bs20_122202523525595">FINANCIAL STATEMENTS</a></span></td>
<td class="bmpageno" id="BMP_Bs20_122202523525595" style="text-align: center; height: 16px; margin: 0pt;">223</td> </tr>
<tr style="height: 16px;">
<td id="BM_BA786_282202514543201" style="height: 16px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BA786_282202514543201">FINANCIAL STATEMENTS</a></span></td>
<td class="bmpageno" id="BMP_BA786_282202514543201" style="text-align: center; height: 16px; margin: 0pt;">226</td> </tr>
<tr style="height: 15px;">
<td id="BM_BA52_282202515725758" style="height: 16px; padding: 0px 0px 0px 15px; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BA52_282202515725758">Consolidated Financial Statements</a></span></td>
<td class="bmpageno" id="BMP_BA52_282202515725758" style="text-align: center; height: 16px;">226</td> </tr>
<tr style="height: 16px;">
<td id="BM_BSQ8_1522025155922833" style="height: 16px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><a href="#BSQ8_1522025155922833">EXHIBITS</a></span></td>
<td class="bmpageno" id="BMP_BSQ8_1522025155922833" style="text-align: center; height: 16px;">224</td> </tr> </tbody> </table> </div>
<div style="line-height: 1.2;">
<p style="margin: 0px; break-after: avoid; 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>4</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin:0pt"><br/></p>
<p style="line-height: 12pt; margin: 0pt; 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>
<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; text-transform: none;">&#160;</span></p>
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<tbody>
<tr style="height: 10px;">
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8.26%; 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: 8pt; font-weight: bold;">Item</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 39.68%; 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: 8pt; font-weight: bold;">Item in Form 20-F</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.06%; 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: 8pt; font-weight: bold;">Cross-reference to consolidated management report</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8.26%; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 39.68%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.06%; height: 10px; 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: 8pt;">&#160;</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold;">Part I</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">Item 1</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 16px; 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;">Identity of Directors , Senior Management and Advisors</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 16px; 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;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; 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: 8pt;">Item 2</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; 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: 8pt;">Offer Statistics and Expected Timetable</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; 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: 8pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">Item 3</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 16px; 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;">Key Information</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 16px; 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;">Risk Factors</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">3.A</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 16px; 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;">[Reserved] </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 16px; 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;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">3.B</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 16px; 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;">Capitalization and Indebtedness</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 16px; 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;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">3.C</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 16px; 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;">Reasons for the Offer and Use of Proceeds</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 16px; 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;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">3.D</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 16px; 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;">Risk Factors</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 16px; 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;">Risk Factors</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">Item 4</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 16px; 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;">Information on the Company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 16px; 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;">Information on the Company - Overview</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">4.A</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 16px; 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;">History and Development of the Company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; height: 16px; 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;">Information on the Company - History and Development of the Company</span></p> </td> </tr>
<tr style="height: 16px;">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">4.B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Business Overview</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Business Overview</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">4.C</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Organizational Structure and Subsidiaries</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Organizational Structure and Subsidiaries</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">4.D</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Property, Plant and Equipment</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Business Overview</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 4A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Unresolved Staff Comments</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 5</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Operating and Financial Review and Prospects</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Operating and Financial Review and Prospects - Overview</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">5.A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Operating Results</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Operating and Financial Review and Prospects - Operating Results</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">5.B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Liquidity and Capital Resources</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Operating and Financial Review and Prospects - Liquidity and Capital Resources</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">5.C</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Research and Developments, Patents and Licenses, Etc.</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Business Overview - Research and Development</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">5.D</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Trend Information</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Operating and Financial Review and Prospects - Trend Information</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">5.E</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Critical Accounting Estimates</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Operating and Financial Review and Prospects - Critical Accounting Estimates</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">Item 6</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Directors, Senior Management and Employees</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Directors, Senior Management and Employees</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">6.A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Directors and Senior Management</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Directors, Senior Management and Employees - Directors and Senior Management</span></p> </td> </tr>
<tr style="height: 16px;">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">6.B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Compensation</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Directors, Senior Management and Employees - Compensation</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">6.C</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Board Practices</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Directors, Senior Management and Employees - Board Practices</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">6.D</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Employees</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Directors, Senior Management and Employees - Employees</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">6.E</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Share Ownership</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Directors, Senior Management and Employees - Share Ownership</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">6.F</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Directors, Senior Management and Employees - Recovery of Erroneously Awarded Compensation</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">Item 7</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Major Shareholders and Related Party Transactions</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Major Shareholders and Related Party Transactions</span></p> </td> </tr>
<tr style="height: 16px;">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">7.A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Major Shareholders</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Major Shareholders and Related Party Transactions - Major Shareholders</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">7.B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Related Party Transactions</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Major Shareholders and Related Party Transactions - Related Party Transactions</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">7.C</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Interest of Experts and Counsel</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 8</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Financial Information</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Financial Information</span></p> </td> </tr>
<tr style="height: 16px;">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">8.A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Consolidated Statements and Other Financial Information</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Financial Information - Consolidated Statements and Other Financial Information</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">8.B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Significant Changes</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 9</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">The Offer and Listing</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - The Offer and Listing</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">9.A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Offer and Listing Details</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - The Offer and Listing - Offer and Listing Details</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">9.B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Plan of Distribution</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">9.C</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Markets</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - The Offer and Listing - Offer and Listing Details</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">9.D</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Selling Shareholders</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">9.E</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Dilution</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; 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: 8pt;">9.F</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Expenses of the Issue</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr> </tbody> </table> <br/>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>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>
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; text-indent: 0px;"><br/></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 10px; border-top-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="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Item 10</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; height: 10px; border-top-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="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Additional Information</span></td>
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<p><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;">Information on the Company - Corporate Governance Statement</span></p>
<p><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="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Legal and Financial Information - Additional Information</span></span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">10.A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Share Capital</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">10.B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Memorandum and Articles of Association</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Corporate Governance Statement - Corporate Governance</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">10.C</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Material Contracts</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Business Overview</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">10.D</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Exchange Controls</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Additional Information - Exchange Controls</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">10.E</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Taxation</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Additional Information - Taxation</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">10.F</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Dividends and Paying Agents</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">10.G</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Statement by Experts</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">10.H</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Documents on Display</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Additional Information - Documents on Display</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; height: 16px; 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;">10.I</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Subsidiary Information</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">10.J</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Annual Report to Security Holders</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 11</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Quantitative and Qualitative Disclosure about Market Risk</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Quantitative and Qualitative Disclosure about Market Risk</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 12</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Description of Securities Other Than Equity Securities</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Description of Securities Other Than Equity Securities</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">12.A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Debt Securities</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">12.B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Warrants and Rights</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">12.C</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Other Securities</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">12.D</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">American Depositary Shares</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Description of Securities Other Than Equity Securities - American Depositary Shares</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">&#160;</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>6</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold;">Part II</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 13</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Defaults, Dividend Arrearages and Delinquencies</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 14</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Material Modifications to the Rights of Security Holders and Use of Products</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 15</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Controls and Procedures</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Controls and Procedures</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">[Reserved] </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16A</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Audit Committee Financial Expert</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - Directors, Senior Management and Employees - Board Practices</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16B</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Code of Ethics</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Sustainability Statement -</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Sustainability in Tenaris - Policies and Procedures</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16C</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Principal Accountant Fees and Services</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Principal Accountant Fees and Services</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16D</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Exemption from the Listing Standards for Audit Committee</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16E</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Purchases of Equity Securities by the Company and Affiliated Purchasers</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16F</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Change in Registrant's Certifying Accountant</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Legal and Financial Information - Change in Registrant's Certifying Accountant</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16G</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Corporate Governance</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Information on the Company - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Corporate Governance Statement</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16H</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Mine Safety Disclosure</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">None - Not applicable</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16I</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; 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: 8pt;">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; 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: 8pt;">None - Not applicable</span></p> </td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Item 16 J</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Insider trading policies</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Legal and Financial Information - Insider trading policies</span><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 16K</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Cybersecurity</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; 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: 8pt;">Legal and Financial Information - Cybersecurity</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 8.26%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 39.68%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 52.06%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">&#160;</span></p> </td> </tr> </tbody> </table>
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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>7</span></span></td> </tr> </tbody> </table>
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<tbody>
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; text-indent: 0px;"><br/></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold;">Part III</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Item 17</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; 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;">Financial Statements</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; 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;">Financial Statements</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; 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;">Item 18</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; 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;">Financial Statements</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; 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;">Financial Statements</span></p> </td> </tr>
<tr style="height: 13pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.26%; 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;">Item 19</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 39.68%; 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;">Exhibits</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 52.06%; 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;">Exhibits</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; 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>8</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="Ddb71px4fnkszft1047go6" style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba1_1222025215620302" class="customBookmark"></a><span style="color: #009900; font-weight: bold; font-family: 'Frutiger 45 Light';"><a style="text-decoration: none; cursor: default; outline: none; pointer-events: none; color: #000000;" href="#TOC" id="Ba1_1222025215622142" class="customBookmark"><span style="color: #009900;">LETTER FROM THE CHAIRMAN</span></a></span></div>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">2024
was a good year for Tenaris in many aspects. We consolidated our leading
industry position with a number of distinct achievements, delivered solid
financial results accompanied by higher returns for shareholders, and completed
several investments which are improving our industrial efficiency and reducing
our environmental footprint.</span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">It
was, however, marred by an accident that took place at the end of the year
which claimed the lives of two of our employees. The accident occurred in the
heavy equipment maintenance shop of our main plant in Argentina. This is a
major setback for Tenaris, which has an absolute commitment to safety with its
employees and its communities. We deeply regret the loss of life and are
reinforcing all our action on preventive activities with a focus on critical
risks.</span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;"><br/></span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">For
the year, our EBITDA reached $3.1 billion and net income $2.1 billion on net
sales of $12.5 billion. Free cash flow amounted to $2.2 billion, all of which
was distributed to shareholders through dividends and share buy backs. We are
proposing to increase the annual dividend per share by 38% over that for the
previous year. At the same time, we maintained our net cash position of $3.6
billion.</span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;"><span>In
North America, consolidation among major shale operators has continued. We are
strengthening our service differentiation with larger operators, who prize the
operational efficiency, reliability and quality that we provide through our Rig
Direct<span style="font-family: 'Frutiger 45 Light',sans-serif !msorm;"><span style="font-size: 10.0pt; font-family: Symbol; mso-ascii-font-family: 'Frutiger 45 Light'; mso-fareast-font-family: 'Times New Roman'; mso-hansi-font-family: 'Frutiger 45 Light'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; mso-char-type: symbol; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;"><sup>&#210;</sup>&#160;</span></span></span></span><span>service.
We now provide 24/7 digital well integrity solutions supported by technical
specialists and remote monitoring capabilities in addition to our more
established RunReady<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;">&#8482;</span><span style="color: #000000; font-family: Symbol; 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-size: 10.0pt; font-family: Symbol; mso-ascii-font-family: 'Frutiger 45 Light'; mso-fareast-font-family: 'Times New Roman'; mso-hansi-font-family: 'Frutiger 45 Light'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; mso-char-type: symbol; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">&#160;</span></span></span></span><span>service
and have extended our range of Wedge Series 400&#8482; connections. </span></span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">ExxonMobil
honored us with their 2024 supplier of the year award for our efforts in supply
chain integration worldwide. We have served their operations in various parts
of the world over many years and, since 2024, we have been serving all their US
shale operations as well as their offshore operations in Guyana under long-term
agreements.</span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">We
are establishing a leading position for 20K projects in the US deepwater. Shell
recently awarded us the casing supply for the first wells in its Sparta project
following many months of work on product testing and the development of 3D
mapping technology that enhances pipe collapse resistance using Ultra High
Collapse steel grades. This complements an award to supply BP&#8217;s Kaskida 20K
project.</span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">We
consolidated our leading position in the Guyana-Suriname basin with an award to
supply line pipe and insulation coating for Total&#8217;s GranMorgu development. This
achievement was possible thanks to our successful integration of Shawcor and
its pipe coating technologies and project management capabilities. </span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">In
the Middle East, our contributions to the development of local industrial
capabilities are receiving recognition. In Saudi Arabia, we recently won a
tender for a major CCS pipeline after Aramco had distinguished our GPC facility
with a special quality award. In Abu Dhabi, we extended our long-term agreement
with ADNOC, while our premium threading facility was certified as an Industry
4.0 digital leader by the Ministry of Industry and Advanced Technology. </span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">In
Mexico, our sales have been affected by a steep decline in drilling activity
amidst the financial difficulties of Pemex. We have, however, taken the
opportunity to reduce our credit exposure. In Argentina, drilling activity and
oil and gas production in Vaca Muerta is ramping up as pipeline and LNG
infrastructure investment moves forward. Over the next months, we will be
supplying the oil pipeline that will connect Vaca Muerta to a new deepwater
port in Puerto Rosales in Chubut, while the activity ramp up will provide us
the opportunity to increase our range of products and services. </span></p>
<p style="line-height: 1.2; margin: 0in; text-indent: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0in; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;">During the year, we completed several
investments in our industrial system aimed at improving the efficiency of our
operations as well as contributing to our decarbonization and environmental
objectives. These include the installation of a new electric arc furnace with
modern continuous charging technology in Argentina, the modernization of our
Koppel steelmaking facility in the United States, and the installation of a new
heat&#160; treatment furnace and finishing line at our
Dalmine mill in Italy. We have also been investing to increase the level of
automation and digital systems in our industrial and supply chain system and
extend pipe by pipe traceability.</span></p>
<p style="line-height: 1.2; margin: 0in; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff;"><br/></span></p>
<div style="line-height: 1.2;">
<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; line-height: 1.2; margin: 0in; text-indent: 0pt;"><span style="font-size: 10pt;" class="pageno"><span>9</span></span></td> </tr> </tbody> </table>
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2;;margin:0pt"><br/></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit; margin: 0in;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff; line-height: inherit;">We
continue to make progress towards our target to reduce the carbon emissions of
our operations. As the perimeter of our operations has expanded with recent
acquisitions, we have decided to reset the baseline for our target to cover
this expanded perimeter as well as to include inter-mill transportation and
other changes that enhance reporting transparency. Meanwhile, we are advancing
with the construction of a second wind farm in Argentina and other investments
aimed at increasing the share of renewable energy used in our operations.</span></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0in;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff; line-height: inherit;"> The impact of our community investments
continues to grow as we focus on extending the reach of our technical education
programs. Since we began offering technical training at the Roberto Rocca
Technical School in Campana, in addition to its 450 pupils, the school gave
courses to a further 1,400 members of the community in 2024. Similarly in
Italy, we provided technical courses in our newly refurbished Fondazione
Dalmine, equipped with robotics and automation laboratories, for 4,000 pupils
from local schools. These training courses are designed to improve employment
possibilities for members of the community. </span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit; margin: 0in;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff; line-height: inherit;">Looking
ahead, with the change in the administration in the United States, we are
heading into uncharted territory when it comes to geopolitics and the global
trading system. Changes in tariffs and other events could significantly alter
the established market environment. At the same time, the new administration
has an agenda of extending American energy dominance and is changing the global
focus of the energy transition. Tenaris, with its unique positioning, both
globally and in North America, competitive differentiation and financial
strength is well placed to navigate the uncertainties and opportunities ahead.</span></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff; line-height: inherit;">Before
closing, I would like to thank our CFO, Alicia M&#243;ndolo, for her contribution to
Tenaris and the Techint Group over more than 40 years. I am very pleased that
we will still be able to benefit from her wise advice in the time ahead.</span> </span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit; margin: 0in;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #000000; background-color: #ffffff; line-height: inherit;">I
would also like to thank all our employees for their constant commitment and
engagement, without which the results and achievements of the past year would
not have been possible, as well as our customers, suppliers and communities for
their ongoing support.</span></span></p>
<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: 10pt; line-height: inherit;">Sincerely,</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; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 17%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><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;">/s/Paolo Rocca</span></td>
<td style="width: 83%;"><br/></td> </tr>
<tr>
<td><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;">Paolo Rocca</span></td>
<td><br/></td> </tr>
<tr>
<td><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;">April 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;">, 202</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;">5</span></td>
<td><br/></td> </tr> </tbody> </table>
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<div style="line-height: 1.2;">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>10</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba2_1222025215646203" 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: 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;">Unless otherwise specified or if the context so requires:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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; anonyme</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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">References in this annual report to &#8220;San Faustin&#8221; are to San Faustin 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; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;API&#8221; refers to the American Petroleum Institute.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;CBAM&#8221; refers to the EU Carbon Border Adjustment Mechanism.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;CCS&#8221; refers to carbon capture and storage.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;CSDDD&#8221; refers to the Corporate Sustainability Due Diligence Directive.</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>11</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;CSRD&#8221; refers to the Corporate Social Responsibility Directive.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;DMA&#8221; refers to the Double Materiality Assessment.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;EAF&#8221; refers to electric arc furnaces.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;EC&#8221; refers to the European Commission.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;EFRAG&#8221; refers to the European Financial Reporting Advisory Group.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;EMS&#8221; refers to the Environmental Management System.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;ESRS&#8221; refers to the European Sustainability Reporting Standards.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;ETS&#8221; refers to EU Emissions Trading System.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;EU&#8221; refers to the European Union.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;EUR&#8221; refers to the Euro.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;FCPA&#8221; refers to the U.S. Foreign Corrupt Practices Act.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;GHG&#8221; refers to greenhouse gas.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;IFRS&#8221; refers to International Financial Reporting Standards.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;IPCC&#8221; refers to the Intergovernmental Panel on Climate Change.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;ISO&#8221; refers to the International Organization for Standardization.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;ksi&#8221; refers to kilopound per square inch.</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>12</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;NYSE&#8221; refers to the New York Stock Exchange.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;OPEC&#8221; refers to the Organization of Petroleum Exporting Countries.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;QHSE&#8221; refers to Quality, Health, Safety, and Environment.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;QMS&#8221; refers to the Quality Management System.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;R&amp;D&#8221; refers to research and development.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;RCP&#8221; refers to the Representative Concentration Pathway.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;SAR&#8221; refers to the Saudi Arabian Riyal.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;SEC&#8221; refers to the U.S Securities and Exchange Commission.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;shares&#8221; refers to ordinary shares, par value $1.00, of the Company.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;tons&#8221; refers to metric tons; one metric ton is equal to 1,000 kilograms, 2,204.62 pounds, or 1.102 U.S. (short) tons.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;UK&#8221; refers to the United Kingdom.</span><br/></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;U.S. dollars&#8221;, &#8220;US$&#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> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba3_122202521574246" 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: 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;">Accounting Principles</span></p>
<p style="margin: 6pt 0pt 12pt; line-height: 1.2;"><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 EU. 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;"> for more details on these alternative performance measures.</span></p>
<p style="margin: 12pt 0pt; line-height: 1.2;"><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;">4</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;">3</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;">4</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: 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;">Rounding</span></p>
<p style="margin: 6pt 0pt 12pt; line-height: 1.2;"><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: 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 Internet Website is Not Part of this Annual Report</span></p>
<p style="margin: 6pt 0pt 12pt; line-height: 1.2;"><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: 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;">Industry Data</span></p>
<p style="margin: 6pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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-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 markets are defined differently, (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 underlying information was gathered by different methods and (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;">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></p>
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<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba4_1222025215713191" 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;</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;">&#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;">.</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 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;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>
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<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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, or integrate newly acquired businesses or assets;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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;">conditions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including renewed inflation or </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 war&#160;</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 10pt -16.78pt; padding-left: 15.13pt; 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 recent or additional 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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<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;">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>
<div style="margin: 0pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba5_1222025215724861" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">RISK FACTORS</span></a></div>
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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;">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>
<div style="line-height: 1.2; margin: 0pt 0pt 0pt 56.7pt; break-after: avoid; text-indent: -56.7pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba7_12220252224838" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Relating to Our</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Business and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Industry</span></a></div>
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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;">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>
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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 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><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: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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><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; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recent consolidation in the U.S. oil and gas industry has impacted prices and overall drilling activity in North America, which has now stabilized. For example, in 2023 ExxonMobil (&#8220;Exxon&#8221;) agreed to acquire Pioneer Natural Resources for approximately $60 billion, a transaction that has made Exxon the largest operator in the Permian Basin, the highest producing oil field in the United States; Chevron followed suit 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, Inc. and ConocoPhillips have also made acquisitions over the past year to expand their North American footprint and shale inventory;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;CBAM&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">), 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;">could also affect oil and gas prices. For more information on risks relating to climate change regulations, see &#8220;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;">.</span></p>
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<p style="margin: 10pt 0pt 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;">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>
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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;">There is an increased attention on GHG emissions and climate change from different sectors of society. 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. The EU ETS 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. 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. In addition, the EU adopted the Corporate Sustainability Reporting Directive (&#8220;CSRD&#8221;), which requires European large and medium 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 and the Corporate Sustainability Due Diligence Directive (&#8220;CSDDD&#8221;), which mandates that companies operating within the EU identify, prevent, mitigate, and account for adverse human rights and environmental impacts in their operations and supply chains. Similarly, the EU CBAM, which was adopted on May 17, 2023, aims at promoting a reduction of emissions worldwide by subjecting the import of certain products, including steel, from countries outside of the EU to a carbon levy linked to the carbon price payable for goods produced in EU countries. For more information, see &#8220;Risk Factors - 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;. However, certain EU member states, including Luxembourg, have not transposed the CSRD into national law by the required deadline and, therefore, the Company is not currently subject to CSRD and ESRS reporting requirements. Recently, in response to the need to strengthen the competitiveness of the EU economy, the European Commission (&#8220;EC&#8221;) has proposed to simplify sustainability reporting rules and boost investments through a package of proposed amendments to the CSRD, the EU Taxonomy, the CSDDD, the EU CBAM and current investment programs. If the proposed amendments are approved, Tenaris&#8217;s sustainability reporting and due diligence burdens may be reduced and simplified. </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 March 2024, the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) adopted climate-related disclosure rules that would have required 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. However, the implementation of this rule was voluntarily stayed by the SEC in April 2024, pending judicial review due to legal challenges and, on March 27, 2025, the SEC withdrew its legal defense&#160;on the climate change rule. 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. If there is no meaningful progress in lowering carbon emissions in the years ahead, there is an increased possibility 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;">The global regulatory landscape for Environmental, Social and Governance (&#8220;ESG&#8221;) is becoming increasingly complex, and jurisdictions in which we have operations have adopted or proposed laws, regulations and policies that diverge from, or potentially conflict with, those in other jurisdictions. In addition to laws, regulations and policies aimed at enhancing transparency and promoting sustainability-related practices, there has been an increase in regulatory activity against climate and diversity-related initiatives, which has led and may continue to lead to new laws, regulations and policies seeking to limit, discourage or prohibit such initiatives. Failure to comply with any legislation, regulation or policy, including as a result of good faith interpretations that may differ from those taken by enforcement authorities in relevant jurisdictions, could lead to substantial fines, regulatory sanctions, reputational damage and operational changes.</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, 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), and the increased competitiveness of alternative sources of energy, 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 resulted in increased investor and consumer demand for renewable energy and additional compliance requirements for fossil energy projects, which could 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 more 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 and reduce our market share. Also, 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. Moreover, our customers, investors, regulators, employees and other stakeholders have differing requirements, expectations, demands and perspectives on these topics, which are continuing to evolve and diverge. We may not be able to meet the differing requirements, expectations and demands of all of our stakeholders, which could harm our reputation, subject us to legal and operational risks, impact customer demand, and adversely impact our financial condition and operating results. For more information on Tenaris&#8217;s climate change initiatives, please see &#8220;Sustainability Statement - Environment - Climate Change&#8221;.</span></p>
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<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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;"><span>&#160;</span>in the past and may in the future adversely affect our operations and financial results</span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><br/></p>
<p style="margin: 2pt 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and natural disasters<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such 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;"><span>&#160;</span>extreme wind, fires,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>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;"><span>&#160;</span>or coastal storm surges<span>&#160;</span></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;"><span>&#160;</span>in the shutdown of<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our facilities, evacuation of our employees</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and<span>&#160;</span></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;"><span>&#160;</span>well-sites or in our supply chain.<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For example,<span>&#160;</span></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;"><span>&#160;</span>severe freeze in the United States and Mexico<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in early 2021,<span>&#160;</span></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>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disruptions and<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">losses.</span></p>
<p style="margin: 2pt 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><br/></p>
<p style="margin: 2pt 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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<span>&#160;</span>climate changes, such as changes in precipitation patterns</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>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;"><span>&#160;</span>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;"><span>&#160;</span>may result in increased operating<span>&#160;</span></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>&#160;</span></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;"><span>&#160;</span>due to supply shortages or damage to facilities,<span>&#160;</span></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;"><span>&#160;</span>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>&#160;</span></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>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on<span>&#160;</span></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;"><span>&#160;</span>climate change initiatives, please see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability Statement - Environment - Climate Change</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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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;">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="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="line-height: 1.2; margin: 0pt;"><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. Over the past two decades, substantial investments have been made, especially in China but also in the United States and the Middle East, to increase production capacity of seamless steel pipe products, without a commensurate increase in overall demand, and as a result there is significant excess production capacity, particularly for &#8220;commodity&#8221; or standard product grades. Production capacity of 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, the competitive environment is expected to remain intense in the coming years and our effective competitive differentiation, together with our ability to vertically integrate and to provide value added services, will be key success factors. In addition, there is a risk of unfairly traded steel pipe imports in markets in which Tenaris produces and sells its products, and we can give no assurance with respect to the application of antidumping duties and tariffs or the effectiveness of any such measures.</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: 1.2; margin: 0pt;"><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>
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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;">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, local producers seek the imposition of import restrictions or the initiation of antidumping or countervailing duty proceedings. For example, 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 a determination by the International Trade Commission (&#8220;ITC&#8221;), issued in October 2022, that the imports under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investigation caused injury to the U.S. OCTG industry, bringing the investigation phase to a conclusion. Tenaris and other parties have appealed the agencies&#8217; determinations from the investigation to the Court of International Trade, and, with respect to certain claims, to the Court of Appeals for the Federal Circuit. 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. However, as a result of the investigation, and unless overturned on appeal, Tenaris is required to pay antidumping duty deposits until such time the imports are reviewed by the DOC to determine whether final duties are necessary for the specific period under review. For more information on this matter, please refer to note 27 &#8220;Contingencies, commitments and restrictions to the distribution of profits&#8221; to our audited consolidated financial statements included in this annual report. Antidumping or countervailing duty proceedings, 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></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 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;Risk Factors - 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 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="margin: 0pt; line-height: 1.2;"><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 EU, 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;Risk Factors - Risks Relating to Our Business and Industry - Armed conflicts, such as the Russia-Ukraine war, 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. </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;">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 United States-Mexico-Canada Agreement (&#8220;USMCA&#8221;), and imports of steel tubes from Australia, Argentina, Brazil and South Korea (the latter three with specific quotas per product). The U.S. government 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.&#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; margin: 0pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Early
in 2025, the U.S. government reset the Section 232 tariffs, imposing a 25%
tariff on effectively all imports of steel and steel derivatives, revoking
previously negotiated country-specific exemptions and quota arrangements. As a
result, all previously exempted or quota-managed countries became subject to
the full 25% tariff on their steel exports to the United States. These tariffs
do not apply to imports of products with previously granted exclusions still in
effect. In addition, on February 1, 2025, the U.S. government announced the
imposition, through the International Emergency Economic Powers Act (&#8220;IEEPA&#8221;),
of across-the-board tariffs applicable to all products imported from Mexico,
Canada and China (with the exception, as of the date of this annual report, of
Mexican and Canadian products that comply with USMCA preferential rules of
origin). These tariffs and announced or potential retaliatory countermeasures from
other countries or trade partners could affect market prices and dynamics,
supply chains, and cost structures, and result in a prolonged or escalated
trade war.</span></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;">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>
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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;">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, the start of&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the&#160;Russia&#8211;Ukraine war 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;">, and,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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>
<p style="line-height: 1.2; margin: 0pt;"><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&#160;Russia-Ukraine war</span><span style="font-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;">Risk Factors <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;">&#8211;</span></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;">Risks Relating to Our Business and Industry <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;">&#8211;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Armed conflicts, such as the Russia-Ukraine war, 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 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>
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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 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="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;">&#160;</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-bottom-width: 1px;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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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;">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="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="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, Colombia, Indonesia, Italy, Mexico, Nigeria, Romania, Saudi Arabia, the United Arab Emirates 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; antidumping or countervailing duties; travel, transportation or trade bans; interruptions in the supply of essential energy inputs; currency exchange and/or transfer restrictions, inability or increasing difficulties to repatriate income or capital or to make contract payments; inflation; devaluation; war or other armed conflicts (including the Russia-Ukraine war and regional conflicts in the Middle East and Africa); 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 (including retroactive) and changes in the interpretation, application or enforcement of tax laws and other claims or challenges; cancellation of contract or property 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>
<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, Argentina and Mexico are countries in which we have significant operations and relevant risks.</span></p>
<p style="margin: 5pt 0pt 12pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our business and operations in Argentina 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: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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. In December 2023, a new administration, led by President Javier Milei, took office in Argentina and announced a series of emergency measures to address the critical economic situation. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Some of those measures included deregulation efforts, cuts in public spending, including subsidies on public services, cut down on monetary issuance, increase of certain taxes, labor reforms, and the lifting of certain import restrictions and foreign exchange controls. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">It is uncertain the extent to which the Argentine government will be able to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continue </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">implement</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;"> its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">economic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and adopt </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">major structural reforms</span><span style="font-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 the National Congress of Argentina approved some of the reforms submitted by the Milei administration in 2024, it is unclear whether Congress will</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">endorse </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other major </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reforms, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">including labor and tax reforms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">While the deregulation of the economy and intended reforms aim to create a more competitive and investment-friendly environment, the associated uncertainties and potential for abrupt policy changes pose substantial risks for companies operating in the country. </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;">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;"> 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> may arise</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Adverse economic and political conditions could cause a drop in demand for our products in the domestic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">market, adversely affecting our operations and financial results. Similarly, they could also negatively impact the business and operations of our customers (oil and gas companies operating in Argentina) and consequently our revenues and profitability.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">governmental </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">measures to address inflation. In particular, increases in services and labor costs could affect cost-competitiveness and margins, negatively impacting our results of operations. An economic environment characterized by high inflation could undermine Argentina&#8217;s foreign competitiveness in international markets and negatively affect economic activity and employment levels. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">While&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inflation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has falling significantly in recent months, failure to maintain low inflation rates could </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">undermine Argentina&#8217;s foreign competitiveness in international markets and negatively affect economic activity and employment levels. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, if market </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">volatility </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increases </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;">may be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 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;"> eventually</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> result in strikes or work stoppages involving our operations or those of our suppliers and customers. Any such disruption of operations could have an adverse effect on our operations and financial results.</span></li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-bottom-width: 1px;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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, currency devaluation, exchange controls, restrictions on capital flows and export and import taxes or restrictions. Between September 2019 and December 2023, 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 this annual report, the application of existing foreign exchange regulations remains uncertain, and the scope and timing of upcoming changes remain unknown. Currently, 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 ARS 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 remained stable during the twelve-month period ended December 31, 2024, but it is unclear it will be further modified in the short term. 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, during 2024 import payments were subject to import taxes (which were eliminated in December 2024) that significantly increased prices of imported goods and services. Argentine companies must still obtain prior Argentine Central Bank authorization, which is rarely (if ever) granted, 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. 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 not further eased, our operations could be adversely affected. In addition, the exchange rate of the Argentine peso against the U.S. dollar has devalued by more than 100% upon the change of government in December 2023. Since then, the new Administration has maintained a &#8220;crawling peg&#8221; policy by devaluating the Argentine currency at a rate of approximately 2% per month, reduced to 1% per month as of February 1, 2025. The extent and rate of the crawling peg remains unclear. In the event of an additional devaluation, our Argentine subsidiaries, which hold U.S. dollar-denominated Argentine bonds, may be adversely affected, and will also suffer a loss on deferred tax charges as a result of a deterioration of 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. For additional information on current Argentine exchange controls and restrictions, see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Legal and Financial Information - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additional Information - Exchange Controls&#8221; and note 29 &#8220;Foreign exchange control measures in Argentina&#8221; of our audited consolidated financial statements included in this annual report. Given that the volatile and uncertain environment 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 arising from fluctuations in the exchange rate between the ARS and the USD, cause disruptions to our operations due to lack of imported raw materials and other inputs, affect our ability to finance and even carry out major investments in Argentina, and/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: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the past (and could lead in the future) to production cutbacks that could negatively affect our revenues and profitability; we could also face increased costs when using alternative sources of energy.</span></li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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 following:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We maintain a strong, longstanding relationship with Petr&#243;leos Mexicanos (&#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 17% of our overall credit exposure as of December 31, 2024. In December 2024, Pemex issued senior guaranteed floating rate notes due in 2025 that a financial institution purchased on the issue date, with Pemex agreeing to use a portion of the proceeds from the sale of such notes to pay off outstanding debt with one of the Company&#8217;s Mexican subsidiaries for approximately $200 million. The fee related to this transaction, amounting to approximately to $16 million, was borne by the 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;">If Pemex defaults on its payment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> obligations or we increase our exposure to Pemex</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, our revenues and profitability would be adversely affected. A similar collection transaction occurred in early 2025.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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 which has been increasing in Mexico over the last years. 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 these activities, their possible escalation and the violence associated with them.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the last few years, the Mexican government has made, and has attempted to make, various amendments to </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;">rules and regulations that impact</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;energy supply and cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> structure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Since December 2018, the Mexican government has </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;">introduc</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;">changes to electricity regulations, including amendment</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 the Energy Industry Law (&#8220;LIE&#8221;), and a bill to reform the Constitution, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rejected by the Mexican Congress</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 2021. These changes aimed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">grant priority to Mexico&#8217;s state-owned electric power generation and distribution company</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;">Comisi&#243;n Federal de Electricidad</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;CFE&#8221;), over private generators in the supply of electric power to the Mexican market and mandate</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;"> a revision of power generation and transaction agreements between CFE and independent electric power suppliers. The intended reforms were challenged in court </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and, i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n January 2024, 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2024, the Mexican Congress approved several constitutional reforms aimed at restructuring the judicial system and increasing state control over key sectors, including energy, telecommunications, and natural resources. For example, changes have been introduced to the constitutional status of CFE and Pemex, resulting in increased government intervention in their policies at the expense of their boards&#8217; independence. This increased regulatory oversight has led to a more unpredictable business environment. In particular, the energy reform has introduced significant regulatory and legal uncertainties for energy companies, affecting their operations, financial performance, and strategic planning. Companies have had to navigate a complex and evolving regulatory landscape, invest in compliance programs, and reassess their investment strategies to mitigate the risks associated with these reforms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Uncertainty remains as to whether</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Mexican government or any of its decentralized bodies will introduce new reforms to the energy market or adopt any measure that may further affect the energy supply or increase its cost. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any such new amendment or measures could negatively affect the operations of Tubos de Acero de Mexico S.A. (&#8220;Tamsa&#8221;) or Techgen S.A. de C.V. (&#8220;Techgen&#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, consequently, on the results of operations and financial conditions of our businesses in Mexico.</span></li>
<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">will not occur in the future. Any future stoppage, strike, disruption of operations or new collective bargaining agreements 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;"><br/></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;">Armed conflicts, such as the Russia-Ukraine war, may adversely affect our operations</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 response to the start of the Russia-Ukraine war in February, 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;">the United States, the EU and the United Kingdom (the &#8220;UK&#8221;), among other countries, 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 </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;"> years since the Russia-Ukraine war began and any resolution</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 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 war 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, 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 Severstal.</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&#174; services to offset 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: 2pt 0pt; line-height: 1.2;"><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, in 2022 we had to terminate our joint venture with JFE Holdings Inc. (&#8220;JFE&#8221;) with respect to NKKTubes K.K. (&#8220;NKKTubes&#8221;) when JFE decided to close&#160;down operations at one of its steel complexes.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<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;"><br/></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;">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: 5pt 0pt 12pt; line-height: 1.2;"><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. 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. 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 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></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;">Risk Factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</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;"> - </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><br/></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="line-height: 1.2; margin: 0pt; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">Any of the foregoing could </span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">expose us to</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> liability</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and affect our reputation</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; 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-size: 10pt; font-family: 'Frutiger 45 Light'; 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-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; 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-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> see &#8220;Information on the Company - Business overview </span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">-</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> Insurance&#8221;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><br/></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><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: 1.2; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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&#160;Russia-Ukraine war and the designation of Severstal&#8217;s 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;">&#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;Risk Factors - Risks Relating to Our Business and Industry - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Armed conflicts, such as the Russia-Ukraine war, 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: 1.2; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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 Sider&#250;rgicas 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 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: 1.2; margin: 6pt 0pt 10pt -16.78pt; padding-left: 15.3pt; 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>
<p style="line-height: 1.2; margin: 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;">4</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;">090</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million corresponding mainly ($920 million) to the acquisition of Hydril Company (&#8220;Hydril&#8221;) in 2007 and is allocated to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Hydril, Siderca and Tamsa 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: 0pt; line-height: 1.2;"><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: 0pt; line-height: 1.2;"><br/></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; 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: 0pt 0pt 10pt; line-height: 1.2;"><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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Legal and Financial Information - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Quantitative and Qualitative Disclosure About Market Risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</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;">Changes in applicable tax regulations and resolutions of tax disputes could negatively affect our financial results</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 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">framework for mitigating the risk of double taxation on our results.&#160;However, in case double taxation persists, dispute resolution 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="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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;"><br/></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 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 base erosion transparency, coherence and substance. Most of the countries in which we operate have already implemented some of those changes within their own domestic tax legislations.</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: 1.2; margin: 0pt 0pt 12pt;">In 2019, the OECD launched a new initiative on behalf of the G20<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid;"> <span>(&#8220;OECD/G20 Inclusive Framework on BEPS&#8221;)</span></span>&#160;under the format of a two pillars solution: Pillar One, aimed at minimizing profit shifting by working towards&#160; <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid;"><span>a coordinated global tax framework that reallocates
taxing rights over a portion of the profits of large and profitable multinational
entities to market jurisdictions, ensuring</span>&#160;that c</span>orporate 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></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 December 2021, the OECD released the Pillar Two model rules (the Global Anti-Base Erosion rules, or &#8220;GloBE&#8221;) to reform international corporate taxation. Following Pillar Two OECD&#8217;s initiative, the EU adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, effective as from January 1, 2024.</span></p>
<p style="margin: 5pt 0pt 6pt; line-height: 1.2;"><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;">took effect for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fiscal years commencing on or after December 31, 2023.</span></p>
<p style="margin: 5pt 0pt 6pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is within the scope of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">se</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rules, and therefore </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;"> required to calculate its GloBE effective tax rate for each jurisdiction where it operates and is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.</span>&#160;</p>
<p style="margin: 5pt 0pt 6pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">While the&#160;implementation of the Pillar Two project is underway in many countries, negotiations among the respective countries regarding Pillar One implementation details have not yet concluded, and therefore, it is not yet clear when it will be fully in effect.</span></p>
<p style="margin: 5pt 0pt 6pt; 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;">EC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> adopted in 2016 its Anti-Tax Avoidance Directive (&#8220;ATAD&#8221;), later 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 is still under discussion</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 5pt 0pt 6pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On January 20, 2025, the United States announced that it would withdraw from the OECD Global Tax Deal and that any prior commitments made by the United States will no longer have any force or effect. The memorandum announcing the withdrawal also directed the U.S. Secretary of the Treasury to develop and deliver to President Trump, within 60 days, a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the United States or have, or are likely to have, tax rules that are extraterritorial or disproportionately affect U.S. companies.&#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;">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: 0pt; break-after: avoid;"><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 12pt; break-after: avoid;"><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 to international taxation that could impact negatively our financial condition, results of operations and cash flows.</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;">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: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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;"><br/></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;">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&#160;</span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: 1.2;">https://www.tenaris.com/en/sustainability/governance-and-ethics/</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Information contained in or otherwise accessible through our Internet website is not a part of this annual report.</span></p>
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 5pt 0pt 12pt;">For example, upon le<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">arning&#160; <span>of a government investigation as to</span> whether certain payments had been</span>&#160;made prior to 2014 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 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, and 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. 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 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;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">civil penalty to conclude the matter.&#160;With respect to the same matter, Confab is subject to civil claims from Petrobras and the Brazilian public prosecutors (who seek damages for approximately $31.2 million and a prohibition from contracting with, or receiving benefits or exemptions from, the Brazilian state for an unspecified term) and to administrative responsibility proceedings before Brazil&#8217;s General Controllers<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">&#8217;</span> Office. Although Confab believes that the allegations are groundless and is contesting these claims, the Company cannot predict the outcome of these proceedings at this stage.</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 EU, 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 EU CBAM aims at promoting emissions reductions worldwide by subjecting the import of certain products, including steel, from countries outside of the EU 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, the CBAM will enter into full force and importers will need to obtain an authorization to import goods covered by the CBAM, make annual statements on the quantity of goods imported into the EU and their embedded GHG emissions and purchase certificates to cover their declared emissions. Recently, in response to the need to strengthen the&#160;competitiveness of the EU economy, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has proposed certain changes to simplify and facilitate compliance with CBAM obligations (including simplification of the authorization of declarants, the calculation of emissions and the management of financial liability).</span></p>
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<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;">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>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><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: 0pt 0pt 12pt; line-height: 1.2;"><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<sup>&#174;</sup>, 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: 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;">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</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;">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: 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;">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: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">We rely heavily on information systems to conduct our operations</span><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">,</span><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"> 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&#160;expect to 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></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;">Cybersecurity threats represent one of the most significant risks for most businesses.</span><span style="font-family: 'Frutiger 45 Light'; 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 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4, and the development and wide availability of artificial intelligence (&#8220;AI&#8221;) has increased the number, scope and chances of success of such attacks.</span></p>
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<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">According to the World Economic Forum&#8217;s 2025 Global Cybersecurity Outlook (&#8220;WEF&#8221;), cybercrime grew in both frequency and sophistication, marked by ransomware attacks, AI-enhanced tactics &#8211; such as phishing, vishing and deepfakes &#8211; and a notable increase in supply chain attacks. Some 72% of respondents report an increase in organizational cyber risks, with ransomware remaining a top concern. Nearly 47% of organizations cite adversarial advances powered by generative AI (&#8220;GenAI&#8221;) as their primary concern, enabling more sophisticated and scalable attacks. In 2024 there was a sharp increase in phishing and social engineering attacks, with 42% of organizations reporting such incidents.</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;">Additionally, Microsoft&#160;has reported a 2.75 times increase in human-operated ransomware attacks, where the most prevalent initial access techniques were social engineering -specifically phishing through email and other channels-, identity compromise, exploiting vulnerabilities of systems exposed to the internet, and unpatched operating systems.</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;">In addition, emerging technologies, such as GenAI,&#160;</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="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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 2024, we continued improving cybersecurity controls, processes and procedures to monitor, detect, assess, respond to and recover from hacking, malware infections, cybersecurity compromises and other risks; with the aim of increasing our cyber resilience. 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.&#160;We have also instructed our employees not to submit confidential information to any AI that is not approved by Tenaris.</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;">Given the rapidly evolving nature of cyberthreats, and particularly as the adoption of AI tools becomes more relevant to Tenaris operations, there&#160;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.</span></p>
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<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">Furthermore, the increasing complexity of supply chains poses an additional cybersecurity risk, considering software vulnerabilities and the risk of propagation of cyberattacks throughout Tenaris&#8217;s ecosystem, including suppliers, service providers and customers. There is no assurance that the systems implemented by third parties will be effective, and Tenaris cannot fully control the exposure to failures or breaches of such systems. If critical suppliers, service providers, customers or other relevant third parties become subject to cyberattacks, depending on their scope and success, Tenaris&#8217;s information or systems may be compromised and, eventually, such third parties may be unable to provide key services or supplies, thus affecting our activities and operations.</p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">If our systems for protecting against cybersecurity&#160;risks (or cybersecurity measures implemented by our suppliers, service providers and customers) 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-size: 10pt; line-height: inherit;">&#8239;</span><span style="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-size: 10pt; line-height: inherit;">&#8239;</span><span style="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-size: 10pt; line-height: inherit;">&#8239;</span><span style="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-size: 10pt; line-height: inherit;">&#8239;</span><span style="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-size: 10pt; line-height: inherit;">&#8239;</span><span style="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-size: 10pt; line-height: inherit;">&#8239;</span><span style="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-size: 10pt; line-height: inherit;">&#8239;</span><span style="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, the operational risk of service failure, and the&#160;</span><span style="font-size: 10pt; line-height: inherit;">loss of technology competitiveness and reputation.</span></span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">Furthermore, in response to the increase in the number and sophistication of ransomware attacks, U.S. and regulatory agencies have implemented regulations to prevent victims from making ransomware payments and to deter third parties from facilitating or processing such payments to cyber actors, which would constrain our ability to deal with ransomware attacks, should they occur.&#160;</span></p>
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<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on cyb<span style="font-family: 'Frutiger 45 Light';">ersecurity</span><span style="font-family: 'Frutiger 45 Light';">, please refer&#160;to &#8220;Legal and Financial Information - Cybersecurity&#8221;.</span></span></p> </div><div id="Dgep3srqmdju52lmlkeh98q" style="font-family: 'times new roman', times; font-size: 10pt;">
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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="Bb1_1222025215827362" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Relating to the Structure 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-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;">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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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: 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; 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: 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;">As of December 31, 2024, San Faustin beneficially owned 61.37% of the Company&#8217;s issued share capital, and 65.81% of the voting rights. San Faustin&#8217;s share percentage ownership </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and voting rights </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increased following the cancellation of the shares repurchased by the Company under its share buyback program, approved at the extraordinary general meeting of shareholders, held on April 30, 2024. San Faustin&#8217;s share percentage ownership </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and voting rights </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">will increase further if the cancellation of the shares repurchased by the Company under its share buyback programs is approved at the upcoming extraordinary general meeting of shareholders, scheduled to be held on May 6, 2025</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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;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;. </span></p>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bb2_1222025215859774" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Relating to </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">S</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">hares and ADSs</span> </a></div>
<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; 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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Information on the 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;">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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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table> </div>
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<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; 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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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 (&#8220;the Depositary&#8221;), 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: 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; 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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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;">Information on the 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;">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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 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; 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: 10pt 0pt 0pt; 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; 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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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bb3_1222025215919558" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">INFORMATION ON THE COMPANY</span></a></div>
<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="Bb4_1222025215941770" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Overview</span></a></div>
<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;">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>
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<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;">Although our operations are mainly 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;"> (&#8220;CCS&#8221;)</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;">Through an integrated global network of R&amp;D, manufacturing, and service facilities, and a team of around 26,000 people worldwide, we work with our customers to meet their needs in a timely manner, observing the highest levels of product performance and reliability.</span></p>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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="Bb5_1222025215953109" class="customBookmark"><span style="color: #003366; 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: 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;">The Company</span></p>
<p style="line-height: 1.2; margin: 10pt 0pt; 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; 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; 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 </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;">00, Houston, TX 77027.</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Tenaris</span></p>
<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;">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, the sole Argentine producer of seamless steel pipe products, by San Faustin&#8217;s 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 acquisitions and 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siat S.A., an Argentine welded steel pipe manufacturer;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa, the sole Mexican producer of seamless steel pipe products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S.C. Silcotub 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris 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 Ltda. (&#8220;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&#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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Hydril, 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IPSCO&#160;Tubulars (&#8220;IPSCO&#8221;), a North&#160; 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris 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: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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>
<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Bredero Shaw International BV (&#8220;BSIBV&#8221;) and its subsidiaries, which hold the pipe coating business acquired from&#160;Mattr; Corporation&#8217;s (&#8220;Mattr&#8221;);</span><br/></li>
<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;">
<p style="margin: 0in 0in 12pt 28.35pt; text-align: left; text-indent: -28.35pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris Oilfield Services S.A., an Argentine company providing oilfield and hydraulic fracturing services; <span style="font-style: italic;">and</span></span></p> <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 10pt -16.78pt; p;padding-left: 15.13pt; ext-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;">businesses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in various countries.</span> </li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<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;">In addition, we own a 50% participation in Exiros B.V. (&#8220;Exiros&#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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas, 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></li>
<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen, 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="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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; 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: 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="Bb6_122202522010341" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business Overview</span></a></div>
<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;">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>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.43pt; 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&#160;markets and expand our range of products and services;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.43pt; 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 </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;">;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.43pt; 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 services, including 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 10pt -16.78pt; padding-left: 15.43pt; 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 style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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; font-weight: bold; line-height: inherit;">Pursuing strategic investment opportunities and alliances</span></p>
<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;">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&#160;markets, expand our range of products and services and enhance our global competitive position and capitalize on potential operational synergies. At the end of 2023, for example</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we acquired the global pipe coating business of Mattr,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;which has enhanced our range of pipe coating technologies and reinforced our capability to provide integrated pipe and coating solutions for offshore pipelines</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<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; 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: 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;">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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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, CCS and geothermal installations. We have developed a range of technologies that are particularly suited for use in hydrogen storage and transportation, where we have seen 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>
<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; 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&#174; - and extending their global deployment</span></p>
<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;">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<sup>&#174;</sup> 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<sup>&#174;</sup> 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<sup>&#174;</sup> 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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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; font-weight: bold; line-height: inherit;">Securing inputs for our manufacturing operations</span></p>
<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;">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 Exiros, 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. Exiros 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>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bb7_122202522029287" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Competitive Strengths</span></a></div>
<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;">We believe our main</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> competitive strengths include:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 integrated 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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>
<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="Bb8_12220252204554" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business Segments</span></a></div>
<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;">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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Tubes segment includes the production and sale of steel tubular products and related services mainly for the oil and gas industry, particularly OCTG</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">used in drilling&#160;operations, line pipe used in transportation and processing activities and mechanical and structural tubes for other industrial applications, with production processes that consist in the production and transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the worldwide 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.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Major oil and gas companies&#160;have adapted their strategies and&#160;allocated investments in renewable energies&#160;in response to the energy transition while maintaining their capability to meet market demand for oil and gas 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 </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;">, is expected to increase while demand for oil and gas applications may decrease. </span></p>
<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;">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>
<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 Other segment includes all business activities related to&#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: 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;">oilfield / hydraulic fracturing services, and</span> the production and selling of sucker rods, coiled tubing, tubes used for plumbing and construction applications and others as energy and raw materials that exceed internal requirements.</span></p>
<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;">For more information on our business segments, see &#8220;II C. Accounting Policies - 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>
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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="Bc1_122202522330448" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Products</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 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 OCTG. 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 </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;">.</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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 Hydril, 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>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light';"><span style="font-style: italic;">Pipe coatings.</span> Concrete weight, anti-corrosion, thermal insulation and flow assurance coatings for offshore and onshore pipelines.</span><br/></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;">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;">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>
<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="Bc2_122202522347887" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Production Process and Facilities</span></a></div>
<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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> materials, energy and labor at competitive costs;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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;"> more than</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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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;">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,&#160;Italy, Saudi Arabia and Colombia.</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;">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>
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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;"> 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>
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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;">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;">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;">2022</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; 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>
<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: '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="height: 13.5pt; 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>
<tr style="height: 12pt;">
<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; 3,594 </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> </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: '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 style="height: 13.5pt;">
<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; 4,677 </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> </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; 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; 3,229 </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> </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: '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="height: 13.5pt; 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; 4,020 </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> </tr>
<tr style="height: 12pt;">
<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; 806 </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> </tr> </tbody> </table>
<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;</span></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 15%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 85%;"><br/></td> </tr>
<tr>
<td colspan="2"><span style="font-size: 8pt;"><sup><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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'; vertical-align: super; line-height: inherit;">(1)</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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'; line-height: inherit;">&#160; &#160;<span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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-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<span>&#160;</span>supp</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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-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-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;"><span>&#160;</span>In 2023 the calculation of annual production capacity was<span>&#160;</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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-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-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;"><span>&#160;</span>and comparative figures were restated to adapt them to the new methodology.</span></span></sup></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;"><br/></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;">In 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 </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;">welded</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adjustments in capacity of certain U.S-based plants, partially compensated by the increase in capacity in GPC following planned investments.</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 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;"> and two coating 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;">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</span><span style="font-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;">ive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> threading plants</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and two coating plants</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 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, two coating plants and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; 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 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> <br/></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>41</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<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;"><br/></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 Veracruz facility comprises:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 -16.78pt; padding-left: 15.13pt; 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, 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 -16.78pt; padding-left: 15.13pt; 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 -16.78pt; padding-left: 15.13pt; 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 -16.78pt; padding-left: 15.13pt; 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 -16.78pt; padding-left: 15.13pt; 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 12pt; 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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In addition, we also have a coating plant in Veracruz, and one in Coatzacoalcos, in the state of Veracruz.</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 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 15,000 tons.</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;">United States</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 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 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: 5pt 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;">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&#160;</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: 5pt 0pt 12pt; 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: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; 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;">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 </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;"> inches</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">).</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">940</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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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: 10pt 0pt; text-indent: 0pt;"><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 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>
<p style="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;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><a href="#TOC"></a></p>
<p style="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;">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>
<p style="line-height: 1.2; margin: 10pt 0pt; 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 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>
<p style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, we have coating facilities in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Channelview, Texas and Portland, Oregon.</span></p>
<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;">Canada</span></p>
<p style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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>
<p style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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>
<p style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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>
<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;">W</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e 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>
<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;">In addition, we have coating facilit</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 Edmonton and Camrose, both in the province of Alberta.</span> <br/></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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; font-weight: bold; line-height: inherit;">South America</span></p>
<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;">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>
<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;">Argentina</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 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&#160;</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>
<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 Campana facility comprises:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.28pt; 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 10pt -16.78pt; padding-left: 15.28pt; 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 10pt -16.78pt; padding-left: 15.28pt; 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 10pt -16.78pt; padding-left: 15.28pt; 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 10pt -16.78pt; padding-left: 15.28pt; 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 10pt -16.78pt; padding-left: 15.28pt; 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: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">Our local</span> <span style="font-size: 10pt; line-height: inherit;">electric en</span><span style="font-size: 10pt; line-height: inherit;">ergy requirements are satisfied</span><span style="font-size: 10pt; line-height: inherit;"> through a 100 MW wind</span><span style="font-size: 10pt; line-height: inherit;">&#160;farm, which </span><span style="font-size: 10pt; line-height: inherit;">required an investment of </span><span style="font-size: 10pt; line-height: inherit;">approximately $200 million</span><span style="font-size: 10pt; line-height: inherit;"> and, since October 2023 has supplied close to 50%</span><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">&#160;of the energy requirements at&#160;our integrated seamless pipe mill, purchases in the local market and by a 35 megawatts power generating plant located within the Campana facility.</span></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 are currently building 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.&#160;This investment is expected to be completed during 2025.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><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 Alsina,</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 </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 Constituc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i&#243;n 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 </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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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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: 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>
<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 Brazil, we have the Confab welded pipe manufacturing facility, located in Pindamonhangaba 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 </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><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; 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: 0pt 0pt 12pt; line-height: 1.2;"><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 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;">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 </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</span>&#160;<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>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><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></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, 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>
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><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<sup>&#174;</sup> strategy, both situated in Machachi.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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; line-height: inherit; font-weight: bold;"><br/></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; font-weight: bold;">Europe</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 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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> We also have coating&#160;facilities in Norway and Italy.</span></p>
<p style="margin: 5pt 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Italy</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 manufacturing facility in Europe is an integrated plant located in the town of 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&#160;</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>
<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 Dalmine facility comprises:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; p;padding-left: 15.13pt; ext-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: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also have a production facility, located in Arcore, about 25 kilometers from Milan in northern Italy. The Arcore facility, which covers an area of approximately 26 hectares and comprises a Diescher 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 Arcore facility has an annual production capacity of 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>
<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 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 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Costa Volpino 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 Volpino facility has an annual production capacity of&#160;</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 10pt -16.78pt; padding-left: 15.13pt; 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 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 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 Dalmine 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><br/></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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;">Isoplus facility located in Villamarzana, comprising land, anticorrosion equipment and utilities. This facility is located approximately 200 kilometers from our Dalmine 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: 0pt 0pt 12pt; line-height: 1.2;"><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 Dalmine, 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;">Our operations in Dalmine 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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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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; line-height: inherit;"><br/></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;">Romania</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 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 Zalau, 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 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: 0pt 0pt 12pt; line-height: 1.2;"><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 Calarasi, 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: 0pt 0pt 12pt; line-height: 1.2;"><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 10pt -16.78pt; padding-left: 15.82pt; 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 10pt -16.78pt; padding-left: 15.82pt; 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 10pt -16.78pt; padding-left: 15.82pt; 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 10pt -16.78pt; padding-left: 15.82pt; 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 10pt -16.78pt; padding-left: 15.82pt; 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 10pt -16.78pt; padding-left: 15.82pt; 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 10pt -16.78pt; padding-left: 15.82pt; 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: 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;">United Kingdom</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 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 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></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;">Asia Pacific, Middle East and Africa</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">In Asia Pacific, Middle East and Africa, we have two welded pipe manufacturing facilities in Saudi Arabia. We also&#160;have premium threading facilities in Saudi Arabia</span><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">, </span><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">United Arab Emirates</span><span style="font-size: 10pt; line-height: inherit;">, China, Indonesia, Kazakhstan and Nigeria, premium joints and couplings facilities in China and Nigeria</span><span style="font-size: 10pt; line-height: inherit;">, and coating facilities in Saudi Arabia, United Arab Emirates and Indonesia.</span></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; line-height: inherit;">Saudi Arabia</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 controlling participation in SSPC, a welded steel pipe producer, which operates two production lines and produces welded pipes for the local oil &amp; gas industry (OCTG and line pipe) and for the industrial and construction sectors. The facility is situated in Dammam, Saudi Arabia on a surface of approximately 100 hectares. Annual capacity is 390,000 tons covering a diameter range from 2 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: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SSPC holds a 57.3% interest in GPC, a company established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW pipes, with 2 lines covering a diameter range from 16 to 62 inches and an annual capacity of 40</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;">,000 tons.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><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; 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</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 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;">&#160;</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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> We also have a coating facility in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ras Al Khaimah</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">China</span>
<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;">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 40,000 tons of premium joints. Additionally, we have a facility that produces components for the local automotive industry. </span></p>
<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;">Additionally, under our agreement with Baogang Steel Pipes (&#8220;Baogang&#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 </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>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Indonesia</span></p>
<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;">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 120,000 tons. We also have a premium joints accessories threading facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a coating facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the state of Batam</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<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;">Kazakhstan</span></p>
<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;">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>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Nigeria</span></p>
<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;">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 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><br/></p>
<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; font-weight: bold; line-height: inherit;">Production Facilities &#8211; Others </span></p>
<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;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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>
<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;">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> </p>
<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;">In Italy, we have the Piombino 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 Piombino facility has an annual production capacity of 100,000 tons.</span></p>
<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;">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 10pt -16.78pt; padding-left: 15.67pt; 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> </li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.67pt; 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>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bc3_122202522440482" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Sales and Marketing</span></a></div>
<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; font-weight: bold;">Net Sales</span></p>
<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;">Our total net sales amounted 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;">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;">524</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;">4</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;">$1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">869</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</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 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;">. For further information on our net sales see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Information on the 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;">Operating and Financial Review and Prospects &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Operating Results</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: 10pt 0pt; break-after: avoid; text-indent: 0pt;"><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>
<table cellspacing="0" cellpadding="0" style="height: 71px; 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: '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; 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;"> For the year ended December 31, </span></p> </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; 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; height: 15px; border-top-width: 1px; border-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;">2024</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-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 colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; border-top-width: 1px; border-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> </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: 40%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 11,907 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">95%</span></p> </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: 9pt; line-height: inherit;">Others</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 617 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; 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: 15px;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; 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: 15px;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; 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> </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: 9pt; 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; height: 10px; 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; 12,524 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; 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; 14,869 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; 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;">100%</span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 10pt 0pt; 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;">Tubes</span></p>
<p style="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;">The following table indicates, for our Tubes business segment, net sales by geographic region:</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 129px; 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: 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; 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;"> For the year ended December 31, </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; 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; height: 17px; border-top-width: 1px; border-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;">2024</span></p> </td>
<td colspan="2" 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; border-bottom-width: 1px; border-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 colspan="2" 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; border-bottom-width: 1px; border-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> </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: 40%;">
<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; height: 17px; background-color: #cceeff; width: 10%;">
<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: 17px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<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: 17px; background-color: #cceeff; width: 10%;">
<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: 17px; background-color: #cceeff; width: 10%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<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: 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; line-height: inherit;">- North America</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; 5,432 </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;">46%</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; 7,572 </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;">53%</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; 6,796 </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;">61%</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; line-height: inherit;">- South America</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: 9pt; line-height: inherit;">&#160; 2,294 </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;">19%</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: 9pt; line-height: inherit;">&#160; 3,067 </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;">22%</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: 9pt; line-height: inherit;">&#160; 2,213 </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;">20%</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;">- Europe</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: 9pt; line-height: inherit;">&#160; 1,143 </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>
<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; line-height: inherit;">&#160; 1,055 </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;">7%</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: 9pt; line-height: inherit;">&#160; 867 </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;">8%</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;">- Asia Pacific, Middle East &amp; Africa</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: 9pt; line-height: inherit;">&#160; 3,038 </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;">26%</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: 9pt; line-height: inherit;">&#160; 2,491 </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;">18%</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: 9pt; line-height: inherit;">&#160; 1,257 </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;">11%</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; font-weight: bold; line-height: inherit;">Total Tubes</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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 11,907 </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-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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; height: 17px; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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>
<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-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>
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<p style="line-height: 1.2; margin: 10pt 0pt; 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: 10pt 0pt; 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 46% of our sales of tubular products and services in 2024, compared to 53% in 2023 and 61% in 2022.</span></p>
<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;">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<sup>&#174;</sup>, 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.S. seamless and welded pipe producer, and, in September 2023, we acquired Republic Tube&#8217;s OCTG pipe processing facility in Houston with heat treatment and threading operations, further strengthening our local production capabilities and capacity to provide Rig Direct<sup>&#174;</sup> services in the United States. Under Rig Direct<sup>&#174;</sup>, 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, simplifying operational and administrative processes, and providing technical and digital services. We first introduced the Rig Direct<sup>&#174;</sup> 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: 10pt 0pt; 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<sup>&#174;</sup> services.</span></p>
<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;">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. The United States has gone from being the largest global </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">importer of oil to the largest global producer of crude oil and LNG. U.S. crude oil production has increased from 5.6 million b/d in 2011 to 13.2 million b/d in 2024 and has been the largest contributor to meeting growth in global oil demand during this period as well as making the United States a net exporter. This rapid increase in production, however, has contributed, at times, 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, 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 have restrained investments in response to the post COVID-19 recovery of oil prices to accommodate financial market pressures to increase returns to shareholders and limit investments in production growth.</span></p>
<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;">Similarly, U.S. natural gas production has risen rapidly over the past decade and the United States became a net exporter of natural gas for the first time in 2017 and since 2023 has been the largest 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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The drop in oil prices with the onset of the COVID-19 pandemic in the first half of 2020 resulted in a collapse in U.S. drilling activity, with the number of active rigs falling to the lowest level recorded in over 40 years. 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, since then, there was a recovery in U.S. drilling activity through 2021 and 2022 before drilling activity began to decline moderately in the second half of 2023 reflecting lower oil prices compared to the levels reached in 2022, before stabilizing in the second half of 2024. North American natural gas prices also declined during the second half of 2023, due to increasing production, a low level of demand in the winter heating season and capacity limits on LNG exports, but, early in 2025, began to show signs of recovery on a tighter supply and demand balance.</span></p>
<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 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: 10pt 0pt; 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 United States and Canada collapsed along with drilling activity. As a result, we closed down many of our facilities in the United States and, we dismantled our Prudential welded pipe mill in Calgary, Canada, and integrated welded pipe production at our seamless pipe mill in Sault Ste. Marie, Ontario. Towards the end of 2020, demand for and sales of OCTG in the United States and Canada began a recovery which continued throughout 2021 and 2022 and the first part of 2023. During this recovery period we reopened many of the facilities we had shut down in 2020 and brought production at our Bay City mill to full capacity. A particular feature of this recovery was the exceptional price levels for hot rolled coil in the North American market which made the production of welded pipes uneconomic throughout 2021 and delayed the restart of U.S. welded pipe production into 2022. The ramp up of production capacity in the United States was further affected by difficulties in hiring a qualified workforce in the post-COVID economy. In 2024, with the slowdown in drilling activity, demand and consumption of OCTG products declined, although average OCTG consumption per rig has increased along with drilling efficiencies.</span></p>
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<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;">During 2018, the U.S. government introduced, under Section 232, 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. OCTG imports subsequently rose to around 50% during the recovery from the pandemic when U.S. production was constrained but has fallen below 35% during the second half of 2024 as distributors reacted to a rise in inventory levels by cutting back on OCTG import purchases.&#160;Early in 2025, the U.S. government imposed a 25% tariff on virtually all imports of steel and steel derivatives, revoking previously negotiated country-specific exemptions and quota arrangements. As a result, all previously exempted or quota-managed countries became subject to the full 25% tariff on their steel exports to the United States. In addition, on February 1, 2025, the U.S. government announced the imposition, through the IEEPA, of across-the-board tariffs applicable to all products imported from Mexico, Canada and China (with the exception, as of the date of this annual report, of Mexican and Canadian products that comply with USMCA preferential rules of origin). These tariffs could apply to certain products that Tenaris and other companies are currently importing under previously granted exclusions or tariff-free quotas.</span></p>
<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;">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 October 27, 2022, the ITC 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 WTO </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 duties (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) while the order is in effect. Tenaris has been paying antidumping duty 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 administrative review process. In the first administrative review covering the period from May 11, 2022 to 31 October 2023, the DOC issued preliminary determinations in December, finding a margin of 6.8% for Siderca and 30.38% for T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The final determination, which could be different from the preliminary determination, is expected by September 2025. As a result of the periodic review process, the deposits paid may be either returned to Tenaris, in whole or in part, or may be increased.</span></p>
<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;">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: 10pt 0pt; 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 restricted by the difficulty of moving equipment in muddy terrain.</span></p>
<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;">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 closed the inquiry without imposing any duties.</span></p>
<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;">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<sup>&#174;</sup> services. At the end of 2022, we renewed our long-term agreement with Pemex for an additional three-year period.</span></p>
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<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;">In the last few years, the Mexican government has introduced measures that increase the role of state-owned enterprises, particularly CFE and Pemex, in oil production and processing activity and electricity dispatch, giving them priority over private companies. Pemex has been charged with reversing production declines and has built a new refinery, but over the past year its financial situation has deteriorated and, in response, has reduced investments and delayed payments to suppliers, including Tenaris, with the result that oil production in Mexico is falling rapidly. For more information on our credit exposure to Pemex, see &#8220;Risk Factors _ Risks Relating to Our Business and Industry _ 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: 10pt 0pt; 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. Following the pandemic, it increased moderately in 2022, was stable in 2023, but has collapsed in the second half of 2024, as Pemex reduced investments and supplier payments.</span></p>
<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;">South America</span></p>
<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;">Sales to customers in South America accounted for 19% of our sales of tubular products and services in 2024, compared to 22% in 2023 and 20% in 2022.</span></p>
<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;">Our largest market in South America is Argentina. We also have significant sales in Brazil, Guyana and Colombia. We have manufacturing subsidiaries in Argentina, Brazil, Colombia and Ecuador, while in Guyana, we provide in-country services.</span></p>
<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;">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 and gasoline prices in the domestic market and other matters affecting the investment climate. 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;Risk Factors - Risks Relating to Our Business and Industry - 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: 10pt 0pt; 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<sup>&#174;</sup> services with national and international oil and gas companies operating in those markets.</span></p>
<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;">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, which was renewed for an additional five-year term at the beginning of 2022, under which we provide Rig Direct<sup>&#174;</sup> 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. In 2020, our sales were affected by ongoing uncertainties regarding the energy policies that would be adopted by a new government as well as the onset of the COVID-19 pandemic. Activity has since recovered and is expected to increase further as pipeline infrastructure is developed for transporting oil and gas from the prolific Vaca Muerta shale play to international markets. The country&#8217;s energy trade balance, which used to show a large deficit, is now starting to show a surplus as pipeline capacity has been developed to transport natural gas from Vaca Muerta to the main consuming regions of the country and to export oil. Further pipeline infrastructure, and possible LNG exporting infrastructure, is expected over the next years. We reactivated our welded pipe mill in Valentin Alsina, province of Buenos Aires, to supply pipes for the pipelines already constructed&#160;and under construction and these are supplemented by deliveries from our mill in Brazil.</span></p>
<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;">In Brazil, we have a longstanding business relationship with Petrobras. We supply Petrobras with casing and tubing (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<sup>&#174;</sup> services for use in the pre-salt area and seamless line pipe for use in offshore risers. In 2020, with the onset of the COVID-19 pandemic and the collapse in oil prices, Petrobras reduced its onshore drilling operations to focus on pre-salt offshore developments. In 2022 and 2023, offshore drilling activity increased as a result of the development of the Buzios and other pre-salt fields by Petrobras as well as other investments by major oil companies. Consumption of OCTG products in Brazil, doubled in 2023 and remained at a similar level in 2024. Demand for line pipe for pipeline projects, which has been at a very low level for some years, picked up in 2024 as a major offshore pipeline is being installed, while demand for offshore risers and flowlines has also increased. In response to market-opening measures and the attractiveness of the deepwater reserves, major oil companies have been investing in Brazil, while Petrobras has focused investments in world class assets in deepwater.</span></p>
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<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;">In Guyana and neighboring Suriname, offshore drilling activity has&#160;increased over the past few 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 Rig Direct<sup>&#174;</sup>-alike services to the main deepwater offshore development projects in the Stabroek block.&#160;In 2024, we were also awarded the line pipe and insulation coating for a deepwater development in Suriname and the insulation coating for an offshore pipeline in Guyana. These developments are transforming the Guyana and Suriname economies and are yielding a significant new source of oil to global markets.</span></p>
<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;">In Colombia, we have established a leading position in the market for OCTG products since 2006, following our acquisition of TuboCaribe, a welded pipe manufacturing facility located in Cartagena. The market grew in the previous 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 drop of drilling activity which recovered in 2021 and 2022. In 2023 and 2024, however, drilling activity has been affected by government policies aimed at reducing exploration activity while local protests and security concerns have increased at many drilling locations. Our principal customer in Colombia is Ecopetrol S.A. (&#8220;Ecopetrol&#8221;), to which we supply Rig Direct<sup>&#174;</sup> services. In February 2025 we renewed our agreement with Ecopetrol for two years.</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;">We also have sales in Ecuador, supplying Petroamazonas Ecuador S.A., which merged with EP PetroEcuador, the national oil company, as well as private operators. To increase local content, we have established a local OCTG threading facility in Machachi.</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;">We were present in the Venezuelan OCTG market for many years and we maintained business relationships with Petr&#243;leos de Venezuela S.A. and the joint venture operators in the oil and gas sector until the imposition of economic sanctions by the Office of Foreign Assets Control (&#8220;OFAC&#8221;). Additionally, we maintained business relationships with Chevron in Venezuela until April 22, 2020, when their sanctions license expired. In 2023, Chevron was authorized to resume certain operations, which led to a limited resumption of sales in Venezuela but, on March 1, 2025, the US government decided not to renew the Chevron sanctions license.</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;">Europe </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 Europe accounted for 10% of our sales of tubular products and services in 2024, compared to 7% in 2023 and 8% in 2022.</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 single largest country market in Europe has traditionally been Italy. The market for steel pipes in Italy (as in much of the EU) 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. In the past three years, demand for seamless pipes in these segments in Europe has declined reflecting the increase in energy prices following the Russian invasion of Ukraine and the prolonged decline in industrial production. In 2022, although activity was affected by the Russian invasion, our sales increased as prices rose to compensate higher costs, while in 2023, although activity declined, our sales remained stable reflecting a change in the competitive environment. In 2024, however, our sales declined reflecting lower activity and competitive pressures from low-cost imports from China and Ukraine.</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;">In Europe, we also have significant sales to the oil and gas sector, particularly in the North Sea, but also in other areas like Romania and Turkey. 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 2022, we ceased sales to Russia that would breach applicable sanctions imposed by the U.S., and the EU following the Russian invasion of Ukraine. Sales in the North Sea rose during 2023 and remained stable in 2024 as drilling and gas pipeline construction activity increased, but are expected to decline in 2025 as activity, particularly in the UK, is curtailed.</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;">In 2024, Turkey was our largest country market in Europe, reflecting increased oil and gas activity and infrastructure development in the country. We supplied an offshore pipeline for a natural gas development in the Black Sea as well as premium OCTG used for onshore drilling and pipes for a gas storage project.</span></p>
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<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;">Europe is also a region which we expect will be at the forefront of developments in low-carbon energy, including hydrogen storage and transportation, CCS, geothermal and waste-to-energy power generation. We are participating in these market segments where we expect to see growth in the coming years.</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;">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: 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;">Sales to customers in the Asia Pacific, Middle East and Africa accounted for 26% of our sales of tubular products and services in 2024, compared to 18% in 2023 and 11% in 2022.</span></p>
<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;">Our largest single country markets in the region are Saudi Arabia and the United Arab Emirates. 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, SSPC increased its participation in GPC to 57.3% when the German shareholder in GPC decided to exit. In 2022, we entered into a long-term agreement with Saudi Aramco for the supply of seamless OCTG products that prioritizes local production where possible. 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. In 2024, we had a record year of sales in Saudi Arabia as, in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">addition to deliveries under these agreements, we made deliveries pursuant to a tender that was awarded to replenish stocks of premium OCTG as Saudi Aramco increased its gas drilling activity.</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;">In the United Arab Emirates, 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, in August 2019, of a long-term agreement with Rig Direct<sup>&#174;</sup> conditions, valued at $1.9 billion, to supply approximately half of the OCTG requirements of Abu Dhabi National Oil Company (&#8220;ADNOC&#8221;) in Abu Dhabi over the following five to seven years. At the end of 2024, ADNOC confirmed an extension to cover the full seven years as it confirmed an increase in drilling activity for 2025.</span></p>
<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;">We have a wide-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: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">Our sales in this region 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, is pursuing strong growth in conventional and unconventional gas drilling activity. The main national oil companies in the Gulf have also increased investments to add oil and LNG production capacity as they seek to accelerate the monetization of their oil and gas reserves, although Saudi Arabia announced in 2024, that it would curtail its oil production capacity expansion plans.</span></p>
<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;">In North Africa, there have been significant discoveries and development of offshore gas reserves in the Mediterranean in recent years and international oil companies have made investments in the region. In sub-Saharan Africa, after several years of limited investments, international oil companies began to gradually increase their investments in exploration and production in offshore projects from 2022.</span></p>
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<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;">In the Caspian region, major oil companies operating in Kazakhstan and Azerbaijan increased their investments and drilling activity following a recovery of oil prices in 2017. In 2020 and 2021, however, our sales were affected by the impact of the COVID-19 pandemic 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 the collapse of oil demand due to the pandemic. Since then, drilling activity and our sales have remained at low levels.</span></p>
<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;">In the past few years, uprisings affected drilling activity in countries such as Syria, Libya and Yemen. In addition, for a number of years, U.S. and EU sanctions have affected production and exports in Iran.</span></p>
<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;">In Indonesia and other markets in South East Asia and Oceania, drilling activity, particularly offshore drilling activity, 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-East Asia.</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;">Our sales in China are concentrated on premium OCTG products used in oil and gas drilling activities. Over the past 15 years,&#160;Chinese imports of OCTG products have remained at a very low level 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 have twice expanded. 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 finishes 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, Baotou Steel and Baosteel International Group (&#8220;Baosteel&#8221;) merged their seamless pipe businesses, but at the end of 2023, this merger was reversed, and we have resumed operations with our original joint venture partner.</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;">In Japan, our former subsidiary, NKKTubes, competed against other domestic producers. In November 2022 we entered into a definitive wrap-up agreement with JFE to terminate our joint venture and cease NKKTubes&#8217; operations. The market for steel pipe products in Japan is mostly industrial and depends on general factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">affecting domestic investment, including production activity. With the closure of manufacturing and production operations of NKKTubes in June 2022, we have largely ceased to serve this market.</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;">Our sales in the greater region 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. For more information, please see &#8220;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: 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;">Sales in the region declined to a low level in 2021 as a result of various factors, including the slowdown in investments in drilling activity as a result of the pandemic and reduction in oil demand and prices and ongoing inventory reductions at some of the region&#8217;s largest consumers such as Saudi Arabia and the United Arab Emirates. In 2022, our sales in the region began to recover while, in 2023, our sales benefited from a strong recovery in activity and inventory shortages. Our sales increased further in 2024 led by Saudi Arabia following a tender award to help Saudi Aramco to replenish inventory levels.</span></p>
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<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; font-weight: bold; line-height: inherit;">Others</span></p>
<p style="margin: 5pt 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, namely fracking and coiled tubing services in Argentina, sales of pipe for plumbing applications from our Italian Piombino 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: 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;">On November 30, 2023, we acquired the pipe coating business of&#160;Mattr, 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&#160;complementary to our coating plants in Argentina, Brazil, the United States, Italy, Nigeria and Saudi Arabia. Although we reported the sales of the newly acquired in the &#8220;Others&#8221; segment for the remainder of 2023, as we advanced with the integration of the business with our Tubes operations, we began reporting these results within our Tubes operating segment.</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;">Net sales of other products and services amounted to 5% of total net sales in 2024, compared to 5% in 2023 and 5% in 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;">During 2022, we closed down our Brazilian industrial equipment business.</span></p>
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<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;">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: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><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: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><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 has been accentuated by the prospect of limited demand growth in an energy transition. Effective competitive differentiation and industry capacity closures will be key factors for Tenaris.</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;">Our principal competitors in steel pipe markets worldwide are described below.</span></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 5pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec S.A. (&#8220;Vallourec&#8221;), a French company, has mills in Brazil, China, and the United States. Vallourec 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. Vallourec is an important competitor in the international OCTG market, particularly for high-value premium joint products. Prior to the 2014-16 downturn in oil prices, Vallourec increased its production capacity by building mills in Brazil (jointly with Nippon Steel Corporation &#8220;NSC&#8221;) and Youngstown, Ohio, acquiring tubular businesses in the United States and Saudi Arabia, and acquiring a Chinese seamless steel producer. Since then, Vallourec has carried out two major financial restructuring processes and has emerged as a financially stable company with a reduced industrial perimeter under new management and owners. In the second financial restructuring, Vallourec&#8217;s creditors, including Apollo, a private equity house, assumed effective control. Under the same restructuring, Vallourec closed its German mills during 2023 and invested EUR100 million in its Brazilian mills to enable the transfer of its specialized products for oil and gas customers from Germany to Brazil. In 2024, ArcelorMittal S.A. (&#8220;ArcelorMittal&#8221;) acquired Apollo&#8217;s entire shareholding (28.4% of voting rights and 27.5% of the share capital) and became its reference shareholder.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. Steel Corporation (&#8220;U.S. Steel&#8221;), 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, but have been unable to complete the transaction due to regulatory decisions.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; 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 Vallourec of a new seamless pipe mill in Brazil, and further strengthened its ties with Vallourec through participating in Vallourec&#8217;s 2016 capital increase and combining their respective Brazilian operations. As part of the latest financial restructuring of Vallourec, NSC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">relinquished its participation in the Brazilian operation and ceded its reference shareholder position in Vallourec. 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.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; 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 Chelpipe, the second Russian producer of seamless pipes in 2021. In 2022, following the Russian invasion of Ukraine, the API 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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; 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, between them, have taken a leading 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></li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; 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 EU, 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 Citic Group Corporation Ltd. (&#8220;Citic&#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 Baosteel, Hengyang and TPCO, have developed and are selling more sophisticated products, particularly in the domestic market.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; 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; Benteler A.G. (&#8220;Benteler&#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 SeAH Steel (&#8220;SeAH&#8221;), of Korea and JSW Group (&#8220;JSW&#8221;), of India. North American pipe producers, including US Steel, are largely focused on supplying the U.S. and Canadian markets, where they have their production facilities.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; 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, SeAH, has acquired and built local welded pipe production facilities in the United States.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Benteler, Tubos Reunidos S.A. of Spain (&#8220;Tubos Reunidos&#8221;), and Voest Alpine A.G. of Austria (&#8220;Voest Alpine&#8221;) each have a significant presence in the European market for seamless steel pipes for industrial applications. Voest Alpine also has a relevant presence in the U.S. and Canadian OCTG </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">markets and some other international OCTG markets. In 2016, Tubos Reunidos opened an OCTG threading facility targeting international markets, including the United States.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.4pt; page-break-after: avoid; 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. In 2024, ArcelorMittal acquired 28.4% of the voting rights (representing a 27.5% of the share capital) in Vallourec, becoming its reference shareholder.</span></li> </ul>
<p style="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. We have established strong ties with major consumers of steel pipe products in&#160;the home markets of our manufacturing subsidiaries, reinforced by Rig Direct<sup>&#174;</sup> services, as discussed above.</span></p>
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<div style="line-height: 1.2; margin: 0pt; break-after: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bn1_122202522619733" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Capital Expenditure Program</span></a></div>
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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; line-height: inherit;">During 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;">, 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;">694</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;">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;"> and $</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;">. 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;">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;">636</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;">571</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;"> and $</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;">.</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;</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;">In 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;">, we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continued</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investing in new environmental and health and safety solutions, enhancing efficiency in our industrial plants, automation and digitalization of our processes and increasing product differentiation</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; 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;">4</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: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; 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: left; text-indent: 0px; text-transform: none; widows: 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 construction of a photovoltaic power plant in Italy and Romania;</span></span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; 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 one of Siderca&#8217;s electric arc furnace with energy efficient Consteel<sup>&#174;</sup> technology</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the completion of the upgrade of the Koppel steelmaking exhaust fumes system, to reduce emissions and improve the mill&#8217;s health and safety conditions;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; 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 </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&#8221; FTM finishing Line in Dalmine, Italy</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: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; 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 Dopeless<sup>&#174; </sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">production capabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in 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;"> Italy and Silcotub</span><span style="font-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;">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; line-height: inherit;">;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the progressive rollout of our office redesign project aimed at aligning our workspace to&#160;a more contemporary way of working</span><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; li;line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">additional fracking equipment for our oil and gas services business in&#160;Argentina</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;">Investments in information systems and other intangible assets totaled $</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;">8</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;">4</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;">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;"> and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">32</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;">.</span></p>
<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: 10pt; line-height: inherit;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ur 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;"> 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></p>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continuous advancement of our new production programming and scheduling system (&#8220;SIP&#8221;) in Europe</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: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; 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;">lignment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of our systems to the 13</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;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the API 5CT </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">specification</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: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">advancements in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our multi-year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">industrial infrastructure and </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;">programs, in particular 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; font-style: italic; line-height: inherit;">and</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continuous improvement of our commercial digital offer</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; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Capital expenditures in 2025 are expected to&#160;contribute to our&#160;strategic objectives, including the reduction of the carbon emissions intensity of our operations. The investment program for 2025 includes, among others:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mpletion</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of a second wind farm in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, together with other energy-saving initiatives;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; 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 expansion of 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;">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;">hop in Silcotub, 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; line-height: inherit;">;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; 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&#160;expansion of our service yard in Midland,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;Texas, U.S., </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to sustain local operation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; marg;margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; 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;">quipment upgrade and renovation in most of our internal </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;">aboratories</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: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">industrial infrastructures upgrades, including cranes and building improvements in Canada and Mexico;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investments aimed at enhancing efficiency and health and safety conditions in all production units; </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; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the continued rollout of our offices redesign project aimed at aligning our workspace to&#160;a more contemporary way of working.</span><br/></li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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="Bn2_122202522719432" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Raw Materials and Energy</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;">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 iron and ferroalloys. In Argentina we produce our own DRI from iron ore using natural gas as a reductant. Our integrated steelmaking operations consume significant quantities of electric energy, purchased from the local electricity markets, provided from our own renewable wind farm&#160;and other renewable sources, and from thermal-electric power production. Our welded steel pipe products are processed from purchased steel coils and plates.</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;">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;">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;">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;">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;">% 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;">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;">%, with direct energy accounting for approximately </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;">.</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 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;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;">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;"> and declined 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;">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;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;">Armed conflicts, such as the Russia-Ukraine war, may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</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;">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="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2;"><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 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 purchase pig iron from international markets.</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;">International prices for steel scrap, pig iron and HBI can vary substantially in accordance with supply and demand conditions.</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;">Annual scrap prices decreased in 2024. As a reference, prices for the U.S. East Coast Shredded Scrap, published by Platts, averaged $3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">75</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;">4</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;">91</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;">, while they averaged $428 per ton in 2022. Steel scrap prices declined to a two-year low, pressured by an oversupply of low-cost Chinese rebar in the steel market, which has affected scrap purchases from Turkey, a major consumer of steel scrap exports.</span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">D<span>ecarbonization</span><span> efforts, as well as increasing production of steel in electric arc furnaces, have been supporting prices</span></span><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;and&#160;are likely to&#160;put</span> upwards pressure on prices going forward as availability of high-quality scrap becomes&#160;increasingly scarce. in relation to demand.</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;">In 2024, Brazil and Ukraine remained the largest pig iron suppliers to the&#160;American and European markets because of the significant decrease in supply from Russia. In 2024, the global pig iron market experienced a 1.3% decrease in production compared to 2023. This decrease is attributed also to decarbonization efforts which are resulting in lower demand for pig iron. Prices showed a downward tendency during 2024, reaching levels </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of around $440 per ton in early 2025.</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;">International prices for steel scrap, pig iron and HBI can vary substantially in accordance with supply and demand conditions.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Iron ore</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 consume iron ore in the form of pellets for production of DRI in Argentina. Siderca&#8217;s consumption of iron ore during 2024 was approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">958</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> thousand tons, supplied by Vale International S.A. and Samarco Minera&#231;&#227;o S.A. from Brazil, and Iron Ore Company (&#8220;IOC&#8221;) from Canada. Annual iron ore prices remained at low levels during 2024 in comparison to 2023, falling in October to the lowest level in two years. As a reference, prices for IODEX 62% Fe Index, published by Platts, averaged $109 per ton in 2024, in comparison to $120 per ton in 2023 and $120 per ton in 2022. After reaching $143 per ton in January 2024, iron ore prices fell to $89 per ton in September 2024, followed by a slight recovery to $105 per ton in February 2025.</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;">Pellet premiums&#8217; prices averaged $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">40</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ton in 2024, and $</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;"> per ton in 2023, while they averaged $7</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;"> per ton in 2022. The DR pellet market had a price decrease in 2023 as demand from Europe and M</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">iddle East and Africa </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">remained weak throughout the year. At the end of 2023, prices had a seasonal increase, followed by a downturn in prices in January 2024, which was sustained during the whole year, due to weak steel market worldwide and tight margins. During 2024, Chinese steel exports reached record levels, with more competitive prices than other regions, resulting in an oversupply in the global market. This situation put pressure on steel prices, as well as on steelmaking raw materials.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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="margin: 5pt 0pt 12pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; line-height: 1.2;"><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="margin: 5pt 0pt 12pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In 2023, demand for ferroalloys was weak to the point some materials traded beneath the production costs of many producers, forcing them to curtail production mainly in Europe and India. Lower material availability and rising production costs, such as electricity, supported a rebound in ferroalloys&#8217; prices from September levels to the end of the year.</span></p>
<p style="margin: 5pt 0pt 12pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In the first half of 2024, manganese alloys saw a sharp price increase, driven by the prolonged suspension of a major mine in Australia. However, in the second half, weak market demand offset the lack of supply.</span></p>
<p style="margin: 5pt 0pt 12pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Molybdenum prices remained strong and stable throughout 2024, driven by robust demand from the oil and gas and defense industries, along with rising production in China and Peru.</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;">Round steel bars</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 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, particularly for use in our seamless steel pipe facilities in the United States.</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;">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="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the United States, we own a steel shop facility in Koppel, Pennsylvania. After having completed certain investments in 2021, this facility provides a significant portion of the steel bars required by our Bay City and Ambridge mills. We also use steel bars imported from our integrated facilities in Romania, Italy, Argentina and Mexico. These imports have been excluded from Section 232 tariffs, by application of certain commercial agreements (between the U.S. and the EU, and between the U.S. and Mexico), but, under the reset of these Section 232 tariffs made by the new U.S. administration, tariffs on these imports are being applied since March 12, 2025. Additionally,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;we have contracts in place with Nucor Steel and U.S. Steel to purchase a portion of the steel bar requirements in our Bay City mill.</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;">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 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.</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; line-height: inherit;">Steel coils and plates</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 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></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Steel coil market prices in 2024 decreased 14%. As a reference, prices for hot rolled coils, HRC Midwest USA Mill, published by CRU, averaged $850 per metric ton in 2024, $991 per metric ton in 2023,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in comparison with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $1,128 per metric ton in 2022</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;">For our welded pipe operations in the United States, a significant part of our requirements for steel coils are 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.&#160;</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;">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;"> 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 202</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></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;">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>
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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 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 Tubar&#227;o </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and Usiminas, 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 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> </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;">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 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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<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;">Energy</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 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="margin: 0pt; line-height: 1.2;"><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 through supply from a 100MW wind farm, which was built with an investment of around $200 million and has been accounting for around 50% of the consumption of our main industrial facility in Campana since October 2023, purchases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;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;">, and supply from a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;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;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Dalmine, Italy, we have a 120-megawatt power generation facility which is designed to have sufficient capacity to meet most of the electric power requirements of the operations. The additional energy needed to cover the peaks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of consumption is partially purchased through a&#160;power purchase agreement (&#8220;PPA&#8221;) with&#160;Axpo Italia started in November 2024 for 15 GWh/year of electricity produced from a solar plant. The residual energy required and the excess produced are purchased and sold to the market while heat is sold for district heating or used interna</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lly.</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, a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a 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;">CFE.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In October 2024 a new Energy constitutional reform</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was approved in which Mexico&#8217;s two largest </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;">nergy&#160;state-owned companies, Pemex and CFE, have been reclassified as public state enterprises, emphasizing their role in serving the &#8220;public interest&#8221;. The reform also clearly states that private activities in the electricity industry will not take precedence over public enterprises. The potential impact on the energy supply and its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cost related to this reform will not be known until the publication of the secondary regulation in the coming months. </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;Risk Factors - 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;">- 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>
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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;">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;">. Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;Tecpetrol&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a San Faustin subsidiary, is our main natural gas supplier in Argentina under market conditions and according to local regulations.</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 transportation capacity agreements with Transportadora de Gas del Norte S.A. (&#8220;TGN&#8221;), a company in which San Faustin 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 Naturgy S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.A. (&#8220;Naturgy&#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 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 Naturgy 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;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and are expected to be renewed.</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 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 Energia S.p.A while the natural gas consumed at our Italian plants is supplied by Eni S.p.A.</span></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit;">Our costs for electric energy and natural gas </span><span style="font-size: 10pt; line-height: inherit;">vary from country to country. P</span><span style="font-size: 10pt; line-height: inherit;">rior to late 2021,</span><span style="font-size: 10pt; line-height: inherit;"> energy costs </span><span style="font-size: 10pt; line-height: inherit;">remained generally flat </span><span style="font-size: 10pt; line-height: inherit;">due</span><span style="font-size: 10pt; line-height: inherit;"> to </span><span style="font-size: 10pt; line-height: inherit;">the increasing availability of n</span><span style="font-size: 10pt; line-height: inherit;">atural </span><span style="font-size: 10pt; line-height: inherit;">g</span><span style="font-size: 10pt; line-height: inherit;">as from shale plays and additional </span><span style="font-size: 10pt; line-height: inherit;">renewa</span><span style="font-size: 10pt; line-height: inherit;">b</span><span style="font-size: 10pt; line-height: inherit;">l</span><span style="font-size: 10pt; line-height: inherit;">e</span><span style="font-size: 10pt; line-height: inherit;"> energy generation at more competitive prices.</span> <span style="font-size: 10pt; line-height: inherit;">In a context of uncertainty regarding future energy prices,</span><span style="font-size: 10pt; line-height: inherit;"> in December 2020,</span><span style="font-size: 10pt; line-height: inherit;"> the Argentine government launched </span><span style="font-size: 10pt; line-height: inherit;">a new gas plan to increase natural gas</span><span style="font-size: 10pt; line-height: inherit;"> supply following a drop </span><span style="font-size: 10pt; line-height: inherit;">from the maximum levels reached in 2019.</span><span style="font-size: 10pt; line-height: inherit;"> Because winter demand for </span><span style="font-size: 10pt; line-height: inherit;">natural gas has outpaced supply,</span><span style="font-size: 10pt; line-height: inherit;">&#160;Argentina </span><span style="font-size: 10pt; line-height: inherit;">has been required to </span><span style="font-size: 10pt; line-height: inherit;">import natural gas from Bolivia</span><span style="font-size: 10pt; line-height: inherit;"> and</span><span style="font-size: 10pt; line-height: inherit;"> Chile and </span><span style="font-size: 10pt; line-height: inherit;">LNG</span> <span style="font-size: 10pt; line-height: inherit;">from the international market</span><span style="font-size: 10pt; line-height: inherit;"> at high prices</span><span style="font-size: 10pt; line-height: inherit;">, in addition to using liquid fuel to generate electricity.</span> <span style="font-size: 10pt; line-height: inherit;">In mid-2023, the Gasoducto </span><span style="font-size: 10pt; line-height: inherit;">Perito Francisco Pascasio Moreno </span><span style="font-size: 10pt; line-height: inherit;">was </span><span style="font-size: 10pt; line-height: inherit;">completed</span><span style="font-size: 10pt; line-height: inherit;"> increasing the supply and improving cost</span><span style="font-size: 10pt; line-height: inherit;">s</span><span style="font-size: 10pt; line-height: inherit;">&#160;through substantially lower use of LNG and/or liquid </span><span style="font-size: 10pt; line-height: inherit;">fuel. </span><span style="font-size: 10pt; line-height: inherit;">In late 2021</span><span style="font-size: 10pt; line-height: inherit;">,</span><span style="font-size: 10pt; line-height: inherit;"> energy </span><span style="font-size: 10pt; line-height: inherit;">and gas prices increased</span><span style="font-size: 10pt; line-height: inherit;">,</span> <span style="font-size: 10pt; line-height: inherit;">particularly </span><span style="font-size: 10pt; line-height: inherit;">in Europe. </span><span style="font-size: 10pt; line-height: inherit;">The Russian invasion of Ukraine led to </span><span style="font-size: 10pt; line-height: inherit;">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-size: 10pt; line-height: inherit;">to pre-war levels, </span><span style="font-size: 10pt; line-height: inherit;">thanks to lower gas prices, mainly du</span><span style="font-size: 10pt; line-height: inherit;">e to a particularly mild winter</span><span style="font-size: 10pt; line-height: inherit;">, and remained relatively stable throughout 2023&#160;</span><span style="font-size: 10pt; line-height: inherit;">and much of 2024. In late 2024 prices rose during the&#160;winter months as colder winter weather led to a rapid drawdown of gas in storage.</span> <span style="font-size: 10pt; line-height: inherit;">See &#8220;Risk Factors</span><span style="font-size: 10pt; line-height: inherit;"> &#8211; Risks Relating to Our </span><span style="font-size: 10pt; line-height: inherit;">Business and </span><span style="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-size: 10pt; line-height: inherit;">, </span><span style="font-size: 10pt; line-height: inherit;">&#8220;Risk Factors &#8211; Risks Relating to Our Business</span><span style="font-size: 10pt; line-height: inherit;"> and Industry</span><span style="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-size: 10pt; line-height: inherit;">ability and financial condition</span><span style="font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-size: 10pt; line-height: inherit;">, and for more information on the impact on our business of the armed conflict in Ukraine, see &#8220;Risk Factors - Risks Relating to Our Business</span><span style="font-size: 10pt; line-height: inherit;"> and Industry</span><span style="font-size: 10pt; line-height: inherit;"> - </span><span style="font-size: 10pt; line-height: inherit;">Armed conflicts, such as the Russia-Ukraine war, may adversely affect our operations</span><span style="font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-size: 10pt; line-height: inherit;">.</span></span></p>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 1, 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 the facilities in Campana and reduce the CO2 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="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bn3_122202522751438" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Product Quality Standards</span></a></div>
<p style="margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2; font-family: 'Frutiger 45 Light';">For information on Tenaris&#8217;s product quality standards, please refer to "Sustainability Statement - Social - Our Value Chain&#8221; in this annual report.&#160;</p>
<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="Bn4_122202522821805" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Research and Development</span> </a></div>
<p style="margin: 10pt 0pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';">For information on Tenaris&#8217;s research and development, please refer to "Sustainability Statement - Social - Our Value Chain&#8221; in this annual report.</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;">&#160;</span></p>
<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="Bb5_122202522844860" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Insurance</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;">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 $3</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;">0 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>
<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="Bn6_12220252297889" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Disclosure Pursuant to Section</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">13(r) of the Exchange Act</span> </a></div>
<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; line-height: inherit; font-weight: bold;">Tenaris</span></p>
<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 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="margin: 10pt 0pt; 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 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 EU 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="margin: 10pt 0pt; 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</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;">, 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;">2024</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="margin: 10pt 0pt; 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;">4</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 Toos Payvand 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="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;">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;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<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;">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="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;">Tenaris&#8217;s Affiliates</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;">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;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; break-after: avoid; text-indent: -28.35pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<div style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; break-after: avoid; text-indent: -28.35pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bn7_122202522935635" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Organizational Structure and Subsidiaries</span></a></div>
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<div style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; break-after: avoid; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Principal Subsidiaries</span></div>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; break-after: avoid; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#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;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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;">4</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;"> 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;">.</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;">Country of Incorporation</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;">Main activity</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;">Percentage of ownership at 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: 8pt; 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: 8pt; 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: 8pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 34%; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; width: 2%; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 13%; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; width: 2%; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 23%; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; width: 2%; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 6%; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; width: 2%; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 6%; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; width: 2%; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 6%; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
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<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>
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<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: 8pt; line-height: inherit;">Netherlands</span></p> </td>
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<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>
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<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: 8pt; line-height: inherit;">100%</span></p> </td>
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<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">NA</span></p> </td>
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<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>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Brazil</span></p> </td>
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<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: 8pt; line-height: inherit;">Manufacturing of welded steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; 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;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">DALMINE S.p.A. and subsidiaries (a)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Italy</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Manufacturing of seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">EXIROS B.V. and subsidiaries (b)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Netherlands</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Procurement and trading services</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; 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;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">HYDRIL COMPANY</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Manufacturing and marketing of premium connections</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Manufacturing of welded and seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; 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;" valign="bottom">
<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: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Indonesia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Manufacturing of seamless steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">89%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">89%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">89%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">SILCOTUB S.A.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Romania</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Manufacturing of seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; 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;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">SAUDI STEEL PIPE CO. and subsidiaries (c)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Saudi Arabia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">48%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">48%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">48%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Argentina</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; 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;" valign="bottom">
<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 (d)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Argentina</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Manufacturing of seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Portugal</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Holding company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; 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;" valign="bottom">
<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: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 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: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"><br/></td> </tr>
<tr style="height: 29px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; height: 29px;"><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: 8pt; line-height: inherit;">TENARIS FINANCIAL SERVICES S.A.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Uruguay</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Financial operations</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Canada</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Marketing of steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; 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;" valign="bottom">
<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: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Marketing of steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">United Kingdom</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Holding company and marketing of steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 29px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Marketing, distribution of steel products and holding company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: 29px;"><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: 8pt; line-height: inherit;">TENARIS INVESTMENTS (NL) B.V. and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Netherlands</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Holding company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
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<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; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Marketing and distribution of steel products, financial operations and holding company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 29px;" valign="bottom">
<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: 29px;"><br/></td> </tr>
<tr style="height: 29px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 29px;" valign="bottom">
<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; background-color: #cceeff; height: 29px;"><br/></td> </tr>
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<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: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">Colombia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 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: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<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: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px; 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;"><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; background-color: #cceeff; vertical-align: bottom; height: 17px; 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; background-color: #cceeff; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<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; background-color: #cceeff; vertical-align: bottom; height: 17px; 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; background-color: #cceeff; vertical-align: bottom; height: 17px; 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; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px; 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; background-color: #cceeff; vertical-align: bottom; height: 17px; 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; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px; 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; background-color: #cceeff; vertical-align: bottom; height: 17px; 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; line-height: inherit;">100%</span></p> </td>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>64</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-bottom-width: 1px;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(*) All percentages rounded.</span></p> </td> </tr>
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<p style="margin: 0pt; line-height: 1.1;"><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 Amaja Tubular Services Limited, 60% of Tenaris Baogang Baotou Steel Pipes Ltd. Until 2022 held 98.4% of Tenaris Supply Chain S.A.</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;">(a) Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.</span></p> </td> </tr>
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<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(b) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Tenaris holds 50% of the voting rights and Ternium owns the remaining 50%. Exiros provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#8217; agreement. Tenaris recognizes Exiros&#8217; assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</span></p> </td> </tr>
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<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(c) Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;">Tad</span><span style="font-family: Calibri; font-size: 8pt; font-style: italic; line-height: inherit;">&#257;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; 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 members 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.</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;">(d) Until its liquidation in April 2023 Siderca held 51% of NKKTubes.</span></p> </td> </tr> </tbody> </table> </div><div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"> <br/></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt; font-weight: bold;">Other Investments</span></div>
<div id="D6p8eg8hqo5l1hyvodeyqn4" style="font-size: 10pt; margin: 0pt 0pt 10pt; text-indent: 0pt;">
<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;">Ternium</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;">As of December 31, 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 Company held 11.46% of Ternium&#8217;s share capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, representing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">11.70% of its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">voting rights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.&#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: 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;">Ternium&#160;is a Luxembourg company controlled by San Faustin, whose securities are listed on the NYSE.<span>&#160;</span></span></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: 1.2; margin: 0pt 0pt 12pt;">The Company is a party to a shareholders&#8217; agreement with Techint Holdings S.&#224;r.l. (&#8220;Techint Holdings&#8221;), a wholly owned subsidiary of San Faustin and Ternium&#8217;s main shareholder, dated January 9, 2006, pursuant to which Techint 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 Techint 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 Techint 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 Techint Holdings pursuant to its terms. <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid; line-height: 1.2; margin: 0pt 0pt 12pt;">Pursuant to thi<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid;">s shareholders agreement, </span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid;"> Carlos Condorelli&#160;currently serves as the Company-nominated director of <span><span>Ternium; and Alicia M&#243;ndolo&#160;has been nominated
as the new</span> <span>Company-nominated director of Ternium, to be appointed at the next
annual general meeting of shareholders of Ternium that will be held on May 6,
2025.</span></span> &#160;</span></span></p>
<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 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></p>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Symbol; font-size: 7pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">four out of eight members of Ternium&#8217;s board of directors (including Ternium&#8217;s chairman) are also members of the Company&#8217;s board of 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; font-style: italic; line-height: inherit;">and</span></li> </ul>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Symbol; font-size: 7pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.78pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">both the Company and Ternium are under the indirect common control of San Faustin S.A. (&#8220;San Faustin&#8221;) and under the shareholders&#8217; agreement by and between the Company and Techint Holdings S.&#224;r.l ("Techint"), a wholly owned subsidiary of San Faustin and Ternium&#8217;s controlling shareholder, dated January 9, 2006 Techint, is required to take actions within its power to cause (a) one of the members of Ternium&#8217;s board of directors to be nominated by the Company and (b) any director nominated by the Company to be removed from Ternium&#8217;s board of directors only pursuant to previous written instructions of the Company.</span></li> </ul>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>65</span></span></td> </tr> </tbody> </table>
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<p style="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; font-weight: bold; line-height: inherit;">Usiminas</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;">At December 31, 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;">, 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 Usiminas, 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 Usiminas&#8217; 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: 0pt 0pt 0pt 7.1pt;"><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;">Confab&#8217;s participation in Usiminas share 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 Usiminas ordinary shares and joined Usiminas&#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: 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;">On July 3, 2023, Confab, together with Ternium (through its subsidiaries Ternium Investments and Ternium Argentina), acquired an additional 68.7 million ordinary shares of Usiminas, at a price of BRL10 per ordinary share. Tenaris paid approximately BRL110 million (approximately $22.7 million) in cash for approximately 11 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%.</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;">The Usiminas 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 MetalOne; and Usiminas&#8217; employee pension fund, Previd&#234;ncia Usiminas.</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;">At December 31, 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 Usiminas control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of Usiminas&#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&#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 9.8% corresponding to Confab); the NSC Group and Previd&#234;ncia Usiminas held 31.7% and 7%, respectively, in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> control group.</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;"><br/></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;">Upon closing of the July 3, 2023 acquisition, the then existing Usiminas shareholders agreement governing the relationship between the T/T Group, the NSC Group and Previd&#234;ncia Usiminas was replaced by a new shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group is now entitled to nominate a majority of the Usiminas board of directors, the chief executive officer and four other members of 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 member of 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 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 Usiminas&#8217; control group shares. </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;">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 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 $2.0584 per share and the equivalent in U.S. dollars of 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;">will have</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 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;">control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the <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;">equivalent in U.S. dollars of the&#160;</span>40-trading day average price per share immediately prior to the NSC group&#8217;s notice of withdrawal, 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 $2.0584 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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-bottom-width: 1px;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Under such separate agreement, Confab enjoys certain rights with respect to the governance of Usiminas, including, among others, 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&#8217; officers and directors. </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 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;">significant influence over Usiminas and, as a result, continues accounting for its investment under the equity method.</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;">Techgen</span></p>
<p style="font-family: 'times new roman', times; margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen is a Mexican joint venture company owned 48% by Ternium, 30% by Tecpetrol and 22% by Tenaris. Techgen operates a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a area of the State of Nuevo Le&#243;n, Mexico. Tenaris, Ternium and Tecpetrol are parties to a shareholders&#8217; agreement relating to the governance of Techgen.</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 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;Risk Factors - 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>
<div style="font-family: 'times new roman', times; font-weight: normal; line-height: 12pt; margin: 10pt 0pt 10pt 53.85pt; break-after: avoid; text-indent: -53.85pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bm1_1222025221024908" 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></div>
<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 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="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;">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;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="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 12pt 28.35pt; break-after: avoid; text-indent: -28.35pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bm2_1222025221043898" 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="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-weight: bold;"><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></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;">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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-bottom-width: 1px;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-weight: bold;"><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></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 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="font-family: 'times new roman', times; background-color: #ffffff; margin: 0pt 0pt 12pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-weight: bold;"><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></span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0pt 0pt 12pt; line-height: 1.2;"><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="font-family: 'times new roman', times; background-color: #ffffff; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;">Summary of results</span></p>
<p style="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; line-height: inherit;">Our sales in 2024 amounted to $12.5 billion with a decrease of 16% compared to 2023, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity. EBITDA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><sup>1</sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;and margins also declined to $3.1 billion, being further affected by a $107 million loss from a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Net income amounted to $2.1 billion, or 17% of net sales, and was affected by a reduction of $43 million from our participation in Ternium related to the same case.</span></p>
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<td style="height: 10px; padding: 0px;" colspan="2"><span style="font-family: 'Frutiger 45 Light';"><span 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; vertical-align: super;"><span style="font-size: 8pt;">1</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-size: 8pt;">&#160;EBITDA is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2 for more information on this measure.</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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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;">Cash flow provided by operating activities amounted to $2.9 billion during 2024. This was used to fund capital expenditures of $694 million, with the remainder</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> distributed to shareholders through dividend </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">payments of $758 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million and share buybacks for $1,440 million in the year. We maintained a net cash position</span><sup style="font-family: 'Frutiger 45 Light';">2</sup><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;of $3.6 billion at the end of December 2024.</span></p>
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<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;">Outlook</span></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;">Oil prices remain relatively stable (as they have done over the past two years) with OPEC+ maintaining their voluntary production cuts in the face of limited global demand growth. European and US natural gas prices have, however, risen as relatively cold winter weather and the cutoff of Russian supply have led to a rapid drawdown in inventories.</span></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;">&#160;</span></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;">These prices and the continuing balance between oil and gas demand and supply should continue to support overall investment in oil and gas drilling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> activity, as well as OCTG demand, at current levels, albeit with some regional nuances.</span></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;">&#160;</span></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;">In North America, consolidation among major operators and drilling efficiencies led to a drop in US drilling activity last year, which has now stabilized, while OCTG consumption per rig has been increasing. In Latin America, drilling activity is increasing in Argentina, as investment in pipeline and LNG infrastructure investment for the Vaca Muerta shale moves forward, while, in Mexico, it has been affected by financial constraints on Pemex. In the Middle East, some reduction in oil drilling has taken place in Saudi Arabia while gas drilling has risen, and, in Abu Dhabi, oil drilling is increasing.</span></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;">&#160;</span></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;">OCTG reference prices in North America, which fell steadily for two years until the second half of 2024, have so far recovered by 9% from their August low and could rise further following the US government&#8217;s announced reset of Section 232 tariffs on all imports of steel products without exception.</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: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In this environment, we expect our sales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EBITDA</span><sup style="font-family: 'Frutiger 45 Light';">3</sup><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(excluding extraordinary effects) in the first quarter&#160;of 2025 to be in line with those of the&#160;last quarter of 2024 before rising moderately in the second quarter of 2025. Beyond that, likely changes in US tariffs and their possible ramifications on trade flows will introduce a new dynamic with a high level of uncertainty for costs and prices to our results.</span> </p>
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<td style="width: 15%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 85%; height: 17px;"><br/></td> </tr>
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<td style="height: 19px;" colspan="2"><span style="font-family: 'Frutiger 45 Light';"><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; float: none; display: inline !important;"><span style="font-size: 8pt;">2</span>&#160;</span></sup><span style="font-size: 8pt;">Net
cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2
for more information on this measure.</span></span> <br/></td> </tr>
<tr style="height: 19px;">
<td style="height: 19px;" colspan="2"><span style="font-family: 'Frutiger 45 Light';"><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; float: none; display: inline !important;"><span style="font-size: 8pt;"> 3</span>&#160;</span></sup><span style="font-size: 8pt;">EBITDA
is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2 for more
information on this measure.</span> </span></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>69</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times;;margin:0pt"><br/></p>
<h3 style="font-family: 'times new roman', times; font-weight: normal; margin: 0pt 0pt 12pt; break-after: avoid; break-inside: avoid;"><a href="#TOC" id="Bm3_1222025221153" class="customBookmark" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating<span>&#160;</span></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="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; 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<span>&#160;</span></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;"><span>&#160;</span>based on our audited consolidated financial statements included 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;"><span>&#160;</span>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>&#160;</span>-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>Accounting Principles&#8221; and<span>&#160;</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;">II. Accounting Policies A.</span><span>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Basis of presentation&#8221; and<span>&#160;</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;">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>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included in this annual report.&#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;">Thousands of U.S. dollars (except number of shares and per share amounts)</span></p> </td>
<td colspan="3" 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; border-top-width: 1pt; border-top-style: solid; border-top-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;">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;">2024</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; border-top-width: 1pt; border-top-style: solid; border-top-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>
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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;">2022</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: 17px; 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: 9pt; line-height: inherit;">&#160;</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: 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; height: 17px; 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: 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: 17px; background-color: #cceeff; width: 70%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Selected consolidated income statement data</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;"><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; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-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: 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</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: 9pt; 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: '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; border-right-width: 1px; border-right-style: solid; border-right-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: 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: '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: 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;">Net sales</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;">12,523,934 </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;">14,868,860 </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;">11,762,526 </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;">Cost of sales</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;">(8,135,489) </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;">(8,668,915) </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;">(7,087,739) </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;">Gross profit</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-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;">4,388,445 </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-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;">6,199,945 </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-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;">4,674,787 </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;">Selling, general and administrative expenses</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;">(1,904,828) </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;">(1,919,307) </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;">(1,634,575) </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; line-height: inherit;">Impairment charge </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; 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;">- </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;">- </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;">(76,725) </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;">Other operating income (expenses), net</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;">(64,768) </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;">35,770 </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;">(212) </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;">Operating income </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-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;">2,418,849 </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-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;">4,316,408 </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-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;">2,963,275 </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;">Finance income</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;">242,319 </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;">213,474 </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;">80,020 </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; line-height: inherit;">Finance cost</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;">(61,212) </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;">(106,862) </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;">(45,940) </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;">Other financial results</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;">(52,051) </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;">114,365 </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;">(40,120) </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: 'Frutiger 45 Light'; font-size: 9pt; 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-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;">2,547,905 </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-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;">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-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;">2,957,235 </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: 9pt; 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: 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;">8,548 </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;">95,404 </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;">208,702 </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;">Income before income tax</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-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;">2,556,453 </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-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;">4,632,789 </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-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;">3,165,937 </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;">Income tax</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;">(479,680) </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;">(674,956) </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;">(617,236) </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;">Income for the year</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-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;">2,076,773 </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-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;">3,957,833 </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-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;">2,548,701 </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; 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="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;"><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; border-right-width: 1px; border-right-style: solid; border-right-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: 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;"><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: 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;">Income attributable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">(2)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">:</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="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; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-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: 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="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">Shareholders' equity</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;">2,036,445 </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;">3,918,065 </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;">2,553,280 </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; 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; 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;">40,328 </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;">39,768 </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;">(4,579) </span></p> </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Income for the year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">(2)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; border-top-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;">2,076,773 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; border-top-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;">3,957,833 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; border-top-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;">2,548,701 </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; 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="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="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; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-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: 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="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">Depreciation and amortization</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;">(632,854) </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;">(548,510) </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;">(607,723) </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; line-height: inherit;">Weighted average number of shares outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 4.33pt; vertical-align: super; line-height: inherit;">(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; 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;">1,127,490,970 </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;">1,178,876,142 </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;">1,180,536,830 </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: 9pt; 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: 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;">1.81 </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;">3.32 </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;">2.16 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Dividends per share </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">(4)</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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.67 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.45</span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt; line-height: 1.2;"><br/></p>
<table style="font-family: 'times new roman'; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-size: 10pt; height: 61px;">
<tbody>
<tr style="height: 17px;">
<td style="width: 3%; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; vertical-align: top;" valign="top"><span style="font-size: 8pt;"><sup><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: 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;">(1)</span></sup></span></td>
<td style="width: 97%; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important; 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;">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: -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;"><span>&#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: -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;">.</span></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-size: 8pt;"><sup><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: 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;">(2</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-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; float: none; display: inline !important;">)</span></sup></span></td>
<td style="height: 17px; 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, 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>&#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: 17px;">
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-size: 8pt;"><sup><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: 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;">(3)</span></sup></span></td>
<td style="height: 17px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Weighted average number of shares does not include treasury shares.</span></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top;" valign="top"><span style="font-size: 8pt;"><sup><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: 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;">(4)</span></sup></span></td>
<td style="height: 10px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Dividends per share correspond to the dividends paid in respect of the year divided by the weighted average number of shares outstanding in the period.</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><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>70</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="font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px;">
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times;;margin:0pt"><br/></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 401px; width: 100%;" width="100%">
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<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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 December 31,</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; border-top-width: 1pt; border-top-style: solid; border-top-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;">2024</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; border-top-width: 1pt; border-top-style: solid; border-top-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; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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> </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; line-height: inherit;">&#160;</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: 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; height: 17px; 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: 9pt; line-height: inherit;">&#160;</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: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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; width: 70%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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: 10px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-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: 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: 9pt; 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; width: 10%;">
<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: 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 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;"><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;">
<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: 17px;">
<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: 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; line-height: inherit;">Current assets</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;">9,236,180 </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: 9pt; line-height: inherit;">10,504,459 </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: 9pt; line-height: inherit;">8,468,596 </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;">Property, plant and equipment, net</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;">6,121,471 </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: 9pt; line-height: inherit;">6,078,179 </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: 9pt; line-height: inherit;">5,556,263 </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; line-height: inherit;">Other non-current assets</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;">5,092,474 </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: 9pt; line-height: inherit;">4,499,257 </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: 9pt; line-height: inherit;">3,525,387 </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; 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: 17px; border-top-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;">20,450,125 </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; 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;">21,081,895 </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; 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;">17,550,246 </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; 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="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="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; 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: 17px; background-color: #cceeff;">
<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: 17px;">
<td style="padding-left: 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;">Current liabilities</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;">2,636,657 </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: 9pt; line-height: inherit;">2,901,975 </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: 9pt; line-height: inherit;">2,788,423 </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; line-height: inherit;">Non-current borrowings</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;">11,399 </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: 9pt; line-height: inherit;">48,304 </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: 9pt; line-height: inherit;">46,433 </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;">Deferred tax liabilities</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;">503,941 </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: 9pt; line-height: inherit;">631,605 </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: 9pt; line-height: inherit;">269,069 </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; line-height: inherit;">Other non-current liabilities</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;">484,293</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: 9pt; line-height: inherit;">469,574</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: 9pt; line-height: inherit;">411,884 </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;">Total liabilities</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-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;">3,636,290</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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">4,051,458</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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">3,515,809 </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; 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: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-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: 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;">&#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: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">Shareholders' equity</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;">16,593,257 </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: 9pt; line-height: inherit;">16,842,972 </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: 9pt; line-height: inherit;">13,905,709 </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; 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; 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;">220,578 </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: 9pt; line-height: inherit;">187,465 </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: 9pt; line-height: inherit;">128,728 </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;">Total equity</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-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;">16,813,835 </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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">17,030,437 </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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">14,034,437 </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; 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: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-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: 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;">&#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: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#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: 9pt; 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: 17px; border-top-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;">20,450,125</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: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">21,081,895</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: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">17,550,246 </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; 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="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="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; 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: 17px; background-color: #cceeff;">
<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: 17px;">
<td style="padding-left: 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;">Share capital</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;">1,162,758 </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;">1,180,537 </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;">1,180,537 </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; line-height: inherit;">Number of issued shares</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; 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;">1,162,757,528 </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;">1,180,536,830 </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;">1,180,536,830 </span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times;;margin:0pt"><br/></p>
<table style="font-family: 'times new roman'; width: 100%; margin-left: 0.1px; border-collapse: collapse; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 3%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-size: 8pt;"><sup><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: 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; float: none; display: inline !important;">(1)</span></sup></span></td>
<td style="width: 97%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></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>71</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'; font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px;">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="font-family: 'times new roman', times; 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></p>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 367px; 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: 9pt; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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;"> For the year ended December 31, </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; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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;">2024</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; border-top-width: 1pt; border-top-style: solid; border-top-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; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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> </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; line-height: inherit;">&#160;</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; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<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; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<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; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<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>
<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: 70%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Net sales</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="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">100.0 </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="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">100.0 </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="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">100.0 </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;">Cost of sales</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;">(65.0) </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;">(58.3) </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;">(60.3) </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;">Gross profit</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-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;">35.0 </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-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;">41.7 </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-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;">39.7 </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;">Selling, general and administrative expenses</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;">(15.2) </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;">(12.9) </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;">(13.9) </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; line-height: inherit;">Impairment charge</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;">- </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;">- </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;">(0.7) </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;">Other operating income (expenses), net</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;">(0.5) </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;">0.2 </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;">(0.0) </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;">Operating income </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-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;">19.3 </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-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;">29.0 </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-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;">25.2 </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;">Finance income</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;">1.9 </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;">1.4 </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;">0.7 </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; line-height: inherit;">Finance cost</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;">(0.5) </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;">(0.7) </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;">(0.4) </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;">Other financial results</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;">(0.4) </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;">0.8 </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;">(0.3) </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: 'Frutiger 45 Light'; font-size: 9pt; 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: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">20.3 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">30.5 </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-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;">25.1 </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;">Equity in earnings of non-consolidated companies</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;">0.1 </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;">0.6 </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;">1.8 </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;">Income before income tax</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-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;">20.4 </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;">31.2 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">26.9 </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;">Income tax</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;">(3.8) </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;">(4.5) </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;">(5.2) </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;">Income for the year</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-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;">16.6 </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;">26.6 </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;">21.7 </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; 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="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;"><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; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<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: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<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: 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; line-height: inherit;">Income attributable to:</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="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; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-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: 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="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#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: 9pt; line-height: inherit;">Shareholders' equity</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;">16.3 </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;">26.4 </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;">21.7 </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; 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; 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;">0.3 </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; 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;">0.3 </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; 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;">(0.0) </span></p> </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; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Fiscal Year Ended December 31, 2024, Compared to Fiscal Year Ended December 31, 2023</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;">The following table shows our net sales by business segment for the periods indicated below:</span></p>
<p style="font-family: 'times new roman', times; 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>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 78px; 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: 9pt; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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;"> 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: 27px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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;"> 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: 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: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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;">2024</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-top-width: 1pt; border-top-style: solid; border-top-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> </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: 40%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">11,907 </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="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">14,185 </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="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(16%)</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;">Others</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: 9pt; line-height: inherit;">617 </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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">684 </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;">(10%)</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;">Total</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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">12,524 </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-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: 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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">14,869 </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-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: 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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">(16%)</span></p> </td> </tr> </tbody> </table>
<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;">
<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>72</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'; font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px;">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"><br/></span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit; font-weight: bold;">Tubes</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</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;">The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below</span><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">:</span></p>
<p style="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;</span></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 78px; width: 100%;" 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: 'Frutiger 45 Light'; font-size: 9pt; 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-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;">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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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;"> 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: '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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; 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;">2024</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-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> </tr>
<tr style="height: 12pt; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Seamless</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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; line-height: inherit;">3,077 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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; line-height: inherit;">3,189 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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: 9pt; line-height: inherit;">(4%)</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: 'Frutiger 45 Light'; font-size: 9pt; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">852 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(11%)</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: '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; 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;">3,928 </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: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">(5%)</span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><br/></p>
<p style="font-family: 'times new roman', times; 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 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="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><br/></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 180px; 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: 9pt; 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: 17px; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1px; border-top-style: solid; border-top-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;">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: 34px; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1px; border-top-style: solid; border-top-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;"> Increase / (Decrease) </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; 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: 17px; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">2024</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">2023</span></p> </td> </tr>
<tr style="height: 17px; background-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: 9pt; line-height: inherit;">Net sales</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;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; 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> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; height: 17px;">
<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; width: 20%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">5,432 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">7,572 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; height: 17px; 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: 9pt; line-height: inherit;">(28%)</span></p> </td> </tr>
<tr style="height: 17px; background-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: 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; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2,294 </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: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">3,067 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; 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: 9pt; line-height: inherit;">(25%)</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;">- Europe</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: 9pt; line-height: inherit;">1,143 </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: 9pt; line-height: inherit;">1,055 </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; 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; line-height: inherit;">8%</span></p> </td> </tr>
<tr style="height: 17px; background-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: 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; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">3,038 </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: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2,491 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; 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: 9pt; line-height: inherit;">22%</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; 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: 17px; 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;">11,907 </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-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;">14,185 </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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">(16%)</span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;">Services performed on third party tubes ($ million)</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: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;">484 </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: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;">165 </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-style: italic; line-height: inherit;">193%</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; 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: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2,305 </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: 9pt; line-height: inherit;">4,183 </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; 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; line-height: inherit;">(45%)</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;">Operating income (% of sales)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; 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; line-height: inherit;">19.4%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; 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; line-height: inherit;">29.5%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; 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: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; break-after: avoid;"><span style="font-style: italic;">Net sales of tubular products and services </span><span>decreased 16% to $11,907 million in 2024, compared to $14,185 million in 2023 due to a 5% decrease in volumes and a 12% decrease in average selling prices, primarily</span><span> r</span><span>eflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished <span>OCTG</span> stocks and increased gas drilling&#160;activity, while sales in Europe were boosted by an exceptional level of sales for offshore and onshore projects in Turkey.</span></span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><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; 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;"> amounted to a gain of $2,305 million in 2024 compared to a gain of $4,183 million in 2023. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on sales and margins. Additionally, in 2024 our Tubes operating income includes a charge of $107 million from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas, included in other operating expenses.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>73</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><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; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit; font-weight: bold;">Others</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-style: italic; 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 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></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>
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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;"> Increase / (Decrease) </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; 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;">2023</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: 40%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Net sales </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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; line-height: inherit;">617 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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; line-height: inherit;">684 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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: 9pt; line-height: inherit;">(10%)</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;">Operating income</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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">113 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">133 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(15%)</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;">Operating income (% of sales)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">18.4%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">19.5%</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;</span></p> </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; 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;">decreased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">10% to $617 million in 2024, compared to $684 million in 2023.</span></p>
<p style="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; font-style: italic; line-height: inherit;"><br/></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;">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 $113 million in 2024, compared to a gain of $133 million in 2023.</span></p>
<p style="font-family: 'times new roman', times; margin: 5pt 0pt 12pt; line-height: 1.2;"><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;">or SG&amp;A,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to $1,905 million in 2024, representing 15.2% of sales, and $1,919 million in 2023, representing 12.9% of sales. SG&amp;A expenses increased as a percentage of sales due to the 16% decline in revenues, mainly due to lower Tubes average selling prices and an increase of fixed costs.</span></p>
<p style="font-family: 'times new roman', times; margin: 5pt 0pt 12pt; line-height: 1.2;"><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 a loss of $65 million in 2024, compared to a gain of $36 million in 2023. In 2024 we recorded a $107 million loss from provision for the ongoing litigation related to the acquisition of a participation in Usiminas. In 2023 other operating income includes a non-recurring gain of $33 million corresponding to the transfer of the awards related to the Company&#8217;s Venezuelan nationalized assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 5pt 0pt 12pt; line-height: 1.2;"><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 $129 million in 2024, compared to a gain of $221 million in 2023. While net finance income increased due to a higher net financial position, net foreign exchange results decreased significantly in respect to the previous year.</span></p>
<p style="font-family: 'times new roman', times; margin: 5pt 0pt 12pt; line-height: 1.2;"><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 $9 million in 2024, compared to a gain of $95 million in 2023. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in 2024 were negatively affected by a $43 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.</span></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; font-weight: bold; line-height: inherit;">Income tax </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to a charge of $480 million in 2024, compared to $675 million in 2023. The lower income tax charge mainly reflects the reduction in results at several subsidiaries.</span> </p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>74</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<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;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"><br/></span></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;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Fiscal Year Ended December 31,<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">20</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">2</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">3</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">,</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"><span>&#160;</span>Compared to Fiscal Year Ended December 31,<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">20</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">2</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">2</span></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;"><br/></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;">The following table shows our net sales by business segment for the periods indicated below:</span></p>
<p style="font-family: 'times new roman', times; 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>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 78px; width: 100%;" width="100%">
<tbody>
<tr style="height: 12pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 170.1pt;">
<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="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 226.8pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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;"> For the year ended December 31, </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 99.25pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 12pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 170.1pt;">
<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; width: 112.45pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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 colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 114.35pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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> </tr>
<tr style="height: 12pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 170.1pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 70.9pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">14,185 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 41.55pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.75pt; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">11,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 49.6pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 99.25pt; 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;">27%</span></p> </td> </tr>
<tr style="height: 12pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 170.1pt;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 70.9pt;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">684 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 41.55pt; 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; width: 64.75pt;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">630 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 49.6pt; 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; width: 99.25pt; 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;">9%</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: 170.1pt; 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; width: 70.9pt; 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;">14,869 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 41.55pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.75pt; 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;">11,763 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 49.6pt; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 99.25pt; 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;">26%</span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; 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>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit; font-weight: bold;">Tubes</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</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;">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="font-family: 'times new roman', times; 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>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 78px; width: 100%;" 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: 'Frutiger 45 Light'; font-size: 9pt; 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-top-width: 1pt; border-top-style: solid; border-top-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;">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-top-width: 1pt; border-top-style: solid; border-top-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;"> 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: '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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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> </tr>
<tr style="height: 12pt; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Seamless</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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; line-height: inherit;">3,189 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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; line-height: inherit;">3,146 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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: 9pt; 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: 'Frutiger 45 Light'; font-size: 9pt; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 'Frutiger 45 Light'; font-size: 9pt; 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: '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; 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;">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-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;">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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">17%</span></p> </td> </tr> </tbody> </table>
<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;">&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; 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="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></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>
<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-top-width: 1pt; border-top-style: solid; border-top-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;">For the 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; line-height: inherit;"> Increase / (Decrease) </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; 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: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 40%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Net sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%;">
<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; width: 20%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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> </tr>
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<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;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">11%</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: '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;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">39%</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;"><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;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">22%</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: '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;">2,491 </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;">1,257 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">98%</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: 'Frutiger 45 Light'; font-size: 9pt; 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; 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;">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; 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;">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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">27%</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; 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="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'; 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;">
<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; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</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: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Operating income</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;">4,183 </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;">2,867 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">46%</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: 'Frutiger 45 Light'; font-size: 9pt; 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; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">29.5%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">25.8%</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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; text-align: justify; line-height: 1.2; 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>75</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></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;">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="font-family: 'times new roman', times; line-height: 1.2; margin: 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 $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="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></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; font-weight: bold;">Others</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 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></p>
<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: 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;">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; border-top-width: 1pt; border-top-style: solid; border-top-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;">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-top-width: 1pt; border-top-style: solid; border-top-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;"> 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: '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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-top-width: 1pt; border-top-style: solid; border-top-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> </tr>
<tr style="height: 12pt; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Net sales </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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; line-height: inherit;">684 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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; line-height: inherit;">630 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; 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: 9pt; line-height: inherit;">9%</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: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Operating income</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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">133 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">96 </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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">39%</span></p> </td> </tr>
<tr style="height: 12.5pt; 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: 'Frutiger 45 Light'; font-size: 9pt; 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; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">19.5%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">15.2%</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;</span></p> </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: 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; 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 Mattr on November 30, 2023. </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;">dditionally, 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="font-family: 'times new roman', times; 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="font-family: 'times new roman', times; line-height: 1.2; margin: 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="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; font-weight: bold; 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; 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, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="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; font-weight: bold; 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; 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</span><sup style="font-family: 'Frutiger 45 Light';">4</sup>&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="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; font-weight: bold; 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; 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 Usiminas ($26 million from our direct investment in Usiminas and $118 million from our indirect investment in Usiminas 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 Severstal ($15 million) and in Usiminas ($19 million).</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; font-weight: bold; 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; 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 improvement in results in several subsidiaries and a net positive deferred tax effect of $194 million.</span></p>
<table style="font-family: 'times new roman'; width: 100%; margin-left: 0.1px; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 15%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 85%;"><br/></td> </tr>
<tr>
<td colspan="2"><span style="font-family: 'Frutiger 45 Light';"><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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">4&#160;</span></sup><span style="font-size: 8pt;">Net
cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2
for more information on this measure. </span></span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><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>76</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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<tbody>
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<h3 style="font-family: 'times new roman', times; font-weight: normal; margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></h3>
<h3 style="font-family: 'times new roman', times; font-weight: normal; margin: 2pt 0pt 0pt; break-after: avoid; break-inside: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bm4_1222025221157870" 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></h3>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><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; break-after: avoid; line-height: 1.2;"><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></p>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><br/></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 350px; width: 100%;" width="100%">
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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; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-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;"> For the year ended December 31, </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; 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: 17px; border-top-width: 1px; border-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;">2024</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; border-bottom-width: 1px; border-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: 17px; border-top-width: 1px; border-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> </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; line-height: inherit;">&#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: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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> </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: 70%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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; background-color: #cceeff; width: 10%; height: 17px; 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: 9pt; line-height: inherit;">2,866 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;">4,395 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;">1,167 </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;">Net cash used in investing activities</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; 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; line-height: inherit;">(1,397) </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;">(2,687) </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;">(164) </span></p> </td> </tr>
<tr style="height: 17px; background-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: 9pt; 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; height: 17px; 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: 9pt; line-height: inherit;">(2,399) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">(1,125) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">(178) </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; font-weight: bold; line-height: inherit;">(Decrease) increase in cash and cash equivalents</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; 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;">(930) </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; 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;">584 </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; 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;">825 </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<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="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px; 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: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<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: 17px;">
<td style="padding-left: 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;">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; height: 17px; 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: 9pt; line-height: inherit;">1,617 </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;">1,091 </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;">318 </span></p> </td> </tr>
<tr style="height: 17px; background-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: 9pt; 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; height: 17px; 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: 9pt; line-height: inherit;">(25) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">(58) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">(52) </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;">(Decrease) increase in cash and cash equivalents</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; 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; line-height: inherit;">(930) </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;">584 </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;">825 </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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; height: 17px; border-top-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;">661 </span></p> </td>
<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; 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;">1,617 </span></p> </td>
<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; 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;">1,091 </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; 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="padding-left: 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 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; 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: 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;"><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: 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;">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; height: 17px; 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: 9pt; line-height: inherit;">661 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">1,617 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">1,091 </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;">Bank overdrafts</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; 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; line-height: inherit;">14 </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;">21 </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;">0 </span></p> </td> </tr>
<tr style="height: 17px; background-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: 9pt; 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; height: 17px; 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: 9pt; line-height: inherit;">2,373 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">1,970 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">438 </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;">Non-current investments</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; 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; line-height: inherit;">998 </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;">398 </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;">114 </span></p> </td> </tr>
<tr style="height: 17px; background-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: 9pt; 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; height: 17px; 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: 9pt; line-height: inherit;">- </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">- </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">6 </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;">Current borrowings</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; 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; line-height: inherit;">(426) </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;">(535) </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;">(682) </span></p> </td> </tr>
<tr style="height: 17px; background-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: 9pt; 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; height: 17px; 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: 9pt; line-height: inherit;">(11) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">(48) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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;">(46) </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; 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; height: 17px; border-top-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;">3,609 </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; 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;">3,422 </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; 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;">921 </span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 10pt 0pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><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 2024, cash flow provided by operating activities amounted to $2,866 million (including a decrease in working capital of $287 million), we re-purchased $1.4 billion of our shares under the buy-back programs, our capital expenditures amounted to $694 million, and we paid dividends amounting to $758 million. At the end of the year, we had a net cash position</span><sup style="font-family: 'Frutiger 45 Light';">5</sup><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;of $3.6 billion, compared to $3.4 billion at the beginning of the year.</span></p>
<table style="font-family: 'times new roman'; width: 100%; margin-left: 0.1px; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 15%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 85%;"><br/></td> </tr>
<tr>
<td colspan="2"><span style="font-family: 'Frutiger 45 Light';"><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; float: none; display: inline !important;"> 5&#160;&#160;</span></sup><span style="font-size: 8pt;">Net
cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2
for more information on this measure.</span> </span></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times;"><br/></div>
<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>77</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'; font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px;">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="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; 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 as well as to service our debt in the future twelve months and to address short-term changes in business conditions.</span></p>
<p style="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; line-height: inherit;">We have a conservative approach to the management of our liquidity, which consists of (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 (ii) other investments (fixed income securities, time deposits, and fund investments).</span></p>
<p style="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; line-height: inherit;">As of December 31, 2024, liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were 20% of total assets compared to 19% at the end of 2023.</span></p>
<p style="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; line-height: inherit;">We hold investments primarily in liquidity funds and variable or fixed-rate securities from investment grade issuers. </span></p>
<p style="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; line-height: inherit;">We hold our cash and cash equivalents primarily in U.S. dollars and in major financial centers. As of December 31, 2024, and December 31, 2023, U.S. dollar denominated liquid&#160;assets, plus investments denominated in other currencies hedged to the U.S. dollar, represented 93% and 84% of total liquid financial assets, respectively.</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-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, 2024, 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, 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; font-style: italic; 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; font-style: italic; line-height: inherit; font-weight: bold;">Operating activities</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-style: italic; 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;">Net cash provided by operations during 2024&#160;amounted to $2,866 million, compared to $4,395 million during 2023. This decrease was mainly attributable to a lower income for the year in 2024, which amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2.1 billion in 2024 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;">4.0 billion in 2023. Working capital variation showed a reduction of $287 million in 2024, while in 2023 there was a working capital decrease of $182 million. For more information on cash flow disclosures and changes to working capital, see note 30 &#8220;Cash flow disclosures&#8221; to our audited consolidated financial statements included in this annual report.</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-style: italic; line-height: inherit; font-weight: bold;">Investing activities</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;">Net cash used in investing activities&#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: 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;">amounted to</span> $1,397 million in 2024, compared to net cash used in investing activities of $2,687 million in 2023. In 2024, we increased our financial investments by $821 million compared to an increase of $1,857 million in 2023, while capital expenditures amounted to $694 million in 2024 compared to $619 million in 2023. In 2024, we received $31 million related&#160;to post-closing purchase price adjustments of&#160;a completed acquisition, while in 2023 we paid $266 million in acquisitions.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><br/></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-style: italic; line-height: inherit; font-weight: bold;">Financing activities</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: 'Frutiger 45 Light'; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash used in financing activities&#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: 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;">amounted to</span> $2,399 million in 2024, compared to $1,125 million in 2023.&#160;</span><span style="font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit;">In 2024, we repurchased Company shares, under share buyback programs, for an amount of $1.4 billion</span><span style="font-size: 10pt; line-height: inherit;">, whereas in 2023, w</span><span style="font-size: 10pt; line-height: inherit;">e repurchased </span><span style="font-size: 10pt; line-height: inherit;">$</span><span style="font-size: 10pt; line-height: inherit;">0.</span><span style="font-size: 10pt; line-height: inherit;">2 </span><span style="font-size: 10pt; line-height: inherit;">b</span><span style="font-size: 10pt; line-height: inherit;">illion of Company shares.&#160;Dividends paid during 2024 amounted to $758 million and to $637 million during 2023. During 2024, we had net repayments of borrowings of $129 million, while in 2023 we had net repayments from borrowings of $208 million.</span></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;">Our total liabilities to total assets ratio was 0.18:1 as of December 31, 2024, and 0.19:1 as of December 31, 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; 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: 0pt; break-after: avoid;"><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="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-style: italic; 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; font-style: italic; line-height: inherit; font-weight: bold;">Operating activities</span></p>
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<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;">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;">&#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: 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;">amounted to</span> $</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 decrease</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;">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="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-style: italic; 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; font-style: italic; line-height: inherit; font-weight: bold;">Investing activities</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;">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 <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;">amounted to</span></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;">2,687</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="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-style: italic; line-height: inherit;"><br/></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-style: italic; line-height: inherit; font-weight: bold;">Financing activities</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;">Net cash used in financing activities amounted to $1,125 million in 2023, compared to $178 million in 2022. During 2023, we had net repayments of borrowings of $208 million while in 2022 we had net proceeds from borrowings of $417 million. Dividends paid during 2023 amounted to $637 million and during 2022 amounted to $531 million. In 2023, we repurchased Company shares, under the existing share buyback program, for an amount of $214 million. There were no share repurchases during 2022.</span> </p>
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<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;">Our total liabilities&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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;"><br/></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;">Principal Sources of Funding</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;">During 2024, we funded our operations with operating cash flows, bank financing and available liquid financial assets. Short-term bank borrowings were used as needed throughout the year.</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; font-weight: bold;">Financial liabilities</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;">During 2024, borrowings decreased by $146 million to $437 million at December 31, 2024, from $583 million at December 31, 2023.</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;">Borrowings consist mainly of bank loans. As of December 31, 2024, U.S. dollar-denominated borrowings plus borrowings denominated in other currencies swapped to the U.S. dollar represented 62% of total borrowings.</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;">For further information about our financial debt, please see note 21 &#8220;Borrowings&#8221; to our audited consolidated financial statements included in this annual report.</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;">The following table shows the composition of our financial debt at December 31, 2024, 2023 and 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">022</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: '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;">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;">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;">2022</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>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Bank borrowings</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;">423 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">562 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">729 </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;">Bank overdrafts</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;">14 </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;">21 </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;">0 </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;">Total borrowings</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;">437 </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-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;">583 </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;">729 </span></p> </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;">Our weighted average interest rates before tax (considering hedge accounting) amounted to 6.52% at December 31, 2024, and to 10.56% at December 31, 2023.</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; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The maturity of our financial debt is as follows:</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;"><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>
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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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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">At December 31, 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;">1 year or less</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;">1 - 2 years</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;">2 - 3 years</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;">Over 3 Years</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</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; 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: 17px;">
<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: 17px;">
<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: 17px;">
<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: 17px;">
<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: 17px;">
<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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 50%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Borrowings</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;">426 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;">11 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;">- </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;">- </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; 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;">437 </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;">Interest to be accrued</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;">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="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; 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;">- </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;">- </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;">7 </span></p> </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: 9pt; 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; height: 17px; border-top-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;">432 </span></p> </td>
<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; 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;">12 </span></p> </td>
<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; 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;">- </span></p> </td>
<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; 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;">- </span></p> </td>
<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; 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;">444 </span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our current borrowings to total borrowings ratio amounted to 0.97:1 as of December 31, 2024, and to 0.92:1 as of December 31, 2023. Our liquid financial assets exceeded our total borrowings, and we had a net cash position</span><sup style="font-family: 'Frutiger 45 Light';">6</sup><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(cash and cash equivalents, other current and non-current investments, derivatives hedging borrowings and investments, less total borrowings) of $3.6 billion at December 31, 2023, compared to $3.4 billion at December 31, 2023.</span></p>
<table style="font-family: 'times new roman'; width: 100%; margin-left: 0.1px; font-size: 10pt; height: 35px;">
<tbody>
<tr style="height: 17px;">
<td style="width: 15%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="width: 85%; height: 17px;"><br/></td> </tr>
<tr style="height: 18px;">
<td colspan="2" style="height: 18px;">
<p style="line-height: 10pt; margin: 0in; font-size: 10pt; font-family: 'Frutiger 45 Light';"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt;"><sup><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; float: none; display: inline !important;">6&#160;</span></sup></span>Net cash
position is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2
for more information on this measure.</span><span style="font-family: 'Frutiger 45 Light',sans-serif;"></span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><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>80</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'; font-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px;">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><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;">As of December 31, 2024, lease liabilities amounted to approximately $145 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 31%, 46% and 23%, respectively, of the total remaining payments.</span></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;">&#160;</span></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;">As of December 31, 2023, lease liabilities amounted to approximately $134 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 28%, 45% and 27%, respectively, of the total remaining payments.</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; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For information on our derivative financial instruments, please see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Legal and Financial Information - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Quantitative and Qualitative Disclosure about Market Risk &#8211; Accounting for Derivative Financial Instruments and Hedging Activities&#8221; and note 26 &#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-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-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><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 &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Legal and Financial Information - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Quantitative and Qualitative Disclosure About Market Risk&#8221;.</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; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit; font-weight: bold;">Significant Borrowings</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-style: italic; 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;">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;">4</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; 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;</span></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 78px; width: 100%;" 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 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;">&#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: '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;">
<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;">
<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: 1pt;">
<td 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;">Disbursement date</span></p> </td>
<td 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;">Borrower</span></p> </td>
<td 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;">Type</span></p> </td>
<td 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;">Final maturity</span></p> </td>
<td 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;">Outstanding</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; width: 28%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2024</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 24%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Tubos de Acero de Mexico S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Bilateral</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 18%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2025</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 18%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">200</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;">2024</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;">Tenaris Tubocaribe Ltda. </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;">Bilateral</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;">2025</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;">40</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;">2017</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;">Global Pipe Company</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;">Bilateral</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;">2026</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Siderca SAIC</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2025</span></p> </td>
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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;">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;">4</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></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;">&#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; 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>
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<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;">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>
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<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;">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 have been traditionally established in relation to international oil prices, particularly in the largest LNG markets in Asia. However, as the market for LNG has become more global and the United States has become a major 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. LNG prices have since normalized, but remain relatively high as European storage levels have been rapidly drawn down in the recent winter heating season and are required to be replenished to 90% of capacity by the next winter season.</span></p>
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<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;">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;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;">Armed conflicts, such as the Russia-Ukraine war, may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<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;">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. Eventually, 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 advance the energy transition and by oil and gas companies to adapt their strategies to the energy transition, are likely to also play a role in oil prices.</span></p>
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<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;">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 15% of global liquids production, and production from shale gas plays has converted the United States into the largest exporter of natural gas in the LNG market.</span></p>
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<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;">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. LNG prices, 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, but increased during 2024 and early 2025, as colder winter weather conditions led to a rapid drawdown of gas in storage. For more information on the impact of the armed conflict in Ukraine, see &#8220;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;">Armed conflicts, such as the Russia-Ukraine war, may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<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 collapse of oil prices, in March 2020 took place when oil and gas operators, particularly in the United States, were already reducing their investments and drilling activity in response to pressure from financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">markets to generate positive free </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cash</span><sup style="font-family: 'Frutiger 45 Light';">7</sup><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;flows. Oil and gas operators around the world then made further substantial reductions in their exploration and production investments, reducing them to a level around 70% of their pre-pandemic level. Investments have subsequently</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> recovered to their pre-pandemic level in 2023 and have remained there.</span></p>
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<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;">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 the world&#8217;s largest global LNG exporter.</span></p>
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<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;">Until the Russian invasion of Ukraine, 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 phased out imports of pipeline gas from Russia, demand for LNG in Europe has grown, and this is changing the price dynamics of the industry. Demand, however, has been affected by a decline in industrial activity in Europe, and spot LNG fell back in 2023 to levels below oil parity on a relatively warm winter heating season but have since increased. Consumption, though not necessarily prices, will continue to show seasonal fluctuations, increasing in the North Asian and European 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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<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;">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 returned 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. In 2024, they dipped even further on another warm winter, but, in early 2025, they have risen to around $4 per million BTU on higher demand due to colder winter weather and the prospect of more LNG export capacity availability later in the year.</span></p>
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<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;">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 was a steady recovery through 2021 and 2022, before rigs gradually fell through 2023 and most of 2024, even as production levels continued to increase. Production levels today are at record levels but rig counts are much lower than before the 2014 collapse of oil prices and in 2019 pre-pandemic, reflecting the strong productivity gains and the consolidation made in the U.S. oil and gas drilling industry. Latin American drilling followed a similar cycle. In the Eastern Hemisphere, drilling activity tends to follow a delayed and more gradual pattern in respect of changes in the oil price considering the longer-time investment cycle of offshore and conventional drilling projects. Thus, the decline in Eastern Hemisphere drilling activity following the pandemic-induced collapse in oil prices came in 2021 and the recovery began in 2022 and extended through the middle of 2024.</span></p>
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cash flow is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2
for more information on this measure.</span></span></span></span></p> </td> </tr> </tbody> </table>
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<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;">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 prices 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. More recently, however, since 2022, offshore drilling activity has been increasing again as exploration has continued and cost-competitive developments, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">like those in Brazil, Guyana, and sub-Saharan Africa, are sanctioned and developed, and, in the United States, new high pressure 20 </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;">si drilling technologies is opening up access to cost-competitive deepwater reserves.</span></p>
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<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;">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 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 have even set out commitments to reduce production, although, more recently, they are rowing back on such commitments. For more information on climate change regulations, see &#8220;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></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;">On the other hand, we expect that the energy transition will create new markets for the use of our products and services including for drilling geothermal wells, in the transportation and storage of hydrogen and for CCS 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 in accordance with the Paris Agreement 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 Rystad. 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></p>
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<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 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), 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-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;"><br/></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;">Rig count</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 78px; width: 100%;" 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'; font-size: 12pt; line-height: inherit;">&#160;</span></p> </td>
<td 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;">2024</span></p> </td>
<td 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;">2023</span></p> </td>
<td 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 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: 12pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 40%;">
<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; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">158 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">178 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">168 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">137 </span></p> </td> </tr>
<tr style="height: 13.5pt;">
<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;">Other International </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">(*)</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;">790 </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;">769 </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;">683 </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;">618 </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: '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; 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;">187 </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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">177 </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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">175 </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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">132 </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: '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; 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;">599 </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;">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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">723 </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;">478 </span></p> </td> </tr>
<tr style="height: 12.5pt; 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: '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; 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: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">1,734 </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-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;">1,811 </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-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;">1,749 </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-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;">1,365 </span></p> </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: 10pt; line-height: inherit;">&#160;</span></p>
<table style="font-family: 'times new roman'; width: 100%; margin-left: 0.1px; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 5.6552%; border-bottom-width: 1px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;"><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;">(*)</span></td>
<td style="width: 94.3448%;"><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;">Excludes Iran, Sudan, onshore China, Russia and Syria (discontinued in February 2</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;">013).</span></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: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></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;">Percentage increase (decrease) over the previous year</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;"><br/></span></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 85px; 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'; font-size: 12pt; line-height: inherit;">&#160;</span></p> </td>
<td 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; 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;">2024</span></p> </td>
<td 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; 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;">2023</span></p> </td>
<td 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; 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;">2022</span></p> </td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 55%; height: 15px;">
<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; background-color: #cceeff; width: 15%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<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; width: 15%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<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; background-color: #cceeff; width: 15%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">23%</span></p> </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: 9pt; line-height: inherit;">Other International </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">(*)</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: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">3%</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: 15px;">
<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; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">11%</span></p> </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;">
<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; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<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; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<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; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">33%</span></p> </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: 9pt; line-height: inherit;">United States </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: 15px;">
<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; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<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; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 15px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">51%</span></p> </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;">
<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; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; border-right-color: #ffffff !important; height: 15px;">
<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; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; border-right-color: #ffffff !important; height: 15px;">
<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>
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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;">28%</span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt; line-height: 1.2;"><br/></p>
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<td style="width: 6%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;"><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;">(*)</span></td>
<td style="width: 94%;"><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;">E</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;">xcludes Iran, Sudan, onshore China, Russia and Syria (</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;">discontinued in February 2013).</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; 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>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>84</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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="BSQ1_1522025155249801" 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="margin: 0pt 0pt 10pt; 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="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 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> testing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; fair value estimation of certain financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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. 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>
<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;">Functional and presentation currency</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 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="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></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;">Except 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 subsidiaries whose functional currency is the Euro and two subsidiaries whose 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>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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 10pt -16.78pt; padding-left: 15.13pt; 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> <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 -16.78pt; padding-left: 15.13pt; 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; line-height: inherit;">.</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;">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></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>85</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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="Ba1_1222025231049650" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Corporate Governance Statement</span></a></div>
<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&#8217;s corporate governance practices are governed by Luxembourg Law, including, among others, the Luxembourg Company Law, the Luxembourg Law of January 11, 2008 on transparency requirements for issuers (which transposes EU Directive 2004/109 of the European Parliament and of the Council of December 15, 2004) (the &#8220;Transparency Law&#8221;), the Luxembourg Law of August 1, 2019 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) (the &#8220;Shareholders&#8217; Rights Law&#8221;), 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. 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 the 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></p>
<div style="font-weight: normal; margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid; font-family: 'Frutiger 45 Light';"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none; font-family: 'Frutiger 45 Light';" href="#TOC" id="Ba2_122202523115276" class="customBookmark"></a><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none; font-family: 'Frutiger 45 Light';" href="#" id="BBa3_2722025135429408" class="customBookmark"><span style="color: #8e8e8e; font-family: 'Frutiger 45 Light';"><span style="font-weight: bold;">Corporate Governance</span></span></a></div>
<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-weight: bold; line-height: inherit;">Memorandum and Articles of Association</span></p>
<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 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; anonyme</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 de Commerce et des 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 the administration, management, control and development thereof.</span></p>
<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&#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 1,162,757,528 shares issued as of the date of this annual report, including treasury shares. All issued shares are fully paid. As at the end of the second, third and fourth tranches of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">initial share buyback program and as the end of the follow-on share buyback program, the Company had repurchased 90,762,598 shares which are expected to be cancelled in the upcoming extraordinary shareholders meeting scheduled to be held</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on May 6, 2025.</span></p>
<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&#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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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. Although the validity period of such authorization will expire on June 12, 2025, the board of directors has convened an extraordinary meeting of shareholders to be held on May 6, 2025, which will consider the renewal of such authorization for an additional five-year period. 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>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><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>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; 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: normal; 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: 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;">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></span></p>
<p style="margin: 10pt 0pt; 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: normal; line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;">The Company is controlled by San Faustin, which owns 61.37% of the Company&#8217;s issued share <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; break-after: avoid;"><span>capital (and holds 65.81% of the voting rights)</span>&#160;t</span>hrough its wholly owned subsidiary Techint Holdings S.&#224; r.l. The Dutch private foundation (Stichting) RP STAK holds voting rights in San Faustin sufficient to control San Faustin. No person or group of persons controls RP STAK.</span></p>
<p style="margin: 10pt 0pt; 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: normal; line-height: inherit;">As of December 31, 2024, (i) 31.80% 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">07% was held by the Company&#8217;s directors and senior management as a group; and (iii) the remaining </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">75</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">% of the Company&#8217;s issued share capital was held in treasury. See &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Information on the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">-</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Major Shareholders and Related Party Transactions&#8221;.</span></p>
<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-weight: bold; line-height: inherit;">Dividends</span></p>
<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;">Subject to applicable law, all issued 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. Treasury shares are not entitled to dividend distributions.</span></p>
<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;">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. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Such dividend payments must be finally approved by the general shareholders&#8217; meeting. On February 19, 2025 the Company announced that, upon approval of the Company&#8217;s annual accounts in April 2025, the board of directors intended to submit a proposal on dividends for approval of the annual general shareholders&#8217; meeting to be held on May 6, 2025.</span> </p>
<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;">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>
<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 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;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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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>
<p style="margin: 10pt 0pt 0pt; line-height: 1.2; text-indent: 0pt;"><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 the Company&#8217;s 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, 2024, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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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<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-weight: bold; line-height: inherit;">Shareholders&#8217; Meetings; Voting Rights; Election of Directors</span></p>
<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;">Each share entitles the holder thereof to one vote at the Company&#8217;s general shareholders&#8217; meetings, provided that, under Luxembourg law, voting rights with respect to treasury shares shall be suspended for so long as such shares are held. 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 Electronique des Soci&#233;t&#233;s et Associations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (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.</span></p>
<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;">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 EU (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>
<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;">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.</span></p>
<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;">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>
<p style="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 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, May 6, 2025, at 10:00 (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 (i) the cancellation of 90,762,598 shares held in treasury by the Company acquired throughout the second, third and fourth tranches of the first share buyback program and throughout the follow-on share buyback program and, consequently, to approve a reduction of the Company&#8217;s issued share capital for $90,762,598 so as to bring the issued share capital from $1,162,757,528 to $1,071,994,930, represented by 1,071,994,930 shares with a nominal value of $1,00 each; (ii) the renewal for a five-year period of the authorization granted to its board of directors to issue shares within the limits of the authorized share capital without shareholder approval, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(iii) the approval of the corresponding amendment 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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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>
<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;">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 meetings, reasonably satisfactory evidence to the Company as to the number of shares held on the applicable record date for such meetings. For as long as the shares or the other securities of the Company are listed on a regulated market within the EU, 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>
<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;">Holders of ADSs only have those rights that are expressly granted to them in the deposit agreement. See &#8220;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;. 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>
<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 notices convening the annual general meeting of shareholders and an extraordinary general meeting of shareholders scheduled to be held on May 6, 2025, the Shareholder Meeting Brochure and Proxy Statement for the meetings, describing the procedures for attending and voting at the meetings; as well as the material required to be submitted to shareholders in connection with the meetings will be available 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: 1.2; margin: 10pt 0pt; text-indent: 0pt;">will be timely filed by the Company with the SEC on a report on Form 6-K.&#160; <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Information contained in or otherwise accessible
through our Internet website is not a part of this annual report. </span></span></p>
<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-weight: bold; line-height: inherit;">Management</span></p>
<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;">Management of the Company is vested in a board of directors. For more information on the Company&#8217;s board of directors, audit committee, senior management, and auditors, see &#8220;Information on the Company - Directors, Senior Management and Employees&#8221;.</span></p>
<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-weight: bold; line-height: inherit;">Access to Corporate Records</span></p>
<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;">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>
<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-weight: bold; line-height: inherit;">Appraisal Rights</span></p>
<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;">In the event the Company&#8217;s shareholders approve:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; p;padding-left: 15.13pt; ext-indent: 0pt;"><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></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><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></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><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></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><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></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the relocation of the Company&#8217;s domicile outside of 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>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><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>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; text-indent: 0pt;"><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>
<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;">In the event a shareholder exercises its appraisal rights, applicable Luxembourg law provisions shall apply.</span></p>
<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;">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;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>
<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-weight: bold; line-height: inherit;">Distribution of Assets on Winding-Up</span></p>
<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;">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>
<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-weight: bold; line-height: inherit;">Transferability and Form</span></p>
<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&#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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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>
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<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Repurchase of Company shares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#160;</span></p>
<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 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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Legal and Financial Information - Purchases of Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;Securities by the </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;"> 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, and repurchase of Company shares under share buyback programs.</span></p>
<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-weight: bold; line-height: inherit;">Limitation on Securities Ownership</span></p>
<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;">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: 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;">Change in Control</span></p>
<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;">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 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 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: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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>
<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-weight: bold; line-height: inherit;">Ownership Disclosure</span></p>
<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 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">notified.</span></p>
<h3 style="font-weight: normal; margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba4_1222025231143860" 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 standards</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;">As a Luxembourg company listed on the NYSE, the Bolsa Mexicana de Valores, S.A.B. de C.V. (the Mexican Stock Exchange), and the Borsa Italiana 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>
<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 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>
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<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-weight: bold; line-height: inherit;">Non-management directors&#8217; meetings</span></p>
<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;">Under NYSE standards, non-management directors must meet at regularly scheduled executive sessions without management present and, if 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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Information on the 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;">Directors, Senior Management and Employees &#8211; Directors and Senior Management&#8221;.</span> <br/></p>
<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;">In addition, NYSE-listed companies are required to provide a method for interested parties to communicate directly with 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>
<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-weight: bold; line-height: inherit;">Audit committee composition</span></p>
<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;">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 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 (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 three 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;Information on the Company - Directors, Senior Management and Employees&#8211; Board Practices&#8221;.</span></p>
<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;">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. Tiuba, the committee&#8217;s chairperson, 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. 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.</span></p>
<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-weight: bold; line-height: inherit;">Standards for evaluating director independence</span></p>
<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;">Under NYSE standards, the board is required, on a case-by-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 that the board of directors express such an opinion. In addition, the definition of &#8220;independent&#8221; under the NYSE rules differs in some non-material respects from the definition contained in the Company&#8217;s articles of association. For more information on the Company&#8217;s independent directors and the definition of &#8220;independent&#8221; under the Company&#8217;s articles of association see &#8220;Information on the Company - Directors, Senior Management and Employees &#8211; Directors and Senior Management&#8221; and &#8220;Information on the Company - Directors, Senior Management and Employees &#8211; Board Practices&#8221;.</span></p>
<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-weight: bold; line-height: inherit;">Audit committee responsibilities</span></p>
<p style="margin: 10pt 0pt 0pt; 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, 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 and, where applicable, approve material transactions between the Company or its subsidiaries and 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> <br/></p>
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<p style="margin: 9pt 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 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, other than complaints regarding accounting, internal accounting controls and audit matters, (although the 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 the audit committee. For more information on the Company&#8217;s audit committee see &#8220;Information on the Company - Directors, Senior Management and Employees &#8211; Board Practices&#8221;.</span></p>
<p style="margin: 9pt 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;">Standards for approval of related-party transactions</span></p>
<p style="margin: 9pt 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 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 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, NYSE </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">requires </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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. The materiality threshold applicable to foreign private issuers differs to the one applicable to U.S companies. For further details on the approval process for related party transactions, see &#8220;Information on the Company - Directors, Senior Management and Employees &#8211; Board Practices&#8221;.</span></p>
<p style="margin: 9pt 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;">Shareholder voting on equity compensation plans</span></p>
<p style="margin: 9pt 0pt; line-height: 1.2; text-indent: 0pt;"><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, 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;Information on the Company - Directors, Senior Management and Employees &#8211; Compensation&#8221;.</span></p>
<p style="margin: 9pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Shareholders&#8217; Rights Law requires the Company 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. Such Compensation 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 for approval. The Compensation Policy and Compensation Report must be available on the Company&#8217;s website. For more information on the Compensation Policy and the 2024 Compensation Report see &#8220;Information on the Company - Directors, Senior Management and Employees &#8211; Compensation&#8221;.</span></p>
<p style="margin: 9pt 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;">Disclosure of corporate governance guidelines</span></p>
<p style="margin: 9pt 0pt; line-height: 1.2; text-indent: 0pt;"><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>
<p style="margin: 9pt 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;">Code of business conduct and ethics</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;">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 which complies with the NYSE&#8217;s requirements, except that it does not require the disclosure of waivers of the code for directors and officers.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, it has adopted a supplementary code of ethics for senior financial officers, which is also posted on our website. See &#8220;Sustainability Statement &#8211; Sustainability in Tenaris &#8211; Policies and Procedures&#8221;.</span></p>
<p style="margin: 9pt 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;">Chief Executive Officer certification</span></p>
<p style="margin: 9pt 0pt 8pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A chief executive officer 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 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 chief executive officer 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></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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;</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="Bm1_1222025231259112" 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="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="Bm2_1222025231326817" 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="margin: 0pt 0pt 10pt; 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;">Board of Directors</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;">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 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;">eleven</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> directors.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><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;">4</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;">s</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ix</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;">two</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> unanimous written resolution</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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></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;">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="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 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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. </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;">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;">30</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 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 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="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On a quarterly basis, the Company&#8217;s board of directors meets to review the performance of the Company and approve quarterly financial statements. Sustainability metrics, including health and safety, environmental, 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;">eq emissions evolution and decarbonization strategy progress, are integrated and regularly discussed. As part of the board&#8217;s review process, internal and external experts on sustainability topics, such as environment, health and safety and cybersecurity, are invited to participate in specific board meetings to discuss relevant information concerning financial or sustainability matters.</span></p>
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<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;">On April 30, 2024, the Company&#8217;s annual general shareholders&#8217; meeting resolve</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;"> to set the number of directors at eleven and approved the re-appointment of Mr. Simon Ayat, Mr. Roberto Bonatti, Mr. Carlos Condorelli, Mr. Germ&#225;n Cur&#225;, Ms. Maria Novales-Flamarique, Mr. Gianfelice Mario Rocca, Mr. Paolo Rocca, Mr. Jaime Jos&#233; Serra Puche, Ms. Monica Tiuba and Mr. Guillermo Vogel and the appointment of Ms. Molly Montgomery as new director, each board member to serve until the next annual shareholders&#8217; meeting that will be convened to decide on the Company&#8217;s 2024 annual accounts. The board of directors subsequently re-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">appointed Paolo Rocca as board chairman and Tenaris&#8217;s chief executive officer and Guillermo Vogel and Germ&#225;n Cur&#225; as vice chairmen of the board.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt; line-height: inherit;">&#160;</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;">Mr. Cur&#225; was reconfirmed as the board member responsible for overseeing the development and implementation of the Company&#8217;s strategy for climate change.</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 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;">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;">Age at </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">December 31, 2024</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Simon Ayat</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">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;">&#160; 5 </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Roberto Bonatti<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; font-family: 'Frutiger 45 Light'; font-size: 9pt;"><span>&#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; font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super;">(1)</span></span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director of San 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;">&#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;">&#160; 75 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Carlos Condorelli</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">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;">&#160; 18 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 73 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Germ&#225;n Cur&#225;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</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;">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;">&#160; 7 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 62 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Ms. Molly Montgomery</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Private Policy Director, Meta</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 1 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 44 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Ms. Maria Novales-Flamarique</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">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;">&#160; 3 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 48 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Gianfelice Mario Rocca </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super;">(1)</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Chairman of the board of directors of San 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;">&#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;">&#160; 76 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Paolo Rocca </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super;">(1)</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director / CEO</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">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;">&#160; 23 </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;">&#160; 72 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Jaime Jos&#233; Serra Puche</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">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;">&#160; 22 </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;">&#160; 73 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Ms. Monica Tiuba</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</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;">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;">&#160; 7 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 46 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Guillermo Vogel</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Director</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;">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;">&#160; 22 </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;">&#160; 74 </span></p> </td> </tr> </tbody> </table>
<p style="line-height: 10pt; margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<td style="width: 100%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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; font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(1)</span><span style="color: #000000; font: 7pt 'Times New Roman'; 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;">&#160;&#160;&#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: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; font-family: 'Frutiger 45 Light'; font-size: 8pt;">Paolo Rocca and Gianfelice</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; font-family: 'Frutiger 45 Light'; font-size: 8pt;"><span>&#160;</span>Mario</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; font-family: 'Frutiger 45 Light'; font-size: 8pt;"><span>&#160;</span>Rocca are brothers, and Roberto Bonatti is Paolo and G</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; font-family: 'Frutiger 45 Light'; font-size: 8pt;">ianfelice</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; font-family: 'Frutiger 45 Light'; font-size: 8pt;"><span>&#160;</span>Mario</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; font-family: 'Frutiger 45 Light'; font-size: 8pt;"><span>&#160;</span>Rocca&#8217;s first cousin.</span></td> </tr> </tbody> </table>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><br/></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><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, geomarket manager for Indonesia and drilling regional vice president for Asia Pacific. Mr. Ayat is also a member of the board of directors of Liberty Energy, 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="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><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 Techint Group, a group of companies controlled by San Faustin. Throughout his career in the Techint Group he has been involved specifically in the engineering and construction and corporate sectors. He was first employed by the Techint Group in 1976, as deputy resident engineer in Venezuela. In 1984, he became a director of San Faustin, and from 2001 until 2020 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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; 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>95</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline;">Carlos Condorelli</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Mr. Condorelli is a member of the Company&#8217;s board of directors. He served as the Company&#8217;s chief financial officer from October 2002 until September 2007. He is also a board member of Ternium. He has held several positions within Tenaris, including also the chief financial officer position in some of the principal Tenaris Group companies and member of the Company&#8217;s audit committee between November 1, 2017 and May 2, 2018. He also served as president of the board of directors of Empresa Distribuidora La Plata S.A., an Argentine utilities company. Mr. Condorelli is an Argentine citizen.</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; text-decoration: underline; line-height: inherit;">Germ&#225;n Cur&#225;</span><span style="font-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. Cur&#225; is a member of the Company&#8217;s board of directors and also holds the position of vice chairman of the Company&#8217;s board of directors. He served as president of our operations in North America until May 2, 2018, a position held since 2006. He was first employed by Siderca in 1988. Previously, he served as Siderca&#8217;s exports director, Tamsa&#8217;s exports director and commercial director, sales and marketing manager of our Middle East subsidiary, president of Algoma Tubes, president and chief executive officer of Maverick Tubulars and president and chief executive officer of Hydril Company, director of our Oilfield Services global business unit and Tenaris commercial director. He was also a member of the board of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">directors of API and of the American Iron and Steel Institute (&#8220;AISI&#8221;). Mr. Cur&#225; currently serves as board member of the Techouse Group, a Norwegian company delivering energy recovery and water treatment solutions to the offshore oil and gas industry. He is a marine engineer from the Instituto Tecnol&#243;gico de Buenos Aires and holds an MBA from the Massachusetts Institute of Technology. Mr. Cur&#225; is an U.S. citizen.</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; 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. Montgomery is a member of the Company&#8217;s board of directors. She 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 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</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;"> U.S. citizen.</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; text-decoration: underline; line-height: inherit;">Maria 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. Novales-Flamarique 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 Letko, 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 Audit and Talent committees. She also sits on advisory boards at several fintech, HRtech, insurtech start-ups and venture capital funds. She holds an MBA from London Business School, a B.A. from HEC Montreal and is a CFA Charterholder. Ms. Novales-Flamarique is a Canadian, Spanish, and U.S. citizen.</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; text-decoration: underline; line-height: inherit;">Gianfelice 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 Agostino Rocca. He is chairman of the board of directors of San Faustin, member of the board of directors of Ternium and president of the board of directors of Tenova S.p.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;Tenova&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Furthermore, in Italy he is president of the Giorgio Cini Foundation, member of the board of Fondazione Museo della Scienza e Tecnologia Leonardo da Vinci, and member of the board of Bocconi University and of the advisory board of Politecnico di Milano. At international level, he is member of the European and Global Advisory Board of Harvard Business School, member of the European Round Table of Industrialists, vice president of Aspen Institute and member of the board of Brembo N.V. Mr. Rocca is an Italian citizen.</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; 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 Faustin. He is a member of the executive committee of the World Steel Association. Mr. Rocca is an Italian citizen.</span></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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 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 Puche is a member of the Company&#8217;s board of directors and of its audit committee. He is the chairman of SAI Derecho &amp; Economia, a Mexican consulting firm, and a member of the board of directors of Grupo Vitro, and chairman of the board of BBVA. Mr. Serra Puche served as Mexico&#8217;s Undersecretary of Revenue, Secretary of Trade and Industry, and Secretary of Finance. He led the negotiation and implementation of the North America Free Trade Agreement&#160;(&#8220;NAFTA&#8221;, now replaced by the USMCA). Mr. Serra Puche is a Mexican citizen.</span></p>
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<p style="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2;"><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 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. Tiuba is a member of the Company&#8217;s board of directors and chairperson of its audit committee. She is a Brazilian qualified lawyer and accountant with more than 20 years of professional experience in Brazil and Luxembourg. She started her career at Barbosa, Mussnich &amp; Arag&#227;o law firm in Rio de Janeiro, Brazil, where she practiced corporate law, M&amp;A and tax litigation. She worked in 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 was 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tax law from Leiden University and a Master of Laws in international taxation from Vienna University of Economics. Ms. Tiuba is a Brazilian and Luxembourgish citizen.</span> </p>
<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><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;">. </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 a notable Mexican businessperson with an extensive career in various industries. He graduated from the Universidad Nacional Aut&#243;noma de M&#233;xico and also holds an MBA from the University of Texas at Austin. Mr. Vogel has held prominent positions in several companies, showcasing his expertise and leadership skills. He is the chairman of GCollado S.A.B. de C.V. His influence extends to multiple organizations, as he has served as president of Canacero, the Steel Chamber in Mexico, and as vice chairman of the American Iron and Steel Institute. Moreover, Mr. Vogel is actively involved in various other companies and institutions. He is a board member of Techint, 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., Europea Network Business Solutions S.A. de C.V., Club de Industriales, A.C., Consejo Coordinador Empresarial, and several other organizations. His roles also include contributions to the academic sector, as he is a member of the board of the Universidad Panamericana and IPADE, A.C. 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. Mr. Vogel is a Mexican citizen.</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;">Board members Ayat, Montgomery, Novales-Flamarique, Serra Puche and Tiuba qualify as independent directors under Exchange Act Rule 10A-3(b)(1) and the Company&#8217;s articles of association.</span>&#160;<span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Within the Company&#8217;s board members, only the chief executive officer is
a member of our senior management, listed in the section &#8221;Information on the
Company - Directors, Senior Management and Employees &#8211; Senior Management&#8221;. There
are no representatives of employees or other workers on the Company&#180;s board of
directors. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><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="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; 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, and 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="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; 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, on commercial companies, as amended (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="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; 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="margin: 0pt; break-after: avoid; text-indent: 0pt; 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 decid</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 discharge such directors or members, owned voting securities representing at least ten percent of the votes attaching to all such securities.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="margin: 0pt 0pt 10pt; text-indent: 0pt; 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><br/></p>
<p style="margin: 0pt 0pt 10pt; 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;">Auditors</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 articles of association require the appointment of an independent audit firm in accordance with applicable law. The primary responsibility of the external 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, statutory 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 des r&#233;viseurs d&#8217;entreprises</span><span style="font-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 sustainability statement is subject to a limited assurance review by an independent auditor.</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;">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="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><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. In addition, the audit committee is responsible for reviewing the appropriateness and provision of permitted non-audit fees and to review and approve any fees (whether for audit, audit-related and non-audit services) payable to the Company&#8217;s external auditors. On an annual 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 auditor for each fiscal year and the payment of applicable fees for final approval by 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>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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, 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 ended December 31, 2024. 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 2024</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and the annual general shareholders meeting held on April 30, 2024, approved EY&#8217;s fees for the year 2024.&#160;<span style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid;">For information on the appointment of external auditors for the year ending December 31, 2025, please refer to &#8220;Legal and Financial Information - Change in Registrant&#180;s Certifying Accountant&#8221;.&#160;</span></span></span></p>
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<p style="margin: 0pt 0pt 10pt; 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;">Senior Management</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;">Senior management executes the business strategies and key decisions adopted by the board of directors. Therefore, one of the responsibilities of senior management is to oversee the implementation of the Company&#8217;s long-term sustainability commitments and decarbonization strategy. Senior management is responsible for the day-to-day operations of Tenaris and for overseeing support functions, as well as shaping and communicating the Company&#8217;s management culture.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</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;">Our current senior management as of the date of this annual report consists of:</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: 9pt; font-weight: bold;">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;">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;">Age at </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">December 31, 2024</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;">&#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;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 32%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Paolo Rocca</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Chairman and 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;">&#160; 72 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Ms. Alicia M&#243;ndolo </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super;">(1)</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Chief Financial 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;">&#160; 66 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Gabriel Podskubka</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Chief Operating 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;">&#160; 51 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Antonio Caprera</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Chief Industrial 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;">&#160; 64 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Gabriel Casanova</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Chief Supply Chain 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;">&#160; 66 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Luis Scartascini</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Chief Human Resources 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;">&#160; 51 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Marcelo Ramos </span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(2)</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Chief Technology 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;">&#160; 61 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Luca Zanotti</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">President, United States</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 57 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Sergio de la Maza</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">President, Mexico</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 68 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Javier Mart&#237;nez Alvarez </span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(3)</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">President, Southern Cone</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 58 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Mr. Michele Della Briotta</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">President, Europe</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 52 </span></p> </td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 0pt 21.3pt; 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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; padding-top: 1pt; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(1)</span><span style="font: 7pt 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">As of<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">May</span><span>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">2, 2025, Alicia M&#243;ndolo will be replaced by Carlos G&#243;mez &#193;lzaga</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">, as Chief Financial Officer.</span></p>
<p style="margin: 0pt 0pt 0pt 21.3pt; 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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(2)</span><span style="font: 7pt 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">As of<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">April 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">, 2025, Marcelo Ramos w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">as replaced by Lucas Pigliacampo, as&#160;Chief Technology Officer.</span></p>
<p style="margin: 0pt 0pt 0pt 21.3pt; 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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(3)</span><span style="font: 7pt 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">As of April 1, 2025,<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Javier Mart&#237;nez Alvarez</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><span>&#160;</span>was replaced by Andrea Previtali, as President, Southern Cone.</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt 0pt 0pt 21.3pt; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">&#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; 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 Faustin. He is a member of the executive committee of the World Steel Association. Mr. Rocca is an Italian citizen.</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; text-decoration: underline; line-height: inherit;">Alicia 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. M&#243;ndolo 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. M&#243;ndolo joined the Techint 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 Techint Group. Ms. M&#243;ndolo is an Argentine and Italian citizen.</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; text-decoration: underline; line-height: inherit;">Gabriel Podskubka</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Podskubka 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. Podskubka joined Siderca 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. Podskubka is an Argentine citizen.</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; text-decoration: underline; line-height: inherit;">Antonio Caprera</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Caprera 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 Dalmine 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 Siderca 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. Caprera is an Italian citizen.</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; 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 Siderca&#8217;s export department in 1987. In 1995 he became Siderca&#8217;s Chief Representative in China and from 1997 to 2009 he held several positions in the commercial area in Dalmine. 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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="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;">Luis Scartascini</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Scartascini 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 Siderca 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. Scartascini is an Argentine and Italian citizen.</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; text-decoration: underline; line-height: inherit;">Marcelo 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 NKKTubes. He joined the Techint 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 citizen.</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; text-decoration: underline; line-height: inherit;">Luca Zanotti</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Zanotti currently serves as president of our operations in the United States. In 2002, he joined Exiros, the procurement company for the Techint Group, as planning and administration director. He was later promoted to raw materials director and in July 2007 became managing director of Exiros, a position he held until 2010. He served as regional manager Europe, and managing director of Dalmine 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 Techint 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. Zanotti is an Italian citizen.</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; text-decoration: underline; line-height: inherit;">Sergio de la Maza</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. de la Maza currently serves as our president, Mexico and also serves as managing director and executive vice-president of Tamsa. He first joined Tamsa in 1980. From 1983 to 1988, Mr. de la Maza worked in several positions in Tamsa. He then became manager of Tamsa&#8217;s new pipe factory and later served as manufacturing manager and quality director of Tamsa. Subsequently, he was named manufacturing director of Siderca. 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 is a Mexican citizen.</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; 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 Techint Group in 1990, holding several positions including planning manager of Siderar and commercial director of Ternium-Sidor. 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="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;">Michele Della Briotta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Della Briotta 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 served as Tenaris&#8217;s area manager for Romania. Mr. Della Briotta is an Italian citizen.</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; text-decoration: underline; line-height: inherit;">Carlos G&#243;mez &#193;lzaga</span><span style="font-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;">G&#243;mez &#193;lzaga </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;"> s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tart serving</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as our Chief Financial Officer on May 2, 2025. He joined Tenaris in 2003 and has held various positions including his current role as CFO for the Southern Cone, where he supervises financial operations in Argentina, Brazil, Bolivia, and Chile. Previously, he served as Economic and Financial Planning Director; CFO for Central America, overseeing financial operations in Mexico, Colombia, Ecuador, Venezuela, and Peru; and Compliance Director. Prior to joining Tenaris, he worked as a consultant for McKinsey &amp; Company and as an Economic and Financial Planning Analyst for Ternium in Argentina. Mr. G&#243;mez &#193;lzaga is an Argentine citizen.</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; text-decoration: underline; line-height: inherit;">Lucas Pigliacampo</span><span style="font-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. Pigliacampo currently serves as our Chief Technology Officer, a position he assumed in April 2025. He joined Tenaris in 1997 and has held predominantly technical roles within the company,&#160;gaining experience in processes, product engineering, oilfield services, and product marketing. His previous roles include Vice President of Oil and Gas Technologies, Global Technical Sales Director, and Product Marketing and Applications Director, among other positions across Argentina, Canada, Italy, and the United States. Mr. Pigliacampo is an Argentine and Italian citizen.</span></p>
<p style="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;">Andrea Previtali</span><span style="font-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. Previtali currently serves as President of our operations in the Southern Cone, a position he assumed in April 2025. Previously, he was Vice President of our global Pipelines and Services business unit. He began his career at Tenaris in 1999, gaining experience in various areas, including strategic planning, operations, product development, and commercial. Over the years, he has worked in Italy, Romania, Mexico, Indonesia, Switzerland, and now Argentina. Mr. Previtali is an Italian citizen.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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="Bm3_1222025231351703" 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="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 compensation payable to the members of the Company&#8217;s board of directors is based on their duties and is determined at the annual ordinary general shareholders&#8217; meeting.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</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 general meeting of shareholders held on April 30, 2024, approved the compensation paid to directors for the performance of their duties during the fiscal year&#160;ended December 31, 2024, and resolved that (i) each director receives 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 $20,000. No variable compensation has been paid or shall be payable to directors for services rendered during the year&#160;ended December 31, 2024, and no long-term incentive or pension plan is available to directors.</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 compensation paid to the Company&#8217;s managing director or chief executive officer is determined by the board of directors, and is linked to strategic priorities and objectives, encompassing both financial and non-financial performance. The non-financial performance priorities and objectives include the Company&#8217;s performance in relation to its safety and decarbonization objectives. The cash compensation paid or payable to the chief executive officer for the performance of his duties during the year&#160;ended December 31, 2024, amounts to $9 million, of which $3 million corresponds to fixed compensation and $6 million corresponds to variable compensation. No long-term incentive or pension plan is awarded to the chief executive officer.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</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 aggregate cash compensation paid to all directors and senior managers of the Company for the <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;">year&#160;ended December 31, 2024,</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">33</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</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. 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 <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;">year&#160;ended December 31, 2024,</span></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;">448</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;">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;">9</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="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 amounts paid to the senior managers include bonuses as well as units awarded under the employee retention and long-term incentive program. Bonuses and units awarded are determined in relation to the Company&#8217;s financial performance and the achievement of targets and objectives established for each senior manager in relation to his/her responsibilities. These targets and objectives are set by the&#160;Company&#8217;s chief executive officer and cover all aspects of the Company&#8217;s activities and those of the respective senior manager including sustainability targets and objectives.</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 Shareholders&#8217; Rights Law 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>
<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 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. In 2024, the Company&#8217;s board of directors and the shareholders meeting approved certain amendments to the Compensation Policy. The Compensation Policy is available on the Company&#8217;s website and will be periodically reviewed and 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="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, on February 19, 2025, the Company&#8217;s board of directors approved the 2024 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 May 6, 2025.</span></p>
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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="Bm4_122202523141276" 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="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; font-weight: bold;">Audit Committee</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;">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="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>
<ul>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.67pt; text-indent: 0pt;"><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></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.67pt; text-indent: 0pt;"><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></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.67pt; text-indent: 0pt;"><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></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.67pt; text-indent: 0pt;"><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; </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 10pt -16.78pt; padding-left: 15.67pt; text-indent: 0pt;"><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></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; font-weight: bold;">Audit Committee&#8217;s composition - Financial Expert</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 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 Puche and Ms. Mo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nica Tiuba, 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 </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;">. 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></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 board of directors of the Company has determined that Ms. 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. 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> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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.</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; font-weight: bold;">Audit Committee&#8217;s responsibilities</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 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="background-color: #ffffff; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="background-color: #ffffff; margin: 10pt 0pt; 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, as supplemented by the Related Party Transactions Policy and Procedure, a &#8220;related party&#8221; is 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="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;">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></p>
<ul>
<li style="background-color: #ffffff; font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; pa;padding-left: 15.67PT; xt-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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;">eding the date of determination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">and</span></li> </ul>
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<li style="background-color: #ffffff; font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; pa;padding-left: 15.67pt; xt-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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></li> </ul>
<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;">In addition, any related party transaction that does not qualify as a &#8220;Level 1&#8221; related party transaction, but which has an individual value equal to or higher than $5 million (which is the value threshold determined by management to be material to the Company for disclosure purposes under &#8220;Related Parties Transactions&#8221; of this annual report), qualifies as a &#8220;Level 2&#8221; related party transaction and must be reviewed by the audit committee for purposes of 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 for 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="background-color: #ffffff; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 Transactions 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><br/></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;">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>
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<p style="background-color: #ffffff; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The audit committee is also in charge of the interpretation, implementation, control and enforcement of the Company&#8217;s Clawback&#160;Policy (the &#8220;Clawback Policy&#8221;), 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="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; font-weight: bold;">Risk Management</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;">The Company has established a management-level critical risk committee 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, commercial execution, environmental, health and safety and regulatory risks), the development of mitigating actions, and the monitoring of action plans. The critical risk committee operates under a critical risk management revised 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 April 26, 2023, which sets forth the roles, composition and responsibilities of the critical risk committee. The critical risk committee 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 critical risk committee periodically reports to the board of directors, the audit committee and the chief executive officer on its activities.</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;">Risks are identified and managed by management. Risk factors are classified according to the potential area impacted, the likelihood of their occurrence and the severity of any eventual impact. The critical risk committee primarily focuses on risks considered critical to Tenaris&#8217;s assets, operations, reputation or that have the potential to trigger significant liabilities. The critical risk committee facilitates the identification and assessment of critical risks, the adoption of mitigating actions and the monitoring of action plans. Critical risks are escalated through existing reporting lines and decisions are not dissociated from other management decisions. For the purpose of performing the double materiality assessment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;DMA&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in connection with the reporting of non-financial information, we have identified and assessed material topics in accordance with the requirements of the ESRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;and found the topics identified as material to Tenaris were consistent and aligned with the risk map developed by the critical risk committee. For more information on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">DMA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and results, refer to &#8220;Sustainability Statement - Double Materiality Assessment&#8221;.</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#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="Bm5_1222025231436836" 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="line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For information on Tenaris&#8217;s employees, please refer to "Sustainability Statement &#8211; Social - Human Capital&#8221; in this annual report.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#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="Bm6_1222025231456190" 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="margin: 0pt 0pt 10pt; 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, 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;">, our directors and senior management owned 858,712 Company securities (in the form of shares or ADSs) which represents 0.07%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the Company&#8217;s issued share capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 0.08% of the voting rights</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 </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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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Director or 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; font-weight: bold;">Number of Issued Shares Held</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;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; width: 29.9592%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 69.9592%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Guillermo Vogel</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 29.9592%; height: 17px; 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: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 850,446 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 69.9592%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Carlos Condorelli</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; width: 29.9592%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 4,320 </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; width: 69.9592%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Gabriel Podskubka</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; width: 29.9592%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 3,946 </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;">Total</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;">&#160; 858,712 </span></p> </td> </tr> </tbody> </table>
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<h3 style="font-weight: normal; margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" class="customBookmark"></a></h3>
<ix:nonNumeric contextRef="D20241231_RestatementDateAxis.domain_12-31-2024" name="ecd:RestatementDoesNotRequireRecoveryTextBlock" id="Tag61" escape="true">
<h3 style="font-weight: normal; margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BBimp_13202515375632" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Recovery of Erroneously Awarded Compensation</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;">In 2023, the Company&#8217;s board of directors approved the&#160;Clawback 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;clawback&#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. The members of senior management listed in the section &#8220;Information on the Company - Directors, Senior Management and Employees &#8211; Senior Management&#8221;, as well as Mr. Stefano Bassi, the Company&#8217;s global reporting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">senior </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">director, are subject to the Clawback Policy.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<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 the fiscal year ended December 31, 2024, the Company was not required to prepare an accounting restatement requiring recovery of erroneously awarded compensation pursuant to the Clawback Policy nor was there any outstanding balance as of the end of the year ended December 31, 2024, of erroneously awarded compensation to be recovered under the Clawback Policy.</span></p> </div> </div> </ix:nonNumeric>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>104</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 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="Bm8_122202523152990" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0pt;">Major Shareholders and Related Party Transactions</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="Bm9_1222025231537440" 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="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 (iii) shares repurchased under the share buyback program</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 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 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;">4</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;Legal and Financial Information - Purchases of Equity Securities by the Company and Affiliated Purchasers&#8221;</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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Identity of Person or Group</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;">Number of Issued Shares</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;">Percentage of Issued Capital</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;">&#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;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">San Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super;"> (1)</span> </p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 713,605,187 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">61.37%</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Directors and senior management as a group</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 858,712 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">0.07%</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Treasury shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(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;">&#160; 78,485,337 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">6.75%</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Public </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; 369,808,292 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">31.80%</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;">Total</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;">&#160; 1,162,757,528 </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;">100.00%</span></p> </td> </tr> </tbody> </table>
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<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(1)</span></sup></span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">San Faustin owns all of its shares in the Company, representing 6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.37</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">% 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 6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</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;">81</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">% of the voting rights, through its wholly-owned subsidiary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Techint Holdings </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;"> the holder of record of the above-mentioned Tenaris shares. RP STAK held voting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">rights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> in San Faustin sufficient in number to control San Faustin.</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="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(2)</span></sup></span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;</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, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">, under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">its share buyback program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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 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><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;">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 the Company.</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="Bm10_122202523165712" 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="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 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&#160;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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Information on the Company - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Directors, Senior Management and Employees &#8211; Board Practices&#8221;.</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;">Purchases of Steel Products and Raw Materials</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 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>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; padding-left: 15.13pt; 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;">urchases of round steel ba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rs made under a frame agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for use in our seamless steel pipe operations in Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> did not occur in 2024,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">12 million in 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">111 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; p;padding-left: 15.13pt; ext-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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;"> $29 million in 2024,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">77</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">3</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;">101</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt -16.78pt; p;padding-left: 15.13pt; ext-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">urchases of scrap and other raw materials for use in the production of seamless pipes, which amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$4 million in 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">3</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;">12</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<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;">In the ordinary course of business, we purchase flat steel products from Usiminas 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;"> $120 million in 2024,</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;"> and</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;">.</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;">Sales of Raw Materials</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 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;"> $32 million in 2024,</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;"> and</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;">.</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;">Purchase Agency Services and Sales of Materials</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;">Exiros,</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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> materials and other products to various companies controlled by or under the significant influence of San Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including sales to Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Pursuant to the Exiros shareholders&#8217; agreement, Tenaris recognizes Exiros&#8217; assets, liabilities, revenue and expenses in relation to its interest in the joint operation. Exiros&#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 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;">$</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;"> million in 2024, </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;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$140 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Supply of Electric Energy</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen, which is currently owned 48% by Ternium, 30% by Tecpetrol and 22% by Tenaris, operates an electric power plant in Pesquer&#237;a, Mexico. Ternium and Tenaris currently contract 78% and 22%, respectively, of Techgen&#8217;s power capacity. Techgen sells to third parties on behalf of Tenaris the unused electricity that Tenaris purchased from Techgen.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen net sales of electricity to Tenaris amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">23</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2024, </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;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$102 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Supply of Natural Gas</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are party to contracts with Tecpetrol relating to the supply of natural gas to our operations in Argentina. Tecpetrol is a company controlled by San Faustin, engaged in oil and gas exploration and production and has rights to various oil and gas fields in Argentina </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and elsewhere in Latin America.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol supplies Tenaris&#8217;s Argentine subsidiaries with natural gas requirements under market conditions and according to local regulations. Tecpetrol&#8217;s sales to Tenaris amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">42</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2024</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;"> 2023</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;">$44 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-weight: bold; line-height: inherit;">Provision of Engineering and Labor Services</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 contracts with certain companies controlled by San Faustin 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;">$49 million in 2024, </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;"> and</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;">.</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;">Sales of Steel Pipes and Sucker Rods</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 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 Faustin. These sales, which are made principally to companies involved in the construction of gas pipelines and to Tecpetrol and joint ventures in which Tecpetrol 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 Faustin amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$79 million in 2024, </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;"> and</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;">.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>106</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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-weight: bold; line-height: inherit;">Sales of Fracking and Coiled Tubing Services</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 provide fracking and coiled tubing services to Tecpetrol and joint ventures in which Tecpetrol 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;">$122 million in 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$102 million in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2023 and </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;">.</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;">Administrative Services, Legal and Other Support Services</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;">Finma S.A. (&#8220;Finma&#8221;), a company controlled by San Faustin in which Tenaris has a 33% interest and other affiliates of San Faustin own the remaining shares, provides administrative and legal support services to San Faustin&#8217;s 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;">$14 million in 2024, </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;"> and</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;">.</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;">Loans to Related Parties</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 financed the construction and operation of Techgen&#8217;s Pesquer&#237;a project primarily in the form of subordinated loans to Techgen. Outstanding principal amount of loans to Techgen as of December 31, 2024, amounted to $67 million, as of December 31, 2023, amounted to $62 million and as of December 31, 2022 amounted to $58 million. These loans generated interest gains in favor of Tenaris in an amount of $6 million in 2024 and 2023, and $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-weight: bold; line-height: inherit;">Dividends from Related Parties</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;">Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recorded</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> dividends declared</span>&#160;<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;"> Ternium in an amount of $71 million in 2024, $67 million in 2023 and $62 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; line-height: inherit;">Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recorded</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> dividends declared</span>&#160;<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;"> Usiminas in an amount of $3 million in 2023 and $2 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-weight: bold; line-height: inherit;">Dividends to Related Parties</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;">Tenaris distributed dividends to Techint Holdings in an amount of $478 million in 2024, $385 million in 2023 and $321 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-weight: bold; line-height: inherit;">Other Transactions</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 entered into various contracts with Tenova (or certain of its subsidiaries), a company controlled by San Faustin, for the provision of furnaces, spare parts, accessories and related services for our facilities. Supplies received amounted to $28 million in 2024, $19 million in 2023 and $8 million in 2022.</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;">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, including natural gas transport services, rental services related to the supply of coiled tubing services and information technology services, none of which are considered to be material.</span> <br/></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 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="BBm11_27220251348366" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">SUSTAINABILITY STATEMENT</span></a></div>
<div style="line-height: 1.2; margin: 9pt 0pt; break-after: avoid; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bm12_1222025231713388" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Sustainability In Tenaris</span></a></div>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><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 and 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. Although our operations focus on serving the oil and gas industry, we also supply pipes and tubular components for non-energy applications. We develop and supply products and services for low-carbon energy applications such as geothermal wells, waste-to-energy (bio-energy) power plants, hydrogen storage and transportation, and </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;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><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 around 26,000 people worldwide, we work with our customers to meet their needs in a timely manner, observing the highest levels of product performance and reliability. Our core values of safety, health, environment, quality and transparency guide our daily activity. They are clearly reflected in our Code of Conduct and our Quality, Health, Safety, and Environment (</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;">QHSE</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;">) Policy, and are embedded in all aspects of our business processes. This sustainability statement shows how these values translate into concrete actions and are reflected in our performance indicators.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a long-term project, Tenaris goes back over seven decades. Since we opened our first mill on the banks of the Paran&#225; River in Campana, Argentina, in the early 1950s, our prime objective has been to grow together with the communities where we work and live. We are equally committed to providing our employees with a safe working environment and opportunities for professional development; to minimizing our environmental footprint and being a reliable partner for our customers. Tenaris is a signatory to the United Nations Global Compact, a commitment to translate the Ten Principles deriving from the Universal Declaration of Human Rights into daily business activity. Our Human Rights Policy is a pledge to conduct company operations commensurate with human rights principles.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Although steel can be reused and recycled indefinitely, playing a key role in the development of society and improving quality of life, the steel industry is a significant source of carbon emissions worldwide. The industry has joined forces to promote transparent reporting and take action to reduce emissions, with Tenaris playing a leading role in these initiatives. For the past seven years, worldsteel has named Tenaris a Sustainability Champion for &#8220;leading the way in creating a truly sustainable steel industry and society.&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have integrated climate change risks into our governance and business strategy and set a medium-term target to reduce the carbon intensity of our activities by 2030 as part of our longer-term carbon neutrality objective. As a leader in our industrial sector, we aim to be at the forefront of sector carbon performance and initiatives to reduce emissions. A significant part of our investments goes to improving safety, reducing the environmental impact of our operations, and advancing educational standards and opportunities in our communities, considered critical to our long-term sustainability.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our Health, Safety and Environment, and Quality Management systems are designed according to the latest versions of the ISO 14001, ISO 45001 and ISO 9001 standards. Today, 83% of our production sites are working under management systems certified according to these standards.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt 0pt 9pt; 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="Bm13_122202523173837" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Basis for Presentation</span></a></div>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit;">This sustainability statement includes the non-financial information required to be disclosed in accordance with applicable </span><span style="font-size: 10pt; line-height: inherit;">Luxembourg law<sup>8</sup></span>&#160;<span style="font-size: 10pt; line-height: inherit;">and the reporting requirements regarding environmentally sustainable economic activities </span><span style="font-size: 10pt; line-height: inherit;">(EU Taxonomy)</span><sup>9</sup><span style="font-size: 10pt; line-height: inherit;">. Given the differences in the applicable legal and analytical frameworks underlying this sustainability statement and the remainder of this annual report, we note that our approach to disclosures included in this sustainability statement (including related annexes) differs from our approach to the disclosures included in other sections of this annual report, as well as other disclosures we include in financial reports (including other filings with the SEC). While this sustainability statement includes information about sustainability topics that we believe may be important to Tenaris and our stakeholders under Luxembourg law and the EU Taxonomy, any importance attributed to such topics or related disclosures, or their inclusion in this sustainability report, should not be deemed to mean that such information necessarily rises to the level of materiality applied in our financial reporting, including for purposes of complying with U.S. securities laws and regulations or other reporting frameworks, even when we use the word "material" or "materiality" in connection with sustainability-related topics in this document. Consistent with applicable Luxembourg and EU law, this sustainability statement is intended to provide information from a different perspective, and in some cases in greater detail, than is required to be included in our filings with the SEC under U.S. securities laws and regulations. This sustainability statement is part of the 2024 annual report, which was approved by the Company&#8217;s board of directors on April 1, 2025. </span></span></p>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">While the EU CSRD has not been transposed into national law by the Grand Duchy of Luxembourg and, therefore, the Company is not subject to CSRD reporting requirements, this sustainability statement has been </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prepared with reference to the ESRS as a framework, as issued by the European Financial Reporting Advisory Group (</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;">EFRAG</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;">). This report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> also takes into account the reporting standards established&#160;by the Sustainability Accounting Standards Board (&#8220;SASB&#8221;), the GHG Protocol and worldsteel, and the goals of the UN Global Compact.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> PricewaterhouseCoopers,
Soci&#233;t&#233; coop&#233;rative ("PwC") has been engaged to carry out a limited review of certain selected information in this sustainability statement.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 8pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further details on the basis for preparation of this sustainability statement, please see &#8220;Sustainability Statement - Annexes - Annex I: Sustainability Statement Accounting Policies&#8221;.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="text-align: justify; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; line-height: 1.1;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; text-align: justify; text-indent: -18.9333px; margin: 0in; line-height: inherit;"><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; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>8</sup> Article 1730-1 of the Luxembourg Law of August 10, 1915, on commercial
companies, as amended, and Articles 68 and 68bis of the Luxembourg Law of
December 19, 2002, on the commercial and companies register and on the
accounting records and annual accounts of undertakings, as amended</span>.</span></p>
<p style="text-align: justify; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000; vertical-align: super; line-height: 1.1;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; text-align: justify; text-indent: -18.9333px; margin: 0in; line-height: inherit;"><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; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>9</sup> Article
8 of Regulation (EU) 2020/852 of the European Parliament and of the Council on
the establishment of a framework to facilitate sustainable investment, as
supplemented by applicable Commission Delegated Regulation (EU Taxonomy)</span>.</span></p> </td> </tr> </tbody> </table>
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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="Bm14_1222025231750840" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Policies and Procedures</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 Company has adopted several policies and procedures to strengthen a corporate culture of integrity, transparency and respect for people and the environment. Our main policies are described below. Other policies and procedures adopted by the Company in compliance with applicable regulations are described elsewhere in this annual report.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;">&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Our main policies are available on Tenaris&#8217;s
website at: </span><span style="font-size: 12.0pt; mso-bidi-font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline;"><span>https://w</span>ww.tenaris.com/en/about-</span><span style="font-family: 'Frutiger 45 Light';">us/our-</span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline;">policies</span></span></span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;">. <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Information
contained in or otherwise accessible through our Internet website is not a part
of this annual report.</span></span> </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;">Code of Conduct</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;">The Company has adopted a general code of conduct incorporating guidelines and standards of integrity and transparency applicable to all directors, officers and employees. The code of conduct was issued in 2003 and is regularly revised and updated. 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. The Code of Conduct expresses the Company&#8217;s fundamental vision and values with respect to ethical behavior and transparency, and the expectations of the values and actions carried out by everyone working for, and with, Tenaris.</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;">The code of conduct and the code of ethics for senior financial officers are available on Tenaris&#8217;s website at:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</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="color: #0000ff; font-family: 'Frutiger 45 Light'; 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: 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;">. Information contained in or otherwise accessible through our Internet website is not a part of this annual report.</span></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;">Quality, Health, Safety, and Environment Policy</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;">Tenaris identifies the health and safety of its employees, contractors and visitors, the satisfaction of its customers, the protection of the environment and the development of the communities where it has its operations as integrated key drivers of its business. The Company has adopted a QHSE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Policy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which is regularly reviewed and updated to reflect excellence in all processes, products, and services with an aligned vision that quality is Tenaris&#8217;s main competitive advantage.</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; font-style: italic; line-height: inherit;">Human Rights Policy</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;">The Company has adopted a Human Rights Policy to ensure the respect and promotion of human rights across all its operations. This policy commits Tenaris to ethical conduct aligned with international human rights standards, including the Universal Declaration of Human Rights and the International Labour Organization's principles. The policy prohibits child labor, forced labor, discrimination, and any form of cruel or degrading treatment. It emphasizes the importance of dignity, equality, and the right to freedom of association and collective bargaining. The policy applies to all employees, directors, officers, suppliers, and third-party collaborators, requiring them to adhere to these principles and report any violations through established channels.</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; font-style: italic; line-height: inherit;">Policy on Business Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#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 has adopted a Policy on Business Conduct that sets forth principles and procedures designed to ensure that Tenaris complies with the requirements of the Code of Conduct, as well as with anti-bribery and anti-corruption laws. The policy mandates ethical conduct in all business dealings, prohibits improper payments, and outlines certain responsibilities for directors, officers, and employees. It also includes provisions for due diligence, internal accounting controls, permissible expenditures, and training programs to foster a culture of compliance and integrity.</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;">Sustainable Sourcing Policy</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;">Tenaris has adopted a Sustainable Sourcing Policy, which sets forth certain principles that suppliers (and their respective supply chains) are expected to abide by as a basis for sustainable development, including certain standards followed by the Company on ethical behavior, legal compliance, and health, safety and environmental responsibilities. This policy is in line with the principles set forth in the U.N. Sustainable Development Goals and the Worldsteel Sustainability Charter and complements other related policies and procedures, such as the Company&#8217;s Code of Conduct, the QHSE policy, and the Human Rights Policy, 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; font-style: italic; line-height: inherit;">Code of Conduct for Suppliers</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;">The company has adopted a Code of Conduct for Suppliers to ensure that Tenaris&#8217;s suppliers adhere to high standards of integrity, transparency, and compliance with laws in all business dealings. This code requires suppliers to avoid conflicts of interest, refrain from offering or accepting bribes or kickbacks, and maintain accurate business records. It emphasizes the responsible use of Tenaris's assets and technological resources, the protection of confidential information, and respect for intellectual property rights. It also mandates compliance with labor and human rights standards, including the prohibition of child labor, forced labor, and discrimination, and promotes a safe working environment to prevent accidents and injury to health.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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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="Bm15_1222025231815854" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">The Administrative and Management Bodies</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;">For information on composition, responsibilities, practices and compensation regarding the board of directors, the chief executive officer and senior management, please refer to &#8220;Information on the Company - &#8220;Directors, Senior Management and Employees&#8221;, in this annual report. </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="Bm16_1222025231831208" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Due Diligence</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;">Tenaris has implemented standardized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> policies and procedures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to evaluate, prevent, mitigate and address f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">inancial</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ESG</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-related positive and negative impacts, and related risks and opportunities. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For further information on risk management, please see &#8220;Information on the Company &#8211; Directors, Senior Management and Employees &#8211; Board Practices&#8221; in this annual report.&#160;Tenaris&#8217;s main policies and procedures, described in previous section, guide our due diligence processes. </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; background-color: #ffffff;">In the following chapters of this sustainability statement, you will find our objectives, actions and indicators reflecting&#160;sustainability management and due diligence processes within Tenaris.</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="Bm17_1222025231848251" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Strategy and Business Model</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;">For information on our strategy and business model, please refer to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Information on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - Business Overview&#8221;, in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> this </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">annual</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">eport</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</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="Bm18_1222025231858873" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Double Materiality Assessment</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span></a></div>
<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="Bm20_122202523192592" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Identifying and Assessing Material Impacts, Risks and Opportunities</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span></a></div>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In 2024, Tenaris performed a Double Materiality Assessment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">DMA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to identify and assess the material ESG topics and information </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to be reported</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in accordance with the ESRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The findings of the DMA are consistent and aligned with the results of the Company&#8217;s risk mapping assessment separately carried out by the Company&#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;">ritical </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">isk </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ommittee</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and the sustainability topics that the Company was already reporting.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">We performed the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">DMA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> following a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">five</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-step methodology.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#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; font-style: italic; font-weight: bold;">Identification of ESG topics and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">value chain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> mapping</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#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;">We used a combination of internal and external sources which may reasonably be considered to be relevant inasmuch as they reflect our economic, environmental and social impacts, or influence the decisions of our stakeholders. We used peer analysis and prior materiality results based on different guidelines, including, worldsteel, UN Global&#160;Compact, Global Reporting Initiative (GRI), Sustainable Accounting Standards Board (<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;">&#8220;</span>SASB<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;">&#8221;</span>), and Task Force on Climate-related Financial Disclosures (TCFD), to ensure comprehensive coverage.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#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;">Topics were mapped across Tenaris's value chain and validated with internal stakeholders, ensuring all activities, relationships, and geographies were included.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#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;">Impact Materiality</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;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The impact materiality assessment consists of identifying and evaluating actual, potential, positive and negative impacts within each </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ESRS topic, based on their time horizon, severity, and likelihood of occurrence in the case of potential impacts, as guided by the European Financial Reporting Advisory Group (EFRAG) methodology</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 1.35pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">W</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e evaluated the severity of impacts: for positive impacts, scale and scope were assessed, while for negative impacts, scale, scope, and remediability were&#160;considered. Each category was rated on a scale of 1 (least severe) to 5 (most severe). For potential impacts, likelihood was also assessed, using a scale from 1 (unlikely) to 5 (certain).</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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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;">Financial Materiality</span></p>
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<p style="line-height: 1.2; margin: 0pt 1.35pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The financial materiality assessment consists in assessing risks and opportunities in terms of time horizon, magnitude and likelihood of occurrence. </span></p>
<p style="line-height: 1.2; margin: 0pt 1.35pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 1.35pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Risks and opportunities were identified for each impact determined during the impact materiality assessment. Magnitude was assessed: for risks, this referred to the scale of damage or disruption (e.g., financial loss), while for opportunities, it reflected the scale of potential benefits (e.g., financial gain). Finally, the likelihood of occurrence was rated on a scale from 1 (unlikely) to 5 (certain).</span></p>
<p style="line-height: 1.2; margin: 0pt 1.35pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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;">Consolidation of Double Materiality Assessment results</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The fourth step consisted in consolidating the results through the definition of a materiality threshold for each impact, risk and opportunity. </span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Actual impacts were considered material when the average of the severity rating, i.e., scale, scope or irremediability (for negative impacts only) exceeded a certain threshold. </span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For potential impacts, both severity and likelihood were considered. Severity was calculated as the average of: scale, scope and remediability. </span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For risks and opportunities both magnitude and likelihood were considered. </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;">&#160;</span></p>
<div style="line-height: 1.2; margin: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bm21_122202523205400" class="customBookmark"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Stakeholder Engagement</span></a></div>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">W</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e engaged with internal and external stakeholders to assess the importance of ESG topics through interviews and review the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">DMA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> outcome. This process ensured alignment between the results of the assessment and the ESG topics identified as most significant by such stakeholders.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Stakeholder engagement is an important aspect of the&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">DMA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as relevant stakeholders can help assess and validate the list of material topics. </span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Similarly, internal engagement with the undertaking&#8217;s business functions and employees also helps to assess and validate impacts, risks and opportunities. </span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">We use formal and informal methods to obtain feedback about material sustainability topics from our employees, customers, suppliers, communities, investors and other key stakeholders.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">A key step towards understanding the context is to identify those stakeholders who are affected, or likely to be affected by our operations. We have identified key affected stakeholders, together with a description of the different ways in which we engage with them.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The activities listed in the table detail the principal ways in which we obtain feedback from stakeholders on issues related to sustainability.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other sources include the Company&#8217;s Compliance Line, available 24/7, where stakeholders can report any alleged breach of the Company's Code of Conduct or its principles, such as acts of corruption, fraud, theft, and abuse or discrimination in the workplace. See &#8220;Sustainability Statement &#8211; Governance-Business Conduct&#8221; for more information on the Company&#8217;s Compliance Line.</span></p>
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<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Quarterly feedback check-ins </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Periodic Town Halls </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Employee Opinion and Pulse Surveys </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Performance Reviews</span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Double Materiality Interviews</span></li> </ul> </td> </tr>
<tr style="height: 82px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 38.8559%; height: 82px;">
<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Suppliers</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 61.0901%; height: 82px;">
<ul>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Frequent dialogue </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Training and assistance programs </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Use of Open-es digital platform for sustainable supply chain information exchange</span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Double Materiality Interviews</span></li> </ul> </td> </tr>
<tr style="height: 82px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 38.8559%; height: 82px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #7f7f7f !important; border-bottom-color: #7f7f7f !important;">
<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Customers</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 61.0901%; height: 82px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #7f7f7f !important; border-bottom-color: #7f7f7f !important;">
<ul>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Frequent dialogue with our customers </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Satisfaction surveys </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Customer sustainability surveys of their supply chain</span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Double Materiality Interviews</span></li> </ul> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 38.8559%; height: 10px;">
<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Investors</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 61.0901%; height: 10px;">
<ul>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Quarterly conference calls </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In-person meetings </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Quarterly anonymous feedback </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Road shows and conferences </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Sustainability questionnaires </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Investor Day</span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Double Materiality Interviews</span></li> </ul> </td> </tr>
<tr style="height: 73px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 38.8559%; height: 73px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #7f7f7f !important; border-bottom-color: #7f7f7f !important;">
<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Communities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 61.0901%; height: 73px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #7f7f7f !important; border-bottom-color: #7f7f7f !important;">
<ul>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Dialogue with the communities surrounding our major plants </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Social media </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Support for education in our communities </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Volunteering activities </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Community support</span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Double Materiality Interviews</span></li> </ul> </td> </tr>
<tr style="height: 54px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 38.8559%; height: 54px;">
<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Government</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 61.0901%; height: 54px;">
<ul>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Policy compliance </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Articulation of Public-Private sector actions</span></li> </ul> </td> </tr>
<tr style="height: 82px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 38.8559%; height: 82px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #7f7f7f !important; border-bottom-color: #7f7f7f !important;">
<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Industry Associations</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 61.0901%; height: 82px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #7f7f7f !important; border-bottom-color: #7f7f7f !important;">
<ul>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Conferences </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Joint research </span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Benchmarking</span></li>
<li style="font-family: Symbol; font-size: 9pt; line-height: 110%; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Double Materiality Interviews</span></li> </ul> </td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-align: justify; text-indent: 0px;"><br/></p>
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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>112</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>
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0pt; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-indent: 0pt;">Material topics</span></div>
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<p style="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;">The following table summarizes our material topics</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and sub-topics identified as a result of our DMA:</span></p>
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<tbody>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-image: initial; height: 10px; margin: 0px; text-indent: 0px; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 10pt; line-height: 110%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Environment</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-image: initial; height: 10px; margin: 0px; text-indent: 0px; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 10pt; line-height: 110%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Social</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-image: initial; height: 10px; margin: 0px; text-indent: 0px; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 10pt; line-height: 110%; margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Governance</span></p> </td> </tr>
<tr style="height: 81px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 81px; width: 33%; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Climate change:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Climate change adaptation</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Climate change mitigation</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Energy</span></li> </ul> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 81px; width: 33%; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Our workforce:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Equal treatment and opportunities for all</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Working conditions</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Other work-related rights</span></li> </ul> </td>
<td rowspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 313px; width: 34%; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Business conduct:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Corporate culture</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Corruption and bribery</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Management of relationships with suppliers including payment practices</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Protection of whistleblowers</span></li> </ul>
<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 68px; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Pollution:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Pollution of air</span></li> </ul> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 68px; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Workers in the value chain:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Working conditions</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Other work-related rights</span></li> </ul> </td> </tr>
<tr style="height: 56px;">
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<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Water:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Water and marine resources</span></li> </ul> </td>
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<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Affected communities:</span></p>
<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 36pt; text-indent: -18pt;"><span style="font-size: 9pt;"><span style="font-family: Arial;">&#8226;</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light';">Communities' economic, social and cultural rights</span></span></p> </td> </tr>
<tr style="height: 81px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 108px; border-width: 1px; border-color: #bfbfbf !important; border-style: solid;">
<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Circular Economy:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Resource inflows</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Waste</span></li> </ul> </td>
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<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Consumers and end users:</span></p>
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<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Information-related impacts for consumer and/or end-users</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 0pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Personal safety of consumers and/or end-users</span></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt 26.68pt; padding-left: 9.32pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Social inclusion of consumers and/or end-users</span></li> </ul> </td> </tr>
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<p style="font-size: 8pt; line-height: 110%; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Innovation and technologies</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>113</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="Djzu4f2yjfr2b5hp9j4hy7" style="font-family: 'times new roman', times; font-size: 10pt;">
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bq1_1222025232612921" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Material Impacts, Risks and Opportunities</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (&#8220;IROs&#8221;)</span></a></div>
<p style="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;">The impacts, risks and opportunities resulting from the D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">MA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are used to inform our decisions and help us to adapt our strategy and business model in relation to our key stakeholder groups. </span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The table below shows our main IROs identified </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for each material topic. Additionally, i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n each chapter of this sustainability statement, we will elaborate on the key actions taken to address them, and the main indicators used to track their performance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Topic</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Impacts, Risks and Opportunities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-width: 1px; border-style: solid; width: 13.3001%;">
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Value chain stage</span></p> </td> </tr>
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<p style="margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Environment</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;">Climate change</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;">Impact of CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> emissions from Tenaris operations and its value chain (Scope 1, 2 &amp; 3)</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;">Own operations / Upstream</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; line-height: inherit;">Tenaris has an energy-intensive manufacturing process</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;">Own operations</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; line-height: inherit;">As the shift to a low-emission economy progresses, decreasing demand for fossil fuels could reduce the need for pipes used in the oil and gas sector.</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;">Own operations / Downstream</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; line-height: inherit;">The physical risks resulting from climate change could impact our operations</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;">Own operations</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; line-height: inherit;">Tenaris is developing products for low carbon applications such as CCUS, H2 and geothermal, among others.</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;">Own operations / Downstream</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; line-height: inherit;">Air pollution</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;">Through its steel manufacturing processes, Tenaris produces emissions from particulate matters and other pollutants.</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;">Own operations</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; line-height: inherit;">Water management</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;">Water plays a major role in steel manufacturing process</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;">Own operations</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; line-height: inherit;">Circularity</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;">Tenaris EAF steelmaking process enhances recycling of scrap</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;">Own operations</span></p> </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>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: center; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Topic</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: center; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Impacts, Risks and Opportunities</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: center; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Value chain stage</span></p> </td> </tr>
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<div style="margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Social</span></div> </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;">Health and safety</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;">Workers at Tenaris production sites face hazards, including machinery risks, that could lead to injuries or fatalities</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;">Own operations</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; line-height: inherit;">Tenaris implements preventive actions to minimize health and safety risks</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;">Own operations</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; line-height: inherit;">Talent attraction and professional development</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;">Ongoing professional development could&#160;have beneficial impact on our employees</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;">Own operations</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; line-height: inherit;">Gender equality and diversity</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;">Impact from diversity and inclusion</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;">Own operations</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; line-height: inherit;">Working conditions and work-related rights</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;">Impact from working environment and compliance with freedom of association regulations.</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;">Own operations</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; line-height: inherit;">Supplier management</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;">Impact of supply chain integration</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;">Upstream</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; line-height: inherit;">Communities</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;">Drive inclusive growth and development in the communities where we work and live</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;">Own operations</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; line-height: inherit;">Our customers</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;">Through innovation and continuous improvement, Tenaris delivers high-quality products and services that enhance safety and efficiency</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;">Downstream</span></p> </td> </tr>
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<p style="margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Governance</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;">Business conduct</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;">Impacts from corruption and bribery in own operations and in the value chain</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;">Whole Value chain</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; line-height: inherit;">Foster a corporate culture of transparency and integrity, based on ethical behavior and compliance with the law</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;">Own operations</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; text-indent: 0pt; break-after: avoid; font-size: 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 10pt; color: #003366;"><a href="#TOC" id="Bd15_1322025203654103" class="customBookmark" style="color: #000000; cursor: default; pointer-events: none; outline: none;"></a></span><span style="font-size: 10pt; color: #003379; line-height: inherit;"><a style="text-decoration: none; cursor: default; outline: none; color: #000000; pointer-events: none;" href="#TOC" id="Bd15_1322025203656273" class="customBookmark"><b><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Environment</span></b></a></span><b><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; color: #003366; line-height: inherit;"></span></b><b></b><span style="font-size: 10pt; color: #003366; line-height: inherit;"><b></b></span></div>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><img src="img9de0d920cc7c44549148.jpg" alt="Graphics"/></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Commitment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To reduce our environmental footprint and contribute to global and regional goals for addressing climate change risks along our value chain.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Objectives</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Achieve 30% reduction in 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;">-eq intensity of our operations by 2030 from 2018 levels and become carbon neutral as soon as technology and market conditions allow.</span> </li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Implement 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;"> reduction opportunities along our value chain.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Minimize particulate and other emissions at our sites.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Strengthen the circular economy by maximizing scrap recycling and minimizing waste to landfill.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ensure </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">effective</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> water management.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Evaluate biodiversity risks and contribute to initiatives to improve biodiversity.</span></li> </ul>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Key actions</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; 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;">nvestments and actions for reducing environmental and carbon footprint.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Improve material efficiency and water management.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Engage with suppliers and customers to identify 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;">eq reduction opportunities along our value chain.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Steel is an essential material for our daily lives, used everywhere and for a variety of products, yet steelmaking is a highly energy-intensive process and produces significant quantities of different emissions, including carbon dioxide. The steel industry faces many environmental challenges and climate change is one of the most critical.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The physical, social and financial risks of climate change, and the global challenge of lowering greenhouse gas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;emissions, are pushing the steel industry to find new solutions for reducing its carbon footprint and transitioning to a low carbon economy. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">New technologies and practices bring both economic and environmental benefits, from recycling materials as part of the circular economy, to harnessing cleaner energy. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Greater energy and material efficiency, as well as increased waste recycling and the use of renewables in addition to innovative technologies like hydrogen, are best achieved through continued industry collaboration. These alternatives, however, are not equally successful or feasible in all facilities due to significant regional and site differences.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As an industry leader, Tenaris believes that its responsibility to reduce the environmental impact of its activity is also an opportunity to embrace innovation and technological development and engage its partners in the value chain to contribute to a cleaner future.</span></p>
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<div style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><a href="#TOC" id="Bq3_122202523275319" class="customBookmark" style="text-indent: -56.7pt; font-size: 10pt; text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Environmental Management System</span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have implemented an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Environmental Management 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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EMS</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;">) according to ISO 14001, integrated with the Health and Safety Management System to ensure a holistic approach to the management of all our material impacts, risks, and opportunities related to climate change mitigation and adaptation, air pollution, water management, chemicals, circularity and biodiversity management. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The EMS is based upon our QHSE Policy through which Tenaris aims to achieve the highest standards of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">QHSE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, incorporating the principles of sustainable development throughout its worldwide business. </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;"> is certified with a multisite certification, meaning that the system designed and implemented is the same for the whole company and, as such, has an audit system implemented that verifies not only local implementation and performance, but also corporate oversight to the system accuracy and performance.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris communicates its policy throughout its organization, trains its employees in the appropriate use of its Quality, Health, Safety and Environmental management systems and engages them in the regular setting, measuring and revision of objectives. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><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;">EMS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> addresses all environmental aspects from the reduction of greenhouse gas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;emissions, energy efficiency, and the transition to renewable energy, pollution prevention and circularity. Tenaris </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;">defined and implemented global procedures to ensure that suitable communication processes are established with contractors, visitors, local communities, and other interested parties including HSE event reporting.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our management system establishes the requirements to report and investigate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">environmental incidents and is fully integrated with </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;">Health and Safety Management System, allowing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">us </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to identify and share lessons learn</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 minimize impacts and repetitive events.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The most senior level accountable for implementing our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EMS is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the CEO.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><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;"> continuously analyze the environmental impact of our operations and define and implement mitigating actions. The management system covers all our operations, including production processes, capital expenditure</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 operating practices.</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 involves both upstream and downstream activities, </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;">particular focus on our main suppliers 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;"> oil and gas customers, as required by the ISO 14001 standard.</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 is applicable globally, then specific actions are tailored to local conditions, as actions cannot be implemented in the same manner at all sites. They depend on local conditions, infrastructure, policy considerations, processes, among others. The policy considers the interests of employees, contractors, suppliers, and local communities.</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;">83% of our production sites now operate with a certified </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;">MS</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">according to ISO 14001.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> We are working to integrate the remaining sites, including our recently acquired sites.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We cooperate with local governments on rational policies to help achieve the UN Sustainable Development Goals. We also participate in global steel industry actions particularly through our activity within worldsteel.</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;">We </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;"> committed to the UN Global Compact since 2016 and disclose our progress report on an annual basis.</span></p>
<div style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bcc_222202516210127" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Climate Change</span></a></div>
<p style="margin: 10pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; widows: 2; 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: 13.3333px; background-color: #ffffff; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Commitment</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To reduce the intensity of 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;">-eq emissions and reach carbon neutrality as soon as technology and market conditions allow.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Objectives</span></p>
<ul 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Achieve 30% reduction in 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;">-eq intensity of our operations by 2030 from 2018 levels, as a mid-term target towards becoming carbon neutral as soon as technology and market conditions allow.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Identify and implement actions to reduce the intensity of CO<span style="font-size: 8pt;"><sub>2</sub></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-eq emissions: e.g., increase scrap and low-carbon electricity usage, increase energy and materials use efficiency in operations, explore hydrogen and carbon capture techniques to progressively replace and/or abate fossil fuel use in operations.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Engage with suppliers to encourage production and use of more sustainable products, services and operations.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Offer customers products and services that help to minimize their footprint and support their own strategies.</span></li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div 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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 10pt 0pt; break-after: avoid; text-indent: 0px; line-height: 1.2;"><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-transform: none; widows: 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;">Tenaris</span><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;">&#160;</span><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;">recognizes 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.</span></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At the same time, climate change presents strategic opportunities not only to strengthen our market leadership but also to explore new sales avenues.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is committed to reducing its carbon footprint and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">supporting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Paris Agreement goals, having set a mid-term intensity target that covers all our tubular operation</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: 1.2; margin: 10pt 0pt; text-indent: 0pt;"> &#8211; Scope 1, 2 and 3 for raw materials, including purchased steel,&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and intermill
transportation of unfinished products. </span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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 Board of Directors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approves our </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;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">climate change strategy</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;">reviews</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;"> progress </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quarterly</span><span style="font-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;"> Vice Chairman of the Board </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;">appointed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to oversee </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">climate-related issue</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;"> Major investments aligned with the </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;"> strategy are presented to the Board for approval, and the Board reviews and guides the strategy, annual budgets, and major capital expenditures related to climate change.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">particular risks to our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operations.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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 </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;">long-term vulnerability </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 most relevant industrial facilities to climate effects and physical climate risk, using the Intergovernmental Panel on Climate Change (</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;">IPCC</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;">) high-emissions Representative Concentration Pathway (</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;">RCP</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;">) 8.5 global warming scenario, which showed no </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">apparent </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">undue exposure to risks for which Tenaris is unprepared.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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> </p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">EAF producer</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All our steel is produced in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EAF</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> using recycled steel scrap as the primary source of metallic feedstock. We supplement the use of steel scrap with metallics such as pig iron, direct reduced iron (<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Yu Gothic Light'; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">&#8220;</span>DRI<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Yu Gothic Light'; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">&#8221;</span> ) 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="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Steel produced in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EAF</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> using a high proportion of scrap in the metallic charge has a lower carbon intensity than steel made using iron ore and metallurgical coal as primary feedstock. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">average 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 intensity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for our steel making sites is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.9 ton 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;">/ ton crude steel, which is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">less than 50% of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.9 ton 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;">/ ton steel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">average </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">global steel industry, according to worldsteel.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><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 greater than that of those manufactured with our own steel.</span> </p>
<p style="margin: 4pt 0pt 12pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Our&#160;Decarbonization Levers and Actions</span></p>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Scope</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Decarbonization Levers</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Description</span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Reducing the </span></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">carbon intensity </span></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">of our operations</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Increased Use of Recycled Steel Scrap</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">We are increasing the use of recycled steel scrap in our raw material mix, reducing the use of pig iron without compromising product quality.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Energy and Material Efficiency and Process Yield</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Energy and material efficiency is a cornerstone of our industrial culture, in which we continuously invest to improve operating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">practices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">and efficiency in the use of resources. </span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Renewable Energy Deployment</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Transitioning to zero-carbon emission electricity by implementing renewable energy projects and/ or acquiring zero-emission electricity.</span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Carbon Pricing and Regulatory Compliance</span></p> </td>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">We have used an internal carbon price since 2021 to evaluate investments in projects that could contribute to decarbonize our operations and monitor carbon pricing frameworks and trends globally and locally to identify regulatory mechanisms and assess transition risks and opportunities. </span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Adoption of New Technologies and Innovative Projects</span></p>
<p style="font-size: 9pt; line-height: 1.2; 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="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">We invest in best available technologies (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">BAT</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">), seeking to continuously modernize our facilities to improve efficiency, reduce emissions and environmental impact, enhance safety in our operations, and to prepare our facilities for the use of new technologies such as hydrogen when they become commercially available.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Training and raising awareness</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">We train leaders and employees on key environmental aspects to raise awareness and commitment towards sustainability. </span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Supporting the </span></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">decarbonization of </span></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 5.65pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">our value chain</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Supply Chain Optimization</span></p> </td>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Through our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> service, we synchronize production schedules and logistics to customer drilling operations, reducing inventories and redundant operations and shortening the supply chain, thus reducing emissions.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Supply Chain Transparency</span></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: 1.2;">We engage with our suppliers to gather climate change and carbon information about our main raw materials. This helps us include product-specific upstream emission factors in our inventory, improve the accuracy of our Scope 3 emissions reporting and identify opportunities for collaboration to reduce emissions.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Alternative Steelmaking Materials</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">We explore the use of alternative materials such as biomass or residues to replace coal and biogas thus replacing fossil fuels. </span></p> </td> </tr>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Products for the Low Carbon Energy</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">We invest in R&amp;D to develop products and services that will support the energy transition.</span></p> </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; font-weight: bold; line-height: inherit;">Reducing the carbon intensity of our operations</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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<sub>2</sub>O.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In February 2025, we restated the baseline for our medium-term emissions intensity reduction target, to include (i) the expanded perimeter of our operations from the acquisitions we have made since 2018, and (ii) intermill transportation of unfinished products, and to adopt more realistic emission factors for certain raw materials and include previously excluded raw materials, in line with discussions held at worldsteel. In particular, we are now including our recently acquired welded pipe operations in Saudi Arabia and pipe coating 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;"> We have made these adjustments to increase reporting transparency and clarity. The net effect of these multiple adjustments has been to increase the overall level of intensity we are reporting under our target and for our operations, with the 2018 baseline intensity increasing to 1.54 from 1.43 tons 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;">-eq per ton of steel processed. Up to 2024, a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15% reduction in 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;">-eq intensity from the revised 2018 baseline has been achieved.</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 the restatement of the emissions baseline please see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability Statement &#8211; Annexes &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Annex I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability Statement Accounting Policies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our target aligns directly with our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EMS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> objectives of mitigating climate change impacts and promoting sustainable practices within our operations. The target encompasses all our operational activities related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tubular activities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The target was set analyzing our main sources of emissions and evaluating the technologies and modifications we could implement to define an achievable target</span><span style="font-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 evaluated our intensity and how it compared to other competitors and steel producers. We considered also the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IEA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> iron &amp; steel technology roadmap issued in 2020 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in relation to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Paris agreement.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Definition of the target took into consideration a medium-term timeframe compatible with our intensity, global agreements to reduce GHG emissions,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">technologies that can be implemented </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">today at reasonable cost </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">according to the processes we perform and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">worldsteel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s sectoral approach and decarbonization pathways.&#160; </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Performance against disclosed targets is monitored</span><span style="font-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 and disclosed annually.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Metrics used include 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 intensity, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy intensity,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the percentage of renewable energy use. Progress is evaluated against initial plans, and trends or significant changes are analyzed to ensure continuous improvement.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any changes in targets, metrics, or underlying methodologies are documented and communicated transparently. This includes updates to significant assumptions, limitations, and data collection processes.</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;">Please see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability Statement &#8211; Annexes &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Annex I:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability Statement 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;">.</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">final </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 </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;"> strengthen our competitive position</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; font-family: 'Frutiger 45 Light';"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Million tons CO2-eq emissions: Tubular production and processing sites</span><br/></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>
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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;">2018</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;">2019</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;">2020</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>
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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;">2022</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;">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;">2024</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;">Scope 1</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;">2.1</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;">1.8</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;">1.2</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;">1.9</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;">2.1</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;">2.1</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;">2.0</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;">Scope 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;">1.1</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;">1.0</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;">0.6</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;">0.9</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;">1.1</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;">1.0</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;">0.9</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;">Scope 3</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;">4.4</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;">3.3</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;">1.9</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;">2.6</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;">3.3</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;">3.8</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;">3.4</span></p> </td> </tr> </tbody> </table>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 1 tons CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq: direct emissions.</span></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 2 tons CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq: market-based approach electricity emissions.</span></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 3 tons CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq: upstream category 1 emissions and category 9 intermill transportation.</span><br/></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="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: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;">The following graph shows the diff<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">erent </span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">decarbonization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;levers with which we plan to achieve our medium-term target.</span></p>
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<p style="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;">Over the past three years, we have increased capital investment in projects </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which contribute to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our decarbonization strategy and </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;">goals.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">These investments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">accounted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for 29%, 31% and 30% of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our total capital investments in 2022, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 2024, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, while a similar percentage is forecast for 2025</span><span style="font-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 total, our expenditure on such projects is expected to exceed $700 million over the 2022-25 period.</span></p>
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<p style="font-size: 10pt; 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;">Use of steel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">crap and alternative materials</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 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;">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 proportion of recycled scrap used as raw material in our steelmaking operations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reached</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">82</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 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. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024, we substantially reached our objective of reducing the use of pig iron in our metallic charge to minimum levels with the use of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">data science models to design the optimum charge to maximize scrap use while complying with steel quality standards and meeting other performance criteria.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To secure access to scrap of the requisite quality for use in our operations at these high levels, w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e are investing in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">various </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to using more scrap, we are also looking at increasing the recycling mix in, and reducing carbon emissions from, our steel furnace charge by using alternative materials where feasible. For example, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our steel shop in Romania is currently replacing part of the coal used in the steel process </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with recycled</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> waste plastics, today replacing around 30% 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;">coal used</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Renewable energy deployment</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Following an investment of $200 million, in October </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 began operating </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;"> wind farm in Argentina with an installed capacity of 103.2 MW</span><span style="font-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 p</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;">generated is delivered through the interconnected grid to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our industrial facilities in Campana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, where it provides around 50% of total electric power consumption</span><span style="font-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 are currently constructing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a second wind farm 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;">with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a $214 million investment</span><span style="font-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 winning </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;">priority connection rights to the interconnected grid. This investment is expected to be operative </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by the end of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2025</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;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ts output would meet </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a further</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> further</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 102,500 tons per year. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 12pt;"><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 in renewable energy include solar projects in Romania and Italy accounting for 30 MW installed capacity, while in Colombia, Mexico and 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;"> we are buying power from certified renewable sources either through particular contracts or certificates. We also signed a PPA in Italy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to cover</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;">small part</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the electricity we buy. 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;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consumption of renewable electricity accounted for </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;">of our </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;"> electric power consumption</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;"> our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> own generation and purchas</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;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, up from 12% in 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. We continue to explore other options for renewables in the different regions where we operate.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under a collaboration agreement between Tenaris,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;Snam&#160;S.p.A. <span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Yu Gothic Light'; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">&#8211;</span>one of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;Europe's main energy infrastructure operators<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Yu Gothic Light'; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span>, 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;">Tenova</span>&#160;-<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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> related company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that is a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> leading developer and supplier of sustainable solutions for the transition of the metallurgical industry<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Yu Gothic Light'; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span>, </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;"> Dalmine </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mill </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has been carrying ou</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;"> a test of hydrogen generation and use, with the aim of evaluating the performance and reliability of generating and using hydrogen in the steel industry and, more generally, in hard-to-abate sectors. The goal has been to use the hydrogen produced on site to fuel a burner recently developed by Tenova (100% H2 ready) and installed in a reheating furnace for seamless pipes. The trial that lasted for 6 months </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;">helped to define safety guidelines and plant management procedures, thus initiating the development of integrated solutions for the implementation of this type of technology.</span></p>
<p style="margin: 0px; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Energy efficiency measures</span></p>
<p style="margin: 0px; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a company dedicated to industrial excellence, prioritizing energy efficiency has long been central to our continuous improvement efforts<span>&#160;</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>&#160;</span>our investment</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;">. Our aim is to modernize production lines and equipment, while working continuously to improve<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operating<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">practices<span>&#160;</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>&#160;</span>reduce energy and material consumption.</span></p>
<p style="margin: 0pt 0pt 10pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024, w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e replaced one of our<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">two<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">steel furnaces at our<span>&#160;</span>Siderca<span>&#160;</span>mill in Argentina with<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a modern furnace incorporating<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy-efficient<span>&#160;</span>Consteel<sup>&#174;</sup> technology. This new furnace enables the continuous charging of scrap which is preheated with fumes produced during the melting process, th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">us</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>reducing electricity, natural gas and electrodes consumption compared to traditional batch-charging technologies. The new furnace started to operate in September 2024 after an investment of $80 million.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also revamped furnace</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;"> at our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Italian sites and have a furnace revamping project ongoing in Sault Ste Marie, Canada, while many other minor improvements have been implemented to reduce electricity and natural gas consumption.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Internal carbon price and financial considerations </span></p>
<p style="font-size: 10pt; 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-size: 10pt; line-height: 1.2; margin: 0pt;"><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;">facilitate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the achievement of our decarbonization targets and prepare for the potential adoption of additional carbon pricing mechanisms around the world, in 2021, we introduced an internal carbon price of a minimum of $80/ton. This internal carbon price is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">. The internal carbon price level was decided according to existing local and regional carbon prices and bibliography recommending levels of carbon price to foster the adoption of new technologies.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 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 Rystad Energy (&#8220;Rystad&#8221;). </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We pay particular attention 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;">historical record 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></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The transition from </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;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ongoing increase in demand for energy particularly in less developed countries</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 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>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Training and raising awareness</span></p>
<p style="font-size: 10pt; 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-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We place significant emphasis on training and communication to foster a culture of environmental responsibility. We train leaders and employees on key environmental aspects to raise awareness and commitment towards sustainability. We communicate our policies throughout the organization, train employees in the use of our EMS and engage them in setting, measuring, and revising objectives. </span></p>
<p style="margin: 10pt 0pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Supporting the decarbonization of our value chain</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We work closely with our value chain to identify opportunities for reducing carbon emissions. For instance, supply chain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">integration is a specific feature of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which aims to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> synchroniz</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;"> production schedules and logistics </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;"> customer drilling operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, thus reducing inventories and excess materials</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. We are also studying alternative steelmaking materials, such as biomass or residues to replace coal, or biogas to replace fossil fuels.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Through our R&amp;D and innovation efforts, we introduced Dopeless<sup>&#174;</sup> threads years ago as a solution to reduce pollution at drilling sites</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that is used primarily in offshore operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Combined with our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service, pipes arrive at the rig </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or port </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ready for immediate use, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">without </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the need for thread cleaning, inspection, and running dopes. This technology not only streamlines operations but also enhances environmental performance, helping our customers minimize their impact.</span><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our Sustainability Sourcing Policy will help us to </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;"> a better understanding of our suppliers&#8217; real emissions levels in order to identify further opportunities for improvement. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 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 started to use the Open</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-es</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;platform, inviting a first round of suppliers to join the platform to disclose their ESG practices. This initiative is framed within our Sustainable Sourcing Policy. We plan to continue asking more of our suppliers to join this platform to find options to collaborate and continue improving the sustainability performance</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of our value chain.</span></p>
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<p style="font-size: 10pt; 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;">Products for the energy transition </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><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, carbon capture use and storage projects, and geothermal installations. Over the past three years, we have increased our investments in R&amp;D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in this area</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, as they are expected to contribute a relevant revenue stream to the company in the future. We monitor global trends to estimate future energy needs within the context of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the energy transition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, where gas transmission networks will play an important role.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have seen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> growth in demand for large, high-pressure vessels used in the build out of hydrogen refueling stations for heavy-duty vehicles and buses. We have also </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> increasing interest in developing geothermal, waste-to-energy and CCS projects. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In particular, we recently received an order from Saudi Aramco for a CCS pipeline which will transport nine million tons of 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;"> from refinery and petrochemical operations for storage in depleted oil fields.</span></p>
<p style="margin: 4pt 0pt 2pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; break-after: avoid; break-inside: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Resilience<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">and adaptation</span></p>
<p style="margin: 12pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">regularly assess the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>resilience of our strategy and business model in relation to climate change, covering our own operations and including upstream and downstream value chain considerations.<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to the elements mentioned above, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">his analysis includes:</span></p>
<ul 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Board Oversight and Strategic Opportunities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: Our board of directors reviews the progress of our climate change strategy quarterly. We recognize that climate change presents both challenges and strategic opportunities, enabling us to strengthen our market leadership and explore new sales avenues.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Global Energy Transition Monitoring</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: We regularly assess global progress towards the energy transition, considering policies, regulations, technologies, and other developments that could impact our operations. This ongoing assessment helps us stay ahead of potential risks and opportunities.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Climate Risk &amp; Vulnerability Assessment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: We have conducted a climate risk &amp; vulnerability assessment using the IPCC high-emissions RCP 8.5 global warming scenario. This assessment has provided a risk map for our main facilities, allowing us to prioritize and implement measures to increase resilience to physical climate risks.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.25pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Customer Collaboration</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: We work closely with our suppliers and customers to support their sustainable sourcing policies, requiring detailed disclosure of climate change-related impacts. This collaboration ensures that our supply chain aligns with broader sustainability goals.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></li> </ul>
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<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cumulative Locked-in GHG Emissions from Key Assets and Sold Products</span></p>
<p style="margin: 12pt 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have evaluated the cumulative locked-in GHG emissions associated with our key assets from the reporting year until 2030 and 2050. This assessment includes the sum of estimated Scopes 1 and 2 GHG emissions over the operating lifetime of our active and planned key assets. These key assets include our industrial facilities,<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and equipment</span><span>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that are significant sources of direct or energy-indirect GHG emissions. Although our steel-making process is energy-intensive, we anticipate a reduction in indirect emissions as we transition to low- or zero-emission electricity sources.</span><br/></p>
<p style="margin: 12pt 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This trend is already underway<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">based on our projects<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and will be further supported by improvements in the electricity grids across the countries where we operate. In terms of Scope 1 emissions, the most significant contributors are those associated with natural gas use in our DRI plant, as well as the energy required to heat and process steel for pipe production. The availability and affordability of low emission energy resources, including CCS infrastructure and hydrogen, in quantities necessary for assuring production and at a competitive price would be needed to unlock Scope 1 emissions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 12pt 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 12pt 0pt; text-align: start; text-indent: 0px;">The use of steel pipe products does not <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">gen</span>erate CO</span><sub><span style="font-family: 'Frutiger 45 Light'; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2</span></sub><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>emissions directly, as they are a stable product. Fuel emissions occur during the combustion<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fuel,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;after pipes have been used</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>for the extraction of those fuels.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Oil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">field</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> services</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We recently started a relatively small business unit that is unrelated to our main businesses of manufacturing steel pipes and other steel products, which is reported under our &#8220;Others&#8221; segment. This business unit sells fracking and coiled tubes services to oil and gas companies operating in Argentina and involves the generation of 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;"> eq emissions mainly related to the use of energy to power the fracking equipment. These operations are usually performed in remote areas without access to a grid connection with diesel used to power equipment.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Emissions are majority of Scope 1 with a marginal participation of Scope 2 related to the power needed for offices.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">These emissions are not included in our target or calculation for steel and tubular intensity.</span> </p>
<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;">In 2024, 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;"> eq emissions for this business are estimated in:</span></p>
<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;">Scope 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;"> 64,262 tons.</span></p>
<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;">Scope 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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">49 tons.</span></p>
<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="Bq5_1222025232754880" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Air Quality</span></a></div>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Commitment</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To minimize emissions of fumes and particulates, contributing to good air quality in our operations and the communities where we operate. </span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Objectives</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Comply with local and internal emissions requirements.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Minimize</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions from steelmaking processes.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Reduce </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">volatile organic compounds </span><span style="font-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;">VOC</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;"> emissions related to our coating activities.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Apart from 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;">-eq emissions, the steelmaking process produces emissions from particulate matter and other pollutants that require control measures. Accordingly, we have defined corporate procedures that set strict limits on stack emissions and define monitoring requirements. Internal procedures have been drawn up according to the best technologies available to improve processes beyond legal compliance levels, as not all countries where we produce have the same requirements. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In our corporate procedure on air pollution management, we set internal limits for stack emissions, especially on particulate emissions, that are according to BAT</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;"> levels and monitored with continuous monitoring equipment that allows to track performance and identify opportunities to take preventive actions. This pollutant is one of the most relevant in an EAF operation. Other pollutants are evaluated through spot monitoring, also considered in our procedures and improvements are implemented when necessary. Abnormal events are managed as incidents according to our definition, investigated and improvement actions are defined. </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;">lease see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability Statement - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability in Tenaris - Policies and Procedures&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; break-after: avoid; break-inside: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Preventing, remediating and addressing impacts</span></p>
<p style="margin: 0pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our policies and procedures as well as our corporate internal targets regarding air quality align with best available control techniques, this way ensuring that we are able to define, evaluate and implement improvements on those<span style="line-height: inherit;">&#160;</span>criticalities<span style="line-height: inherit;">&#160;</span>going beyond legal compliance. This is applicable for air emissions particularly concerning dust, nitrogen oxide (</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;">NOx</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 style="line-height: inherit;">&#160;</span>VOCs. Our procedures consider point source emissions, diffuse and fugitives within the scope.</span></p>
<p style="margin: 0pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have defined corporate key performance indicators that are monitored routinely to define improvement plans when necessary. There are global indicators, according to the<span style="line-height: inherit;">&#160;</span>criticalities<span style="line-height: inherit;">&#160;</span>internally defined and performance is reported routinely to top management. Sites establish also their own indicators for proper follow up of local situations.</span></p>
<p style="margin: 0pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We use BAT</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 style="line-height: inherit;">&#160;</span>to reduce impact and prevent pollution. Investment projects include BAT evaluation to improve performance beyond local compliance criteria. Changes are defined according to performance and evolution of BAT</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 style="line-height: inherit;">&#160;</span>as well as results of improvements implemented.</span></p>
<p style="margin: 0pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our corporate and local<span style="line-height: inherit;">&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">targets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>plans are related to our commitment set in our QHSE policy of minimizing the environmental footprint of our activities, products and services. Targets are followed up and monitored on internal databases and reported to top management.</span></p>
<p style="margin: 0pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">By integrating these elements into our operations, we strive to prevent incidents and emergencies and mitigate their impact on people and the environment when they occur</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Our Actions</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the past years, we have made significant investments in controlling particulate emissions, including upgrading systems and technology at our sites in Tamsa in Mexico, while</span><span style="font-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 year</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: 1.2; margin: 10pt 0pt; text-indent: 0pt;"> was reinforced in Siderca in Argentina with the implementation of Consteel<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><sup><span>&#174;</span></sup> </span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">technology when </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">replacing one of our EAFs, and the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">modernization of our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Koppel US steel shop. Consteel<span style="color: #000000; font-family: 'Frutiger 45 Light'; 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;"><sup><span>&#174;</span></sup></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;technology ensures better emission management, as scrap is charged continuously without opening the top of the furnace.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are reinforcing preventive maintenance, controls and operating conditions to sustain the operation as required.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We continuously monitor particulate material in our steel shop stacks as this is the most relevant pollutant from the steel process in terms of air quality. Monitoring provides our maintenance areas with feedback so they can keep bag houses operating correctly. We have set internal particulate emissions standards for these processes. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All revamped furnaces </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;"> low NOx emission burners and new varnishing lines for pipes are using water-based products to minimize VOC emissions. We just started to operate a new water-based varnishing line in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our SPIJ facility </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in Indonesia.</span></p>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bq6_1222025232813141" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Water Management</span></a></div>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Commitment</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To ensure </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">effective</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management of water resources.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Objectives</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Minimize water intake, especially in water-scarce areas where we have water-intensive operations.</span></li>
<li style="font-family: Symbol; font-size: 10pt; li;line-height: 1.2; rgin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Meet water discharge quality targets.</span></li>
<li style="font-family: Symbol; font-size: 10pt; li;line-height: 1.2; rgin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Implement the best water-management technologies for new lines.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Water plays a major role in steel manufacturing processes, although little of it is consumed as most is reused or returned to source. Tenaris is aware of its responsibility for managing water resources efficiently and is constantly evaluating how best to conserve and reuse water. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our QHSE Policy includes a commitment to reduce our environmental footprint, including the use of water, and we have implemented procedures to ensure </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">effective</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management. Our corporate strategy includes evaluating the use of water at each place, the applicable requirements, potential sources of water, trends and future risks for each location. Based on evaluati</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ng the situation</span> <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;"> each location we can define improvement opportunities for reducing the environmental pressure on water resources whether this is on the use or quality. Our procedures cover all industrial sites and activities, products and services.</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;">lease 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;">Sustainability Statement - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability in Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; Policies and Procedures</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="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Preventing, remediating and addressing impacts</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In our corporate procedure on water management, we have established comprehensive measures to ensure the sustainable use and protection of water resources. These measures include:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 3pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mapping Potential Pollution Sources: We identify and map out potential sources of pollution to proactively manage and mitigate any risks to water quality.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 3pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Maintenance Programs for Water Treatment Systems: Regular maintenance programs are in place to ensure that our water treatment systems are functioning effectively and efficiently.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 3pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Monitoring Programs: Monitoring programs are implemented to track water usage and quality both of water getting into the system and discharge, allowing us to identify any issues promptly. Our procedure establishes pollutants of interest according to the process used at the location.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 3pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Improvement Actions: Based on the criticalities identified through our monitoring programs, we define and implement actions to improve water management practices.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 3pt 0.6pt; padding-left: -0.6pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Water Stress Risk Evaluation: We evaluate water stress risk for each of our locations. This evaluation helps us prioritize criticalities and establish actions to improve water management at sites facing higher risks.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are advancing </span><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;"> some sites </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 metering of water use, by main processes so to be able to identify improvement opportunities </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 use of water.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our procedure establishes a hierarchy level on the type of water to use at each location with a general approach, that is then validated locally according to water availability and competing uses on the area which may trigger different objectives in terms of water use.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To ensure the quality of water discharged, we regularly monitor effluent discharge to comply with local and internal standards. The type of treatment for effluent discharge is determined by the effluent type and destination, with most undergoing secondary physical-chemical treatments, especially in locations lacking adequate infrastructure. Our procedure establishes recommended methods for monitoring that are then validated according to local applicable requirements that often vary from country to country.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have defined metrics measuring the amount of water used per source and per ton of product. With this metric we are able to track the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">use</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of water at every location. Locally, each site measures quality of discharges to track compliance, based on these two main metrics we are able to set improvement actions when problems are detected. Water stress areas and future water risk evaluations are inputs to define the required improvement actions.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The process that is mo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">st</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> intensive in water use is the rolling process, as water is used to cool down the pipe during its production. In most of our sites, water is used in closed water systems, so water is recycled internally. Discharges are monitored according to applicable legal requirements and internal procedures which also establish limits.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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, state, provincial and national</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> laws</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;"> permit requirements concerning water management. These are relevant inputs considered when evaluating performance and potential improvements on water management. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">When new processes are added, water used is evaluated and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">BATs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are applied to ensure proper management, together with consideration on the future water risks for the area.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Water-stress areas</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We evaluate water stress levels at our facilities, especially those with high water-use rates for seamless pipe making, rolling and heat treatment, as processes for welded pipe and finishing plants use less water, in accordance with the World Resources<span>&#160;</span>Institute&#8217;s<span>&#160;</span>Aqueduct global water<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">risk mapping tool. Only 0.6% of our total water withdrawal is located in high to extremely-high water stress areas; 0.3% is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>located in medium to high stress areas, and around 99% is located in low / low-to-medium areas.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>Most of our more intensive water-use facilities lie in areas of low or medium water stress risk, according to the Aqueduct Water Risk Atlas, and these sites currently display high recycling rates. Our water management procedures cover all areas, including those dealing with high-water stress.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have also incorporated tools to map and evaluate climate related risks affecting the areas where we operate</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;"> water</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> related risks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> such as flooding</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;"> droughts, to evaluate adaptation measures </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that may be required</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at our locations.</span></p>
<p style="font-size: 10pt; 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;">Oceans and seas</span></p>
<p style="font-size: 10pt; 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="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have not adopted any policies specific to oceans and seas, as we do not have operations directly impacting oceans or marine resources. However, we do acknowledge that some discharges in rivers or lakes could eventually end up in the ocean. Our water </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">procedures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mentioned above aim at managing these risks.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Our Actions</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During the year, we modified our internal procedures to better acknowledge the potential impact of heavy rains in different locations and we included considerations for the analysis of modified and new buildings, as there are changes happening, we need to be prepared to collect more water in short periods of time and manage it on our installations.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are implementing 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;">investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> project in Sault Ste Marie to improve water treatment before discharge, and we have another project ongoing in Bay City for doing the same. </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;">Zalau</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</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;">, we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> implemented improvements on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">water</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> treatment, as well as </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;">Tamsa. We have approved a project in Siderca, Argentina to allow for a better water collection and management to reduce risk of flooding in an area of the site and also improve treatment of particular streams.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our products can also help our customers in their water management and use.</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;">, our Dopeless<sup>&#174;</sup> connections require no water for cleaning threads when in the field, while a standard dope thread needs between 10-20 liters of water per connection. </span></p>
<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="Bq7_1222025232832230" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Circularity</span></a></div>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Commitment</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To implement circular economy concepts throughout our industrial system.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Objectives</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Maximize recycling rates at our facilities.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Maximize scrap availability and use.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Reduce the amount of materials sent to landfill by reducing generation, reusing and recycling, including revalorization.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Minimize pollution.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our QHSE Policy </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> frame</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">work</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;"> improv</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ements</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;"> resource management, circular economy and material efficiency. According to our management system structure and objectives, we have established internal procedures to regulate the material, waste and chemicals management.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Pl</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ease 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;">Sustainability Statement - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability in Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; Policies and Procedures</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: 10pt; 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; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a process of continuous improvement, we look for opportunities to reduce consumption, select better materials, reuse and recycle internally or externally and finally decrease the amount of wastes generated and sent to landfill.&#160;</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; 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-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our waste management procedure </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="background-color: #ffffff;">sets guide</span>lines to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ensur</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;"> that we minimize environmental impact and promote sustainability. Here&#8217;s how our procedure addresses each stage:</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Prevention: </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 prioritize the minimization of waste generation by implementing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">BATs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in our CAPEX projects. This includes new manufacturing lines, processes, and revamping existing ones. We aim to reduce waste at source </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;"> projects </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;">implement. We evaluate wastes generated at our normal activities to identify waste streams looking to minimize generation.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Preparing for Re-use: </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 evaluate our processes to find opportunities to re-use materials and waste, both internally or externally in other industrial processes. Our procedure includes stringent rules for the storage of products and wastes, which help in maintaining their quality for potential re-use.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Recycling: </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 have set internal indicators, and we follow up generation of waste looking to reduce generation, reuse them whenever possible and recycle, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mak</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing disposal a last reso</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Other Recovery: </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 use other recovery options, such as energy recovery, to make use of waste that cannot be prevented, re-used, or recycled. This is part of our broader commitment to us</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;"> natural resources and energy efficiently</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;">contribut</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;"> to the circular economy.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disposal: we ensure that waste disposal is conducted in a manner that minimizes environmental impact. Disposal activities are performed with authorized companies according to applicable local requirements.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">ignificant resources and effort</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 dedicated</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;">identify</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> recovery, reuse and recycling opportunities and finally decrease the amount of waste sent to landfills.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are committed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">working with our suppliers to improve sustainable business practices, assisting them to identify risks and opportunities, providing training, sharing knowledge and raising awareness, and, in general, working together to improve the sustainability of our supply chain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and our business</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; color: #000000;">Our Actions</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Recycling scrap </span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As we produce steel using EAFs</span><span style="font-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 use of recycled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">scrap is a key aspect of our operations. We have implemented practices to increas</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;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">use</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;">recycled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">scrap. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The use of r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecycl</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;"> sc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ra</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">p reduces the use of virgin materials (like iron or coal), reduces 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 related to the steel process </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;"> enhances circularity.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a permanent resource, steel is fundamental to achieving a circular economy: it can be recycled infinitely without losing any of its properties. This is a way of saving energy, in addition to iron, coal and other materials, as well as producing less 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, and preventing useful material from ending up in landfill as waste. We focus on several key areas to ensure efficient resource inflows, outflows, and circular product design.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">We rely heavily on scrap recycling w</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">h</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">ich is also shown on the </span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">recycling rate</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> for our steel which </span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">reached</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 82% in 2024.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investing significant amounts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in scrap management, </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 Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, but also in Romania and Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In order to increase steel production based on scrap, internal models have been developed to support </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">higher use of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">scrap</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;">less</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pig iron</span><span style="font-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;">maintaining product </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quality. Scrap </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">often contains</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> impurities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, particularly copper,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that pose a risk for cleaner steel production. </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;"> careful</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ly</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> evaluat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e our sources</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of scrap to minimize 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;"> risk of impurities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and to reduce</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the need for</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">purer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> iron sources </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;"> pig iron. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><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;">, the quantity of scrap that can be sourced locally is limited. Thus, to complement locally-sourced scrap in the steel charge, we</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">process iron ore pellets into</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;"> on site using natural gas to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">complete</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the metal charge necessary for operations. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Material management</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Production phase</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><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;">are also</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exploring the use of alternative materials </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in our steel furnaces. In Romania, we are participating in the Retrofeed program to test alternative materials for steelmaking and are now using plastic wastes to partially replace coal. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As another example, in our facility 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;"> where we produce our own plastic thread protectors</span><span style="font-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 moved from 30% content of recycled plastic to 60% in average. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We reuse and recycle residue and co-products to cut waste: in 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><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 disposal </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;"> 9.</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;">%.</span> </p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have maintained reuse and recycling rates for our co-products, with higher volumes for slag, followed by scale and iron fines. Slag, the major waste co-product, is reused and recycled in areas such as building materials, fillers, road surfacing, and concrete, while scale, the second co-product, is used in cement processing or by other steel companies. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our industrial operations in Brazil, Italy, Mexico, Romania and the UK have achieved waste recycling rates of over 90% (excluding scrap), the result of continuous efforts to minimize waste generation and landfill as a treatment method.</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also continue with our thread protector recycling program in many regions where we operate, reusing or recycling plastic protectors to make new ones or other plastic products.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Use phase</span></p>
<p style="font-size: 10pt; 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="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During the use phase, our experts work closely with customers to maximize operational safety and minimize environmental impact. By optimizing the use and service life of materials, we ensure that less material is needed, transported, and handled, resulting in a lower overall impact. We have implemented recycling services focused on plastic protectors to minimize the loss of packaging material. Recovered thread protectors can be used to produce new protectors at our facilities, or they are cleaned, shredded and used to produce new plastic products. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">End of functional life</span></p>
<p style="font-size: 10pt; 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="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At the end of a product's functional life, our focus on recycling and reusing materials ensures that they are not wasted. This approach aligns with our goal of achieving a circular economy by promoting reuse, repair, refurbishing, remanufacture, repurposing, and recycling. </span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have achieved a high level of material efficiency (a worldsteel indicator), reaching 98.8% in 2024 for our steel sites, which is above the industry average, according to worldsteel. This efficiency is a result of our efforts to reuse and recycle residues and co-products, thereby cutting waste.</span></p>
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<div 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-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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="#" id="BBiodiv11_282202510261201" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Biodiversity</span></a></div>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Biodiversity<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has not been identified as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>a material topic for our company, but we acknowledge that its connection to climate change and pollution is gaining global significance as awareness grows about the impact of business activities and climate change on plant and animal diversity.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are improving our management and governance approach to acknowledge and address the impacts on biodiversity and climate change and conduct targeted activities in specific regions to engage with and contribute to local ecosystems.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We conducted an assessment to identify if our sites are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> located within or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">close to key biodiversity areas. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The assessment was conducted for all of our steel production sites around the world as well as our downstream processing sites on biodiversity, applying online platform on Biodiversity Risk Filter from World Wildlife Fund</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8203;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(&#8220;WWF&#8221;) and Key and Protected biodiversity data.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We identified two industrial </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;"> less than 10 km </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">away </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from key biodiversity areas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: Qingdao and Calarasi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. One of them is a steel shop located in Calarasi Romania that is under the European program Nature 2000. The other is located in China, where Tenaris has a finishing facility with low impact on these topics as it is a line with low environmental risks. In Romania, the site </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as required by local authorities if endangered species are identified within the facility on one side, and on the other the site has an implemented environmental management system, externally certified, to ensure environmental footprint is evaluated and key aspects are identified to be improved along the years. Affected species were identified also for other sites, that may be close to critical areas for being known internally and to develop awareness among our employees. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Actions</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Argentina, Tenaris signed an agreement with the Rewilding Argentina foundation in 2021 to work together in partnership to conserve and restore local fauna in different projects throughout Argentina. These include the Esteros del Ibera reserve in Northeast Argentina, El Impenetrable in the North, and two areas in Patagonia. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Rewilding Argentina is part of the Tompkins Conservation organization, whose work in Esteros del Ibera to create a successful conservation model was ranked by the National Geographic Society as one the top seven best projects of its kind in 2020. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris contributes by supplying pipes to build corrals, bridges or cages to support efforts to reintroduce local fauna such as ocelots, jaguar, giant otter and several local bird species. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the &#8220;Ciervo de los Pantanos&#8221; National Park neighboring Siderca, Tenaris has provided support for local technical school students to build sustainable domes aimed at encouraging schoolchildren to participate in the educational activities organized by the National Park.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At&#160;Siderca&#160;we are undertaking an evaluation of flora in order recreate a corridor for native flora. </span></p>
<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;">Other sites have implemented biodiversity initiatives, in general together with local NGOs or authorities to better define potential contributions. For example, in the United States, our Bay City mill is developing a plan to manage wild deer in the area while developing volunteer programs.</span></p>
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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="BSQ2_1522025155425884" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">EU Taxonomy (Article 8 of Regulation (EU) 2020/852)</span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following information is provided in accordance with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council, as supplemented by Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021, Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021, Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022, Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 and Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(collectively, the &#8220;Taxonomy Regulation&#8221;).</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s 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, or OCTG used in oil and gas drilling operations, and line pipe used in the transportation and processing of oil and gas as well as for other industrial applications. Our processes include steel manufacturing and its transformation into tubular products.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Business activities included in this segment are largely dependent on the oil and gas industry worldwide, as this industry is a major consumer of steel pipe products.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Major oil and gas companies are adapting their strategies and increasing their investments in renewable energies to address the energy transition while maintaining their capability to meet market demand and reduce the emissions from their operations.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As the energy transition advances, demand for our products and services for low-carbon energy applications, such as geothermal, hydrogen and </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;">, is expected to increase, while demand for oil and gas applications may decrease.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, as part of our efforts to address climate change, we are investing in adapting our operations in line with our target to reduce their carbon emissions intensity rate by 30% by the year 2030, compared to a 2018 baseline.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The steel we manufacture to produce seamless pipe products is&#160;produced in EAFs using recycled steel scrap as the primary source of metallic feedstock. Steel produced in&#160;EAFs<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;"><span>&#160;</span>using</span> a high proportion of scrap in the metallic charge has a substantially lower carbon intensity than steel produced using iron ore and metallurgical coal as the primary feedstock.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On the other hand, to produce welded steel pipe products, we purchase steel coils and steel plates from third parties</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, much of which is produced in blast furnaces</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Identification and assessment of economic activities</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Taxonomy eligibility</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have examined all the economic activities carried out by Tenaris and have identified the following two activities as taxonomy-eligible economic activities, in accordance with the Taxonomy Regulation:</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1) 3.9 Manufacture of iron and steel, Nace Code C24.20 Manufacture of tubes, pipes, hollow profiles and related fittings, of steel (&#8220;steel tubes manufacturing&#8221;); <span style="font-style: italic;">and</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2) 4.3 Electricity generation from wind power, Nace Code D35.11 Production of electricity (&#8220;wind power electricity generation&#8221;).</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Taxonomy alignment</span></span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Substantial contribution</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; text-indent: 0pt;">&#160;</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An economic activity is taxonomy-aligned if it complies with technical screening criteria of<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">substantial contribution<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to one of the six environmental objectives and<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Do No Significant Harm<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;DNSH&#8221;)<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of any of the other five. Additionally, the company shall prove its alignment with the minimum safeguards.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For fiscal year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we have concluded that both taxonomy-eligible activities performed by Tenaris&#8212; steel tubes manufacturing and wind power electricity generation&#8212;substantially contribute to climate change mitigation (</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;">CCM</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;">) based on the technical screening criteria for substantial contributions to CCM, set forth in the Taxonomy Regulation as described below: </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Steel tubes manufacturing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: According to the technical screening criteria set out in Annex I of the Commission Delegated Regulation (EU) 2021/2139, the activity &#8220;3.9. Manufacture of iron and steel&#8221; contributes to CCM if the activity complies with one of the following technical screening criteria: </span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GHG emissions applied to electric arc furnace (EAF) high alloy steel do not exceed = 0.266116 t 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;">-eq product (Scopes 1 + 2), <span style="font-style: italic;">and/or</span>; </span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Steel scrap input relative to product output is no lower than 70% for the production of high alloy steel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris can demonstrate compliance with the second criterion of steel scrap input relative to product output, as it manufactures steel in EAF producing high alloy steel, and the steel scrap proportion at the consolidated level is higher than 70%. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As explained above, we only produce steel required to manufacture our seamless steel pipe products, whereas in order to make our welded steel pipe products, we purchase steel coils and steel plates from third parties. Therefore, for the alignment analysis, we have excluded welded tubular products because we lack information regarding the steel purchased from third parties, for the purposes of ensuring taxonomy alignment. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Wind power electricity generation: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">this activity generates electricity from wind power and contributes to reducing Scope 2 emissions.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Do No Significant Harm (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">DNSH</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; font-style: italic; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have analyzed the DNSH criteria for both taxonomy-eligible activities that contribute substantially to CCM by assessing those sites where we perform those economic activities.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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 have conducted an assessment of all the DNSH criteria. The rationale for our compliance with the DNSH regarding our tubes manufacturing activities is given below.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="text-decoration: underline;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Climate change adaptation</span></span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Regarding the DNSH for Climate Change Adaptation, a physical climate risk assessment was performed in 2023 in accordance with the Taxonomy Regulation.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The DNSH for Climate Change Adaptation requires the company to perform a Climate Risk and Vulnerability Assessment to establish the adaptation capacity of its economic activity according to the climate scenarios defined by the IPCC up to 2050. This assessment varies in line with the lifespan of the activity according to the best available methodology for Climate Risk and Vulnerability Assessment.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Risk assessment is conducted by taking into consideration exposure, climate hazards, and the vulnerability of the economic activity.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Firstly, we identified the climate risks for a selection of Tenaris&#8217;s main assets in different scenarios, and for different time horizons. This part of the assessment also provided us with ratings for the different climate hazards at each location.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Secondly, we selected the assets with a high level of climate hazard gravity and likelihood in accordance with climate projections and regional scenarios. For these seamless pipe manufacturing plants, which are eligible for EU Taxonomy, we performed a full Vulnerability Assessment.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Thirdly, we assessed the vulnerability of these assets with regard to the climate risks identified. This resulted in a list of potential consequences arising from the climate events, and severity scores qualifying these consequences.</span> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The last step consisted of building a Risk &amp; Vulnerability Matrix to serve as a basis to determine the need for an adaptation solution plan. Overall physical risk scores were obtained by multiplying likelihood scores (ratings) and severity scores.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Climate Risk &amp; Vulnerability Assessment concludes that none of the sites requires an adaptation plan for any of the climate risk categories under the RCP 8.5 scenario in 2050. Indeed, the highest overall physical score is 12 (medium) for the wind risk at Tamsa.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="text-decoration: underline;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainable use and protection of water and marine resources</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has procedures in place covering water use and protection. These include mapping potential pollution sources, implementing maintenance programs for water treatment systems, monitoring programs and defining improvement actions depending on the criticalities identified. Water stress risk is evaluated for each location, allowing Tenaris to prioritize criticalities for different sites and establish the definition and implementation of actions to improve water management. Furthermore, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">83%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of our production sites are working under management systems certified according to ISO standards. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="text-decoration: underline;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pollution prevention and control</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris possesses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">all the requisite EU and national legal authorizations indicated for the use of chemical substances, including some&#160;carcinogenic, mutagenic or reprotoxic (&#8220;CMR&#8221;), applicable to its manufacturing process for seamless steel pipes according to local applicable requirements. In its current formulation, Appendix C does not provide any concentration limits, except for point (a) and (b).</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The criterion in point (g) aims to broaden the list of substances to which Appendix C potentially applies. It seeks to identify substances&#8212;whether on their own, in mixtures or making up an article&#8212;that meet the criteria outlined in Article 57 of&#160;<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;">Registration,
Evaluation, Authorisation and Restriction of Chemicals (&#8220;REACH&#8221;)</span> </span> but are not yet included in the Candidate list, which makes it challenging for Tenaris to map unauthorized substances. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Moreover, the requisites deemed &#8220;essential for society&#8221; or of &#8220;essential use&#8221; have no legal definition. In an official note published in December 2022, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> claimed that it was drawing up a document to clarify the application of the requisite in question. However, as of the date of this report, no official document has been issued on the matter. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The compliance rationale adopted by Tenaris is aligned with one of the &#8220;essential for society&#8221; criteria enshrined in the Montreal Protocol. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This is the same as the one cited by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as reference, whereby all economically feasible steps have been taken to minimize the essential use and any associated emission of the controlled substance.</span> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="text-decoration: underline;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Protection and restoration of biodiversity and ecosystems</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As previously explained, 83% of our production sites, including our major sites, are working under</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management systems certified according to ISO standards. Main sites were evaluated to determine if they are located within key biodiversity areas. Our analysis showed that none of our major sites, including steel processing and/or rolling mills lie </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inside</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> these areas. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The sites located near Key Biodiversity Areas have implemented controls on environmental aspects that may impact on these aspects. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Similarly, the wind farm meets the different DNSH criteria. As it is located onshore, Tenaris is not required to perform any assessment with regard to water protection. In terms of the circular economy objective, the wind turbines components are durable and resistant, and their output has a material efficiency </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of 90%.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The components of the wind turbines are also highly recyclable. Finally, the wind farm is not located in or near any key biodiversity area, and therefore does not require any specific assessment. However, this aspect is included in the local environmental permits for the wind farm</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a particular evaluation for potential impacts was performed for obtaining the license for the site.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Minimum Safeguards (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">MS</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; font-style: italic; line-height: inherit;">)</span></p>
<p style="font-size: 10pt; 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="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The final step for determining taxonomy alignment is compliance with minimum safeguards to ensure that the company has adopted procedures implemented to ensure the alignment with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has adopted adequate policies and procedures to ensure that both taxonomy-eligible activities comply with the MS.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We understand that conduct of business by our employees, officers and directors, as well as by other participants along our value chain, plays a central role in complying with MS. Our Code of Conduct includes provisions covering, among other topics, human rights, corruption and bribery, taxation and fair competition. Throughout this report (in particular in our &#8220;Governance&#8221; chapter), we describe in detail our commitment, objectives and actions to ensure a corporate culture of transparency and integrity, based on ethical behavior and compliance with the law.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Key performance indicators (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">KPIs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">) </span></p>
<p style="font-size: 10pt; 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;">Definition and calculation of KPIs </span></p>
<p style="font-size: 10pt; 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="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">KPIs required to be disclosed in connection with taxonomy-eligible and taxonomy-aligned activities have been calculated based on the accounting policies applied in the consolidated financial statements, prepared in accordance with IFRS.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 12pt 0pt 8pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total turnover</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Turnover KPIs represent the proportion of net turnover derived from products or services that are taxonomy-eligible, and the proportion of net turnover derived from products or services that are taxonomy-aligned.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Taxonomy eligibility:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;all sales derived from our Tubes segment have been considered as taxonomy-eligible:</span></p>
<ul style="color: #000000; font-family: 'times new roman', times; 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-size: 13.3333px; background-color: #ffffff;">
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">numerator: sales derived from the Tubes segment.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">denominator: total sales as disclosed in the consolidated income statement.</span></li> </ul>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>140</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Taxonomy alignment:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;revenues derived from the sale of seamless tubular products have been considered taxonomy-aligned (based on the applicable technical screening criteria). We have excluded revenues derived from sales of welded tubular products because we lack information with respect to the steel purchased from third parties for the production of welded pipes, for the purposes of ensuring taxonomy alignment.</span></p>
<ul 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">numerator: sales of seamless tubular products.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">denominator: total sales as disclosed in the consolidated income statement.</span></li> </ul>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further information on our turnover calculations, please refer to note II. S &#8220;Accounting policy &#8211; Revenue Recognition&#8221; in our consolidated financial statements for the year ended December 31, 2024.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Capital expenditures</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CapEx KPIs represent the proportion of capital expenditures in taxonomy-eligible activities and the proportion of capital expenditures in taxonomy-aligned activities. CapEx includes taxonomy-eligible investment which is part of a plan to upgrade a taxonomy-eligible activity into a taxonomy-aligned activity; for example, the construction of our wind farms in Argentina.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Taxonomy eligibility: </span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">numerator: capital expenditures for the Tubes segment.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">denominator: aggregate capital expenditures disclosed in the consolidated statement of cash flow.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Taxonomy alignment: </span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">numerator: capital expenditures in our seamless tubular products production facilities plus capital expenditures for the construction of our wind farms in Argentina, plus other investments in environmental and energy saving projects.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">denominator: aggregate capital expenditures disclosed in the consolidated statement of cash flow.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further information about capital expenditures calculations, please refer to &#8220;Information on the Company &#8211; Business Overview - Capital Expenditure Program&#8221; in this annual report.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Operating expenditures</span></span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">OpEx<span>&#160;</span>KPIs<span>&#160;</span>represent the proportion of operating expenditures in taxonomy-eligible activities and the proportion of operating expenditures in taxonomy-aligned activities.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>141</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">OpEx KPIs are calculated as follows: </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Taxonomy eligibility: </span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">numerator: maintenance expenses plus research and development expenditures corresponding to the Tubes segment cost of sales.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">denominator: maintenance expenses plus research and development expenditures on a consolidated basis.</span></li> </ul>
<p 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; line-height: inherit;">Taxonomy alignment:</span></p>
<ul style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;">
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; text-indent: 0pt;">numerator: maintenance expenses plus research and development expenditures made at our seamless tubular products production facilities&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; marg; ing-left: 8.4pt;">and at our wind farm
in Argentina. </span></span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; marg;margin: 0pt 0pt 0pt 0.6pt; ing-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">denominator: maintenance expenses plus research and development expenditures on a consolidated basis.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further information about our OpEx calculations, please refer to note II. T &#8220;Accounting policy &#8211; Cost of sales and other selling expenses&#8221; in our consolidated financial statements for the year ended December 31, 2024.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';">EU Taxonomy KPIs: sales (turnover), investment expenses (CapEx) and operating expenses (OpEx).</p>
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<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><b><span style="color: #000000;">EU Taxonomy KPIs</span></b></span></p> </td>
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<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><b><span style="color: #000000;">2024</span></b></span></p> </td>
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<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><b><span style="color: #000000; font-family: 'Frutiger 45 Light';">2024</span></b></span></p> </td> </tr>
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<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><b><span style="color: #000000;">Millions of U.S. dollars</span></b></span></p> </td>
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<p style="text-align: center; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><b><span style="color: #000000;">Share %</span></b></span></p> </td> </tr>
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<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><b><span style="color: #000000;">Total sales (turnover)</span></b></span></p> </td>
<td valign="bottom" style="border-top: none; border-left: 1.5pt solid white; border-bottom: none; border-right: 1.5pt solid white; background: #f2f2f2; padding: 0in 5.4pt; height: 12px; width: 20%;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>12,524 </span></p> </td>
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<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">100%</span></p> </td> </tr>
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<p style="text-indent: 9pt; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">of which taxonomy-eligible</span></p> </td>
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<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>11,907 </span></p> </td>
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<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">95%</span></p> </td> </tr>
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<p style="text-indent: 9pt; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">of which taxonomy-aligned</span></p> </td>
<td valign="bottom" style="border-top: none; border-left: 1.5pt solid white; border-bottom: 1pt solid windowtext; border-right: 1.5pt solid white; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>9,832 </span></p> </td>
<td valign="bottom" style="border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1.5pt solid white; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">79%</span></p> </td> </tr>
<tr style="height: 12px;">
<td valign="bottom" style="padding: 0in 5.4pt; height: 12px;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><b><span style="color: #000000;">Total investment expenses (CapEx)</span></b></span></p> </td>
<td valign="bottom" style="border-top: none; border-left: 1.5pt solid white; border-bottom: none; border-right: 1.5pt solid white; background: #f2f2f2; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>694 </span></p> </td>
<td valign="bottom" style="border: none; background: #f2f2f2; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">100%</span></p> </td> </tr>
<tr style="height: 12px;">
<td valign="bottom" style="padding: 0in 5.4pt; height: 12px;">
<p style="text-indent: 9pt; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">of which taxonomy-eligible</span></p> </td>
<td valign="bottom" style="border-top: none; border-left: 1.5pt solid white; border-bottom: none; border-right: 1.5pt solid white; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>690 </span></p> </td>
<td valign="bottom" style="border: none; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">99%</span></p> </td> </tr>
<tr style="height: 12px;">
<td valign="bottom" style="border: none; padding: 0in 5.4pt; height: 12px;">
<p style="text-indent: 9pt; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">of which taxonomy-aligned</span></p> </td>
<td valign="bottom" style="border-top: none; border-left: 1.5pt solid white; border-bottom: 1pt solid windowtext; border-right: 1.5pt solid white; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>553 </span></p> </td>
<td valign="bottom" style="border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1.5pt solid white; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">80%</span></p> </td> </tr>
<tr style="height: 12px;">
<td valign="bottom" style="padding: 0in 5.4pt; height: 12px;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><b><span style="color: #000000;">Total operating expenses (OpEx)</span></b></span></p> </td>
<td valign="bottom" style="border-top: none; border-left: 1.5pt solid white; border-bottom: none; border-right: 1.5pt solid white; background: #f2f2f2; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>518 </span></p> </td>
<td valign="bottom" style="border: none; background: #f2f2f2; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">100%</span></p> </td> </tr>
<tr style="height: 12px;">
<td valign="bottom" style="padding: 0in 5.4pt; height: 12px;">
<p style="text-indent: 9pt; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">of which taxonomy-eligible</span></p> </td>
<td valign="bottom" style="border-top: none; border-left: 1.5pt solid white; border-bottom: none; border-right: 1.5pt solid white; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>498 </span></p> </td>
<td valign="bottom" style="border: none; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">96%</span></p> </td> </tr>
<tr style="height: 12px;">
<td valign="bottom" style="border: none; padding: 0in 5.4pt; height: 12px;">
<p style="text-indent: 9pt; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">of which taxonomy-aligned</span></p> </td>
<td valign="bottom" style="border-top: none; border-left: 1.5pt solid white; border-bottom: 1pt solid windowtext; border-right: 1.5pt solid white; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160; </span>415 </span></p> </td>
<td valign="bottom" style="border-top: none; border-left: none; border-bottom: 1pt solid windowtext; border-right: 1.5pt solid white; padding: 0in 5.4pt; height: 12px;">
<p style="text-align: right; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; color: #000000;">80%</span></p> </td> </tr> </tbody> </table>
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<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>142</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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<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="height: 373.988px; border-collapse: collapse; width: 100%; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tbody>
<tr style="height: 15px;">
<td colspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 24.6519%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td colspan="6" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; width: 28.0098%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; text-align: center; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Substantial Contribution Criteria</span></td>
<td colspan="6" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; width: 28.0098%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; text-align: center; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">DNSH criteria ('Does Not Significantly Harm')</span></td>
<td style="width: 4.8321%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="width: 4.7502%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="width: 4.9959%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 9.9875px;">
<td rowspan="4" style="border-bottom: 1pt solid black; height: 93.9875px; border-top: none; width: 10.8108%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Economic Activities</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.5045%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Code</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">2024 Turnover</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.7502%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Proportion of Turnover</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.7502%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Climate Change Mitigation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.8321%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Climate Change Adaptation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.2588%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Water</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Pollution</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Circular Economy</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.9959%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Biodiversity and ecosystems</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.7502%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Climate Change Mitigation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.8321%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Climate Change Adaptation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.2588%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Water</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Pollution</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Circular Economy</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.9959%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Biodiversity</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 4.8321%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Minimum Safeguards</span></td>
<td style="width: 4.7502%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom" rowspan="4"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Taxonomy aligned</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">proportion</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">of total Turnover,</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">year 2023</span><br/></td>
<td style="width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom" rowspan="4"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Category</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">(enabling</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">activity)</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span><br/></td>
<td style="width: 4.9959%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 93.9875px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom" rowspan="4"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">Category</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">(transitional</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">activity)</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span><br/></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 1.08696%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 1.08696%;"><br/></td> </tr>
<tr style="height: 50px;">
<td style="height: 50px; width: 1.08696%;"><br/></td> </tr>
<tr style="height: 18px;">
<td rowspan="2" style="border-bottom: 1pt solid black; height: 41px; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; width: 10.8108%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Turnover</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; width: 4.5045%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: none; border-image: initial; text-align: center; height: 18px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Millions,</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">E</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; height: 41px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">T</span></td> </tr>
<tr style="height: 23px;">
<td style="height: 23px; width: 4.5864%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">U.S. Dollars</span></td> </tr>
<tr style="height: 22px;">
<td colspan="3" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 22px; width: 19.9017%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">A. TAXONOMY-ELIGIBLE ACTIVITIES</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 22px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">95%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="8" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 43.0794%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">A.1. Environmentally sustainable activities (Taxonomy-aligned)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; width: 10.8108%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Manufacture of iron and steel</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5045%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">CCM 3.9</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">9,832</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">79%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">79%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">T</span></td> </tr>
<tr style="height: 56px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 56px; width: 15.3153%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">9,832</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">79%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">79%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">79%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 56px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">79%</span></td> </tr>
<tr style="height: 22px;">
<td colspan="8" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 22px; width: 43.0794%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; width: 10.8108%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Manufacture of iron and steel</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5045%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">CCM 3.9</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">2,076</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">17%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">16%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 24px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 24px; width: 15.3153%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 24px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">2,076</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 24px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">17%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 24px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">17%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 24px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">16%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 24px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 15.3153%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Total (A.1+A.2)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">11,907</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">95%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">95%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: bottom; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">95%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 24.6519%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">B. TAXONOMY-NON-ELIGIBLE ACTIVITIES</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 10px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 10px; width: 15.3153%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Turnover of Taxonomy-non-eligible activities</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 10px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">616</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 10px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">5%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 15.3153%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">Total (A+B)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">12,524</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.2588%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.8321%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.7502%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.5864%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 4.9959%; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt;">&#160;</span></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>143</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<table border="0" cellpadding="0" cellspacing="0" width="100%" style="height: 435px; border-collapse: collapse; width: 100%; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tbody>
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<td colspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 326.562px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td colspan="6" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; width: 351.422px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; text-align: center; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Substantial Contribution Criteria</span></td>
<td colspan="6" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; width: 351.422px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; text-align: center; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">DNSH criteria ('Does Not Significantly Harm')</span></td>
<td style="width: 57.3281px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 57.0625px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 55.7031px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 58.5px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
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<td rowspan="4" style="border-bottom: 1pt solid black; height: 81px; border-top: none; width: 150.016px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; background: white; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Economic Activities</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 55.125px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Code</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 55.25px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">2024&#160;CapEx</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 57.1719px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Proportion of CapEx</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 56.75px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Climate Change Mitigation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 57.4375px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Climate Change Adaptation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 52.9219px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Water</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 55.4688px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Pollution</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 55.7031px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Circular Economy</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 58.1406px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Biodiversity and ecosystems</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 56.75px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Climate Change Mitigation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 57.4375px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Climate Change Adaptation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 52.9219px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Water</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 55.4688px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Pollution</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 55.7031px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Circular Economy</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 58.1406px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Biodiversity</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext black; width: 57.3281px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Minimum Safeguards</span></td>
<td style="width: 57.0625px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" rowspan="4" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Taxonomy aligned</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">proportion</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">of total CapEx,</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">year 2023</span><br/></td>
<td style="width: 55.7031px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" rowspan="4" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Category</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">(enabling</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">activity)</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">&#160;</span><br/></td>
<td style="width: 58.5px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 81px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom" rowspan="4"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Category</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">(transitional</span><br/><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">activity)</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">&#160;</span><br/></td> </tr>
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<td style="height: 25px;"><br/></td> </tr>
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<td style="height: 31px;"><br/></td> </tr>
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<td rowspan="2" style="border-bottom: 1pt solid black; height: 41px; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; width: 150.016px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CapEx</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; height: 41px; width: 55.125px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 55.25px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: none; border-image: initial; text-align: center; height: 18px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Millions,</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">E</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; text-align: center; height: 41px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">T</span></td> </tr>
<tr style="height: 23px;">
<td style="height: 23px; width: 55.25px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">U.S. Dollars</span></td> </tr>
<tr style="height: 22px;">
<td colspan="3" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 22px; width: 266.391px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">A. TAXONOMY-ELIGIBLE ACTIVITIES</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 22px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">99%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 22px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 22px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 22px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 22px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 22px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 22px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="8" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 561.141px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">A.1. CapEx of environmentally sustainable activities (Taxonomy-aligned)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; width: 150.016px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Electricity generation from wind power<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.125px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CCM 4.3</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.25px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">43</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">6%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">16%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 15px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; width: 150.016px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Manufacture of iron and steel<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.125px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CCM 3.9</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.25px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">510</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">74%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">61%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">T</span></td> </tr>
<tr style="height: 56px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 56px; width: 208.141px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 55.25px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">553</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">80%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">80%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">77%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 56px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">61%</span></td> </tr>
<tr style="height: 15px;">
<td colspan="8" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 561.141px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; width: 150.016px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Manufacture of iron and steel<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.125px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CCM 3.9</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.25px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">137</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">19%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">22%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 78px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 78px; width: 208.141px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 78px; width: 55.25px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">137</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 78px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">19%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 78px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">19%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 78px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">22%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 78px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 208.141px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Total (A.1+A.2)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 55.25px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">690</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; height: 15px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">99%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">99%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">99%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 326.562px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">B. TAXONOMY-NON-ELIGIBLE ACTIVITIES</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 22px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 22px; width: 208.141px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Capex of Taxonomy-non-eligible activities</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 22px; width: 55.25px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">4</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 22px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">1%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 208.141px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Total (A+B)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 55.25px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">694</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; background: white; height: 15px; width: 57.1719px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 56.75px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.4375px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 52.9219px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.4688px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.1406px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.3281px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 57.0625px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 55.7031px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: normal; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; width: 58.5px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></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>144</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<table border="0" cellpadding="0" cellspacing="0" width="100%" style="height: 280.156px; border-collapse: collapse; width: 100%; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tbody>
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<td colspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 27.1341%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td colspan="6" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; width: 24.5935%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Substantial Contribution Criteria</span></td>
<td colspan="6" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; width: 24.5935%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">DNSH criteria ('Does Not Significantly Harm')</span></td>
<td style="width: 4.6748%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 4.57317%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 3.96341%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 5.18293%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 5.18293%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 0px;">
<td rowspan="4" style="height: 62.1562px; border-top: none; width: 15.3455%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; border-bottom: 1pt solid #000000; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Economic Activities</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 3.65854%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Code</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 3.55691%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">2024 OpEx</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 4.57317%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Proportion of OpEx</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 4.36992%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Climate Change Mitigation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 4.6748%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Climate Change Adaptation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 2.64228%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Water</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 3.86179%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Pollution</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 3.96341%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Circular Economy</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 5.0813%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Biodiversity and ecosystems</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 4.36992%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Climate Change Mitigation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 4.6748%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Climate Change Adaptation</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 2.64228%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Water</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 3.86179%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Pollution</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 3.96341%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Circular Economy</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 5.0813%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Biodiversity</span></td>
<td rowspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext windowtext #000000; width: 4.6748%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-image: initial; background: white; height: 62.1562px; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Minimum Safeguards</span></td>
<td style="width: 4.57317%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 62.1562px; border-bottom: 1pt solid #000000; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" rowspan="4" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Taxonomy aligned</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">proportion</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">of total OpEx,</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">year 2023</span><br/></td>
<td style="width: 3.96341%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 62.1562px; border-bottom: 1pt solid #000000; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" rowspan="4" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Category</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">(enabling</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">activity)</span><br/></td>
<td style="width: 5.18293%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 62.1562px; border-bottom: 1pt solid #000000; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" rowspan="4" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Category</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">(transitional</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">activity)</span><br/></td>
<td style="width: 5.18293%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; border-top: none; border-right: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 62.1562px; border-bottom: 1pt solid #000000; text-align: center; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;" rowspan="4" valign="bottom"><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">Category</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">(transitional</span><br/><span style="font-size: 6pt; font-family: 'Frutiger 45 Light';">activity)</span><br/></td> </tr>
<tr style="height: 0px;">
<td style="width: 0.101626%;"><br/></td> </tr>
<tr style="height: 0px;">
<td style="width: 0.101626%;"><br/></td> </tr>
<tr style="height: 62.1562px;">
<td style="width: 0.101626%;"><br/></td> </tr>
<tr style="height: 18px;">
<td rowspan="2" style="border-bottom: 1pt solid black; height: 41px; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; margin: 0px; text-indent: 0px; width: 15.3455%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">OpEx</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; margin: 0px; text-indent: 0px; width: 3.65854%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="width: 3.55691%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: none; border-left: none; border-image: initial; height: 18px; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Millions,</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y/N</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">%</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">E</span></td>
<td rowspan="2" style="border-bottom: 1pt solid black; border-top: none; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-right: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; height: 41px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">T</span></td> </tr>
<tr style="height: 23px;">
<td style="height: 23px; width: 3.55691%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">U.S. Dollars</span></td> </tr>
<tr style="height: 10px;">
<td colspan="3" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 10px; width: 22.561%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">A. TAXONOMY-ELIGIBLE ACTIVITIES</span></td>
<td align="right" style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">96%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 10px;">
<td colspan="8" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 10px; width: 42.6829%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">A.1. Environmentally sustainable activities (Taxonomy-aligned)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; font-style: italic; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; margin: 0px; text-indent: 0px; width: 15.3455%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Electricity generation from wind power<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.65854%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CCM 4.3</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.55691%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">22</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">4%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">-</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; margin: 0px; text-indent: 0px; width: 15.3455%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Manufacture of iron and steel<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.65854%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CCM 3.9</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.55691%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">394</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">76%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">81%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">-</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">T</span></td> </tr>
<tr style="height: 10px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 10px; width: 19.0041%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.55691%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">415</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">80%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">80%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Y</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">81%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">-</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">0%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">81%</span></td> </tr>
<tr style="height: 10px;">
<td colspan="8" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 10px; width: 42.6829%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-image: initial; background: white; margin: 0px; text-indent: 0px; width: 15.3455%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Manufacture of iron and steel<span style="mso-spacerun: yes;">&#160;</span></span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.65854%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">CCM 3.9</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.55691%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">83</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">16%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">14%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 10px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 10px; width: 19.0041%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.55691%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">83</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">16%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">16%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">14%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 10px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 19.0041%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Total (A.1+A.2)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.55691%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">498</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">96%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">96%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">95%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 10pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="4" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 27.1341%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; text-align: left; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">B. TAXONOMY-NON-ELIGIBLE ACTIVITIES</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 22px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 22px; width: 19.0041%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">OpEx of Taxonomy-non-eligible activities</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 3.55691%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">19</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">4%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 22px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr>
<tr style="height: 15px;">
<td colspan="2" style="border-width: 1pt; border-style: solid; border-color: windowtext black windowtext windowtext; height: 15px; width: 19.0041%; padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-image: initial; background: white; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">Total (A+B)</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.55691%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">518</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">100%</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.36992%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 2.64228%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.86179%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.0813%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: bold; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.6748%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 4.57317%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 3.96341%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td>
<td style="padding-top: 1px; padding-right: 0px; padding-left: 0px; color: #000000; font-size: 8pt; font-weight: 400; text-decoration: none; vertical-align: middle; border-top: none; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: none; border-image: initial; background: white; height: 15px; text-align: center; margin: 0px; text-indent: 0px; width: 5.18293%; font-family: 'Frutiger 45 Light'; white-space: normal;"><span style="font-size: 7pt; font-family: 'Frutiger 45 Light';">&#160;</span></td> </tr> </tbody> </table> </div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; text-align: center;"><br/></p> </div>
<div style="line-height: 1.2;">
<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>145</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 56.7pt; break-after: avoid; text-indent: -56.7pt;"><br/></p>
<div style="line-height: 1.2; break-after: avoid;"><span style="color: #003379;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none; font-family: 'Frutiger 45 Light';" href="#TOC" id="BSA1_152202516123623" class="customBookmark"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';">Social</span></a></span></div>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 56.7pt; break-after: avoid; text-indent: -56.7pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 56.7pt; break-after: avoid; text-indent: -56.7pt;"><img src="img37bf7d86167649439f4e.jpg" alt="Graphics"/></p>
<div style="margin: 5pt 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="BSQ4_1522025155731422" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Human Capital</span></a></div>
<p style="margin: 0pt; line-height: 1.2;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Commitment</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To lead with care, providing a safe working environment built upon </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">company core values</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to enable employees to develop their skills and careers while contributing to the company&#8217;s goals.&#160;</span></p>
<p style="font-size: 10pt; 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; line-height: 1.2;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Objectives</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; 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;">oster trust and empower employees to manage and promote change and innovation.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; 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;">mbed sustainability values through transparent and effective processe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; 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;">ncourage continuous learning and feedback.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; 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;">espect and promote merit, diversity and inclusion in all its forms.</span></li> </ul>
<p style="margin: 4pt 0pt 12pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Industrial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">excellence</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At our company, industrial excellence is a core </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">part</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of our identity,&#160;and this sets us apart from our competitors and<span>&#160;</span>shapes<span>&#160;</span>every aspect of our business from a rational, value-driven perspective.&#160;We are dedicated to fostering a community of industrial talent that shares our values and goals.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our offer includes exposure to challenging projects, a multicultural environment, and a wealth of opportunities for learning and professional growth.</span> </p>
<p style="font-size: 10pt; 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-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We aim to attract individuals who possess not only excellent skills but also a profound commitment to leading sustainable industrial projects that contribute to the well-being of society. </span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Policies and procedures</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have implemented policies and procedures to manage and address impacts, risks, and opportunities on our employees, related to ethics and compliance, health and safety, working conditions, and human rights. For a summary of our main policies and procedures, please see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability Statement - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability in Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; Policies and Procedures</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> <br/><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;">Tenaris is committed to fostering a transparent, ethical, and law-abiding corporate culture that upholds human rights and labor rights for all workers, including employees, contractors, and agency-provided personnel.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our Code of Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Human Rights Policy outline&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the following key principles we uphold: </span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Fostering an environment that respects the rights and dignity of all individuals.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Prohibition of child, forced or compulsory labor, slavery, or servitude in any form.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Prohibition of discrimination of any kind.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Recognition of the rights to freedom of association and collective bargaining of our employees.</span><br/></li> </ul>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our Code of Conduct and Human Resources Policy prohibit any form of discrimination in employment relationships.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At Tenaris, managing business with integrity and in compliance with the law is non-negotiable. We have a zero-tolerance policy towards corruption and are committed to ethical business practices in all areas of operation. Our policies, program and commitment to transparency, integrity, and ethical behavior are further detailed in our Governance-Business conduct chapter of this sustainability statement.</span></p>
<p style="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;">&#160;</span></p>
<p style="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;">Through our QHSE Policy, we are dedicated to maintaining safe and healthy workplaces and to promote wellbeing at work. For more information on employees&#8217; health and safety, please refer to &#8220;Sustainability Statement &#8211; Social - Health and Safety&#8221;.</span></p>
<p style="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;">&#160;</span></p>
<p style="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;">These policies and commitments are integral to our strategy and management decisions related to sustainability and inclusion, ensuring that we create a supportive and equitable environment for all members of our workforce.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Headcount evolution</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;">From December 2023 to December 2024, our workforce decreased by 3,260 people. Approximately half of this reduction was due to employees who joined the company following the acquisition of Mattr&#8217;s pipe coating business, with&#160;temporary project-based contracts that, in many cases, ended during that year. Additionally, once functions and tasks were restructured, many of these employees left the company. This reduction in personnel was primarily observed in Indonesia and Mexico. The other half of the reduction was a consequence of a decrease in plant workload, resulting in a lower requirement for personnel. These changes have been necessary to maintain operational efficiency and to adapt to changing market conditions.</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;">During 2024, the resignation rate for professional employees went down </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from 4.2% to 3.8% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reaching the lowest value of the last 10 years. Overall</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (professional and shop floor employees)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the resignation rate also decreased, from </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;">% to 4.4%.</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; line-height: 1.2;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Actions</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our people, their ideas, efficiency, and skills, are our most valued asset, driving innovation and business growth. As a global industry leader, we face a world dynamic with economic and political uncertainties, technological disruption, and trade conflict. Nurturing the competencies and determination of our teams is crucial to unlocking a sustainable</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">future.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Engaging with our employees</span></span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our engagement with employees includes<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">effective<span>&#160;</span></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;">mployee<span>&#160;</span></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;">alue<span>&#160;</span></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;">roposition<span>&#160;</span>that embraces a safe work environment, open dialogue throughout the organization, challenging goals and projects, competitive annual total rewards, and career opportunities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><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;">requent<span>&#160;</span>dialogue and exchange between managers and their teams</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>take place through different channels,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>quarterly feedback check-ins, town halls, employee opinion and pulse surveys, and performance reviews. These methods ensure continuous and open communication with our workforce, allowing us to assess, validate, and manage impacts, risks, and opportunities effectively.</span></p>
<p style="margin: 0pt; 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our CEO hosts quarterly town hall meetings open to all professional employees worldwide, where he comments on business progress and answer questions on any topic raised by the audience. Other town halls are held regularly by regional presidents and functional directors.</span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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 Employee Opinion Survey (</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;">EOS</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 carried out every two to three years, applicable to both professional and shop floor employees. Pulse Surveys are conducted between the EOS, mainly for professional employees. These surveys provide direct feedback from our workforce, allowing us to understand their concerns regularly.</span></p>
<p style="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;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mechanisms for identifying and addressing concerns are accessible to the entire population without discrimination. These include one-on-one discussions with a Human Resources Business Partner (</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;">HRBP</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 Employee Relations Manager, and opportunities to provide upward feedback on supervisors as part of the annual Performance Management Process (</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;">PMP</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;">), where comments are reviewed by the supervisor&#8217;s manager. Internal client-supplier feedback is also allowed. For those seeking greater confidentiality, options like the EOS are available, along with anonymous and confidential channels, such as the Compliance Line.</span></p>
<p style="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;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Attracting talent</span></span></p>
<p style="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;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a global company, we&#160;can offer career development and rotation prospects that are an attractive differential for industrial and administrative profiles. </span></p>
<p style="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;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><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;">Global Trainee Program (</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;">GTP</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;"> is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a strategic initiative </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;">aims to cultivate the next generation of leaders by providing training in technical and soft skills. It includes structured rotation across various roles, exposure to industrial scenarios, and mentorship.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This program emphasizes the importance of sharing company values and learning about our culture at an early stage, ensuring that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">global </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">trainees are well-integrated and aligned with our organizational goals from the beginning</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>150</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><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;">We established a corporate university, TenarisUniversity (&#8220;TU&#8221;), in 2005, which is responsible for providing training and development opportunities to all our employees at every stage of their career with Tenaris. Training and professional development programs, some of which are developed in partnership with external universities, such as Rice University in Houston, are organized with a view to promoting a corporate culture of excellence in everything that we do and the alignment and cross-fertilization of knowledge across Tenaris. Currently, we are focused on expanding&#160;the digital mindset and embracing new technologies to improve processes, achieve greater efficiency, and reduce transactional tasks.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #ff0000; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="color: #ff0000; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><img src="imga3b1be55b60542ca9422.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"/></span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">raining </span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #ff0000; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt;">TU is responsible for t<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he continuous training of all employees, including both operational and professional staff. T<span>U conducts various global programs for targeted audiences to develop fundamental skills for their roles</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>, ensuring</span> our workforce is prepared for the evolving demands of a
sustainable economy. Our programs have been revamped to incorporate
advancements in learning and technology, offering participants effective
networking opportunities and integrating peer learnin</span>g communities to enhance
both technical and soft skills. </span></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: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1; text-align: left;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As part of our
structured development initiatives, we offer a series of global programs
designed to strengthen leadership and professional capabilities. The
TenarisUniversity Induction Camp (&#8220;TUIC&#8221;) is the first global in-person
program, bringing together young professionals from around the world to immerse
themselves in Tenaris&#8217;s core values and processes while fostering networking
and diversity. The Management Essentials program (&#8220;ME&#8221;), delivered in a virtual
format, equips new supervisors with the necessary skills and tools to navigate
their first leadership roles, emphasizing adaptive leadership and behavioral
focus over purely technical knowledge. The Management Development Program (&#8220;MDP&#8221;),
conducted in person, focuses on leadership concepts and key elements for middle
management. The Advanced Management Program (&#8220;AMP&#8221;), also in person and
delivered in partnership with Rice University in Houston, US, builds on
previous leadership programs and introduces strategic concepts.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>151</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1; text-align: left;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; margin: 0in; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Beyond
leadership programs, we offer job-specific training that is learner-centric,
allowing employees to train at their own pace and from anywhere. Our
partnership with the Degreed learning platform enables users to learn, develop,
and measure their skills in line with the latest trends. In addition to
mandatory and formal training, employees have flexibility and autonomy in
self-selected learning through this platform, which serves as a unified access
point for all educational content in the organization, including internal
systems, external providers, and an open ecosystem of online resources.</span></span></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><br/></p>
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', sans-serif; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TU
continuously reviews the content, structure, and dynamics of its programs to
ensure they remain aligned with business needs and leadership development
objectives.</span></span></p>
<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;"><img src="img3f06975f7ce14e5d8392.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"/></span></p>
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<p style="line-height: 12pt; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';">Number of
participants per training program:</span></p>
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<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light';"><b><span style="font-size: 9pt; color: #000000;">Year</span></b></span></p> </td>
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<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light';"><b><span style="font-size: 9pt; color: #000000;">TUIC</span></b></span></p> </td>
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<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light';"><b><span style="font-size: 9pt; color: #000000;">ME</span></b></span></p> </td>
<td valign="bottom" style="width: 14.74%; border-top: 1pt solid windowtext; border-left: none; border-bottom: 1pt solid windowtext; border-right: none; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light';"><b><span style="font-size: 9pt; color: #000000;">MDP</span></b></span></p> </td>
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<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light';"><b><span style="font-size: 9pt; color: #000000;">AMP</span></b></span></p> </td>
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<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light';"><b><span style="font-size: 9pt; color: #000000;">LP</span></b></span></p> </td>
<td valign="bottom" style="width: 14.72%; border-top: 1pt solid windowtext; border-left: none; border-bottom: 1pt solid windowtext; border-right: none; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'Frutiger 45 Light';"><b><span style="font-size: 9pt; color: #000000;">BA</span></b></span></p> </td> </tr>
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<td valign="bottom" style="width: 11.62%; border: none; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">2020</span></p> </td>
<td valign="bottom" style="width: 14.72%; border: none; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.74%; border: none; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">85</span></p> </td>
<td valign="bottom" style="width: 14.74%; border: none; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">49</span></p> </td>
<td valign="bottom" style="width: 14.74%; border: none; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.72%; border: none; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>30 </span></p> </td> </tr>
<tr style="height: 12px;">
<td valign="bottom" style="width: 11.62%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">2021</span></p> </td>
<td valign="bottom" style="width: 14.72%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>86 </span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">83</span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 9pt; font-family: 'Frutiger 45 Light';"><span style="font-size: 9pt; font-family: 'times new roman', times; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.72%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>36 </span></p> </td> </tr>
<tr style="height: 12px;">
<td valign="bottom" style="width: 11.62%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">2022</span></p> </td>
<td valign="bottom" style="width: 14.72%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'times new roman', times; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160; </span>162 </span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">77</span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">96</span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">42</span></p> </td>
<td valign="bottom" style="width: 14.72%; padding: 0in 5.4pt; height: 12px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>33 </span></p> </td> </tr>
<tr style="height: 13px;">
<td valign="bottom" style="width: 11.62%; padding: 0in 5.4pt; height: 13px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">2023</span></p> </td>
<td valign="bottom" style="width: 14.72%; padding: 0in 5.4pt; height: 13px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160; </span>209 </span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 13px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">110</span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 13px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">109</span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 13px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>54 </span></p> </td>
<td valign="bottom" style="width: 14.74%; padding: 0in 5.4pt; height: 13px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.72%; padding: 0in 5.4pt; height: 13px; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>32 </span></p> </td> </tr>
<tr style="height: 10px;">
<td valign="bottom" style="width: 11.62%; border-top: none; border-right: none; border-left: none; border-image: initial; background: #f2f2f2; padding: 0in 5.4pt; height: 10px; border-bottom: 1pt solid #000000; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">2024</span></p> </td>
<td valign="bottom" style="width: 14.72%; border-top: none; border-right: none; border-left: none; border-image: initial; background: #f2f2f2; padding: 0in 5.4pt; height: 10px; border-bottom: 1pt solid #000000; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160; </span>221 </span></p> </td>
<td valign="bottom" style="width: 14.74%; border-top: none; border-right: none; border-left: none; border-image: initial; background: #f2f2f2; padding: 0in 5.4pt; height: 10px; border-bottom: 1pt solid #000000; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">118</span></p> </td>
<td valign="bottom" style="width: 14.74%; border-top: none; border-right: none; border-left: none; border-image: initial; background: #f2f2f2; padding: 0in 5.4pt; height: 10px; border-bottom: 1pt solid #000000; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;">115</span></p> </td>
<td valign="bottom" style="width: 14.74%; border-top: none; border-right: none; border-left: none; border-image: initial; background: #f2f2f2; padding: 0in 5.4pt; height: 10px; border-bottom: 1pt solid #000000; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>53 </span></p> </td>
<td valign="bottom" style="width: 14.74%; border-top: none; border-right: none; border-left: none; border-image: initial; background: #f2f2f2; padding: 0in 5.4pt; height: 10px; border-bottom: 1pt solid #000000; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td>
<td valign="bottom" style="width: 14.72%; border-top: none; border-right: none; border-left: none; border-image: initial; background: #f2f2f2; padding: 0in 5.4pt; height: 10px; border-bottom: 1pt solid #000000; text-align: center;">
<p style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 30px;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light'; color: #000000;"><span style="mso-spacerun: yes;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span>-<span style="mso-spacerun: yes;">&#160;&#160; </span></span></p> </td> </tr> </tbody> </table>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><br/></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 45px; font-family: 'times new roman'; font-size: 10pt;">
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<td style="width: 45%; height: 15px;">
<p><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">TUIC: TenarisUniversity Induction Camp</span></p> </td>
<td style="width: 55%; height: 15px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">AMP:&#160;</span><span style="color: #000000; font-family: 'Frutiger 45 Light'; 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-size: 10.6667px; float: none; display: inline !important;">Management Development Program</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">ME: Management Essentials</span></td>
<td style="height: 15px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">LP:&#160;</span><span style="color: #000000; font-family: 'Frutiger 45 Light'; 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-size: 10.6667px; float: none; display: inline !important;">Leadership Program</span></td> </tr>
<tr style="height: 15px;">
<td style="height: 15px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">MDP: Management Development Program</span></td>
<td style="height: 15px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">BA:&#160;</span><span style="color: #000000; font-family: 'Frutiger 45 Light'; 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-size: 10.6667px; float: none; display: inline !important;">Business Acumen</span></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>152</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Diversity</span></span></p>
<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;">For Tenaris, workplace diversity is seen as a pillar&#160;for creating and maintaining a positive company culture, contributing to productivity, employee retention, and job satisfaction. A diverse mix of ages, abilities, and nationalities, as well as efforts to&#160;enhance gender equality,&#160;are seen as necessary to establish inclusion at all levels.</span><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><img src="imgfba12bba71f74fe6b036.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"/></p>
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<p style="font-size: 10pt; 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; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a company that prioritizes internal growth, we have implemented programs to foster the development of our female talent, including long-term career planning and support. These efforts are part of our broader objectives to foster trust, empower employees, and embed sustainability values through transparent and effective processes</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>153</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><img src="img090c847c204443bba02b.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"/></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 continuously look to promote diversity and inclusion initiatives with the aim of fostering equal opportunities for all employees. For example, there are regional programs focused on integrating individuals with disabilities into the company. In many regions, diversity committees have been established, composed of employees from various levels of the organization, with the goal of achieving best practices related to diversity and inclusion.</span> <br/></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All new hired employees are trained in our Code of Conduct, which&#160;expressly forbids harassment of any kind in the workplace. There is a protocol available in the regulatory system which promotes a work environment free of harassment.&#160; Also, all shop floor employees and technical leaders have a mandatory training on this topic, &#8220;Positive Workplace: How to create workplaces free of harassment&#8221;.</span></p>
<div style="margin: 10pt 0pt; color: #000000;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BAA_2722025182237258" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Health and Safety</span></a></div>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Commitment</span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To take care of our employees and contractors, looking after their safety, health and well-being, with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>safe and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>healthy workplaces throughout our industrial and office facilities.</span><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;" class="pageno"><span>154</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="margin: 0pt; line-height: 1.2;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Objectives</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consolidate a strong health and safety-oriented culture within the company and our value chain.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Intensify preventive activities, particularly regarding high-risk activities.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Promote awareness and behaviors that enhance physical and mental well-being among all employees.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 0.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Establish a workplace free from fatalities and severe injuries.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have implemented policies and procedures to identify and manage impacts, risks and opportunities related to our employees and contractors, focusing on health, safety and well-being.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">health and safety (&#8220;H&amp;S&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;Management System is based upon our Quality, Health, Safety and Environment ("QHSE") Policy through which management and risk assessment fundamentals are integrated in all business processes. Tenaris communicates this policy throughout its organization, trains its employees in the appropriate use of its QHSE management system and engages them in the regular setting, measuring and revision of objectives.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As described </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 QSHE Policy, all injuries and work-related illnesses can and must be prevented. We are committed to maintaining safe and healthy workplaces and to promote wellbeing at work and a healthy lifestyle. We ensure that everyone is accountable to act proactively to eliminate hazards, reduce risks and identify opportunities for improvement, and encourage an open communication with all our people and interested parties.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">ollowing relevant events</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we develop</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> cross</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">site action plans 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;">comprehensive preventive program</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;">leverag</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;">the hierarchy of risk controls.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We include all contractors working at our sites in the Tenaris Safety Management System to ensure our prevention programs are effective. Following three fatal accidents involving contractor employees in 2023, we revamped our Contractor HSE Management Process to ensure the integrity of all contractor personnel, defining more stringent requirements and onsite prevention activities.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris applies its QHSE Policy across its supply chain to support sustainable development, requiring suppliers to adhere to core </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">safety </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">principles</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, among other principles established in the Policy. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris also expects these standards to be upheld within suppliers' own supply chains.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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;">late </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;"> Tenaris incorporated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr&#8217;s pipe coating facilities</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;">to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its operation</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 is </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;">going an integration process to extend the H&amp;S Management System </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;"> those locations.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; break-after: avoid; break-inside: avoid; line-height: 1.2;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ngaging&#160;with our employees and contractors</span></span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris<span>&#160;</span>is committed to training all its employees in the appropriate use of its QHSE management system, strengthening its management through updating of professional and managerial skills, fostering diversity, encouraging the consultation and participation of workers in issues related to health and safety and taking care of the environment, emphasizing employee evaluation and motivation, and complying with the ethical principles established in its Code of Conduct.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Actions</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Foundational priorities</span></span></p>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our employees&#8217; safety and well-being are a priority, essential to our success and long-term sustainability as an organization, and intrinsic to the relationships we build with our local </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">communities, suppliers, customers, and investors. As stated in our QHSE Policy, Tenaris prioritizes employee well-being by creating and maintaining a safety culture that seeks to deliver a workplace with no fatalities or serious injuries. We are continuously implementing initiatives to reduce the risks of complex activities by moving towards &#8220;error proof&#8221; solutions and &#8220;fail to safe&#8221; processes.</span></p>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid; break-inside: avoid;"><span>Our QHSE Policy is available on&#160;Tenaris&#8217;s&#160;website at: www.tenaris.com/en/products-and-services/qhse-certifications. Information contained in or otherwise accessible through our Internet website is not a part of this annual report.</span><span>&#160;</span></span></p>
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<p style="font-size: 10pt; 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 standard throughout the year, has performed well in terms of supporting our positioning worldwide. However, a fatal event occurred at the end of 2024 involving two of our employees. We deeply regret this loss of life and will continue reinforcing our preventive activity on high-risk activities.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Leading </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">a positive safety culture</span></span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s commitment to safety is deeply rooted in our culture, a mission to ensure an environment where every employee feels safe, valued, and empowered to contribute. Safety practices depend on gaining insights from everyday work, standardizing the lessons learned to prevent future incidents, and constantly enhancing control measures to make them more effective. </span></p>
<p style="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;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We believe that quality leadership is essential to strengthening our health and safety performance and to creating the right mindset to achieve better results. We are continually training our leaders to create &#8220;psychologically safe&#8221; environments, where people can discuss safety issues freely and openly. Shop-floor employees are encouraged to participate actively by pointing out unsafe conditions, sharing their views, and reporting any opportunities for improvement identified in their area in the system.</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;">Our leaders are tasked with promoting participation and communication, especially during instances like our Safe Hour, where they hold conversations with shop-floor employees to better understand how tasks are carried out, building better connections with operators on the frontline. </span><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Safe Hour program is continuously being refined to encourage dialogue and comments about &#8220;work as done&#8221; versus &#8220;work as imagined&#8221;. Operators are also invited to contribute ideas to improve working conditions. The focus is on ensuring actions and tasks are correctly executed, publicly recognizing people for their positive contributions to foster an environment of greater trust and collaboration. </span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024, we continued improving how to respond to human error by changing attitudes, shifting the focus from blaming to learning, emphasizing processes rather than people. A specific training campaign on Human and Organizational Performance (</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;">HOP</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;">) was launched in the U.S, Mexico and Italy and specific local actions defined through internal workshops.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light';">We are currently exploring artificial intelligence solutions for video analysis using our video cameras (in compliance with legal requirements), to help in the detection of potential high-risk situations, analyze them and define actions to mitigate risks.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Every employee at all levels is expected to actively contribute to prevention efforts. Specific personal objectives are defined on preventive activities to be performed in the field and we use online tools for ongoing monitoring to support and motivate individuals to continually improve in this area. But most important we are focusing on the quality of the preventive activity, promoting a coaching in the field done by HSE people.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Leveraging training and communications </span></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;">Putting safety at the heart of industrial growth and transformation involves substantial investment in training and communications. We believe everyone can help to prevent accidents and incidents and contribute to a culture of excellence and responsibility. </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;">Recognizing the crucial role played by supervisors and managers in growing a safety culture, we are now training leaders in HOP to improve risk mitigation strategies and strengthen fail-safe capabilities. Through webinars held initially for leaders in the U.S., Mexico and Italy, the idea is to integrate HOP principles into preventive activities. </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;">The HOP approach centers on people and their roles, working with shop-floor employees who are closest to the potential risks to design and test risk controls. This line of action enhances our understanding of how individuals perform their jobs. The endgame is to build systems that are more robust and error-proof, taking into account human error. </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;">A specific training on &#8216;Roo</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;"> Cause Analysis&#8217; methodology has also been launched globally with the aim to improve the quality of our investigations and focus the discussion on &#8220;what failed&#8221; instead of &#8220;who failed&#8221;, identifying solutions that are addressing system improvements.</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;">We are also targeting shift leaders whose role in setting an example and transmitting knowledge is crucial to our safety strategy. In 2024, we launched a specific plan to ensure they attend training courses of high-risk activities (i.e. work at height) in the case one or more of their people has a certification in that subject. The objective is to increase their knowledge so that they can perform a better preventive activity when they are in the field supervising those activities.</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;">As part of our drive to empower shift leaders, we are also continuing the delivery of a &#8220;Positive Approach&#8221; training course to give them the tools they need to act as safety coaches for their teams.</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;">We are continually refining our training courses about high-risk activities (e.g., work at height, in confined spaces, crane and vehicle operation) for greater effectiveness, incorporating the lessons learned and examples coming from the events that occur worldwide.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; 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: 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="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;">Additionally, we regularly enhance the&#160;quality and effectiveness of our<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;">c</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;">ommunication<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;">r</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;">outines, with face-to-face meetings between shift leaders and shop-floor employees. These are opportunities to exchange clear, consistent, and relevant information on safety, quality, production, and other topics, as well receive feedback and suggestions for improvement.</span></span></span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; 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: 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 communication campaigns target best practices and highlight potential risks and hazards in the workplace. In 2024 we focused on a specific campaign to reinforce the importance of performing a preventive activity with quality, focusing on high risks and ensuring that the time we spend in the mill is effective in improving the level of safety.</span></span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Effectiveness in risk reduction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are committed to reducing the occurrence of high severity incidents, which involves developing cross-site action plans following relevant events, and a comprehensive preventive program to leverage the hierarchy of risk controls. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We&#160;consistently review our risk analyses at all sites, increasing operator involvement and the number of initiatives targeting high impact areas. Our safety objectives are supported by detailed plans implemented at each site and training and communication initiatives. The focus in on implementing robust solutions to reduce risks.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are also continuously reviewing the risks that could lead to catastrophic consequences, performing worldwide mapping and&#160;benchmarking in our sites and defining targeted investments to improve design and engineering at facilities, equipment maintenance, ensuring effective alarms and control points, and reinforcing procedures and training</span><span style="font-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-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Special task forces on critical risks such as cranes and vehicles are also continuing with the aim of sharing best practices and activities on these hazards.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are also employing a cross-site approach to share lessons learned from critical events to prevent them happening again. Actions include improving workplace conditions, documenting procedures, and training. Although progress is being made, we recognize the need to be more agile in implementing similar measures on a global scale.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Contractor safety </span></span></p>
<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;">We include all contractors working at our sites in the Tenaris Safety Management System to ensure our prevention programs are truly effective. </span></p>
<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;">In 2024 we continued working on a specific project to improve HSE Contractors management, together with </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;">, our procurement </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;">. The project focuses on making our selection process more robust, ensure adequate competence of the people performing the job, reinforce supervision during the execution phase and review our evaluation process ensuring the safety component is adequately considered.</span></p>
<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;">We are also strengthening our access control system to ensure contractors meet all the requirements before entering our site as well as better identifying the areas where high risk activities have been performed to intensify supervision and verification that all proper safety measures are in place.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Whitin contractors, our main focus is on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tier 1 Service Sourcing Groups for which we also conduct a formal HSE audit to check the existence of a HSE system, and the level of development of such system.</span></p>
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<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">The Health Care Project </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; font-weight: bold; line-height: inherit;"> Supporting better health</span></span></p>
<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;">Tenaris&#8217;s comprehensive occupational health program enshrines the company&#8217;s commitment to providing a healthy workplace, whether in the office, mill or at home when remote working.</span></p>
<p style="margin: 10pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; widows: 2; 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: 13.3333px; background-color: #ffffff; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Health Care Project was launched as a preventive strategy to help our employees and their families to be in as good health as possible. In the last years, medical check-ups and follow-up have been held company wide as part of our drive to get employees to take responsibility for their own physical and mental well-being.</span></p>
<p style="margin: 10pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; widows: 2; 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: 13.3333px; background-color: #ffffff; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The check-ups also yield data enabling<span style="line-height: inherit;">&#160;</span>Tenaris<span style="line-height: inherit;">&#160;</span>to identify and improve problems statistically common to certain groups and detect patterns for specific pathologies at regional level.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This enables medical services to identify the most relevant physical examinations for each person and develop a personalized health management program.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">While the check-up continues on a yearly base, we started to focus attention also on defining and consolidating a common set of company-supported health benefits aimed at encouraging physical activity, Nutrition, Anti-Smoking programs and Mental Health, as part of a corporate well-being campaign have been rolled out at all locations. We are also defining ways to monitor adoption to adjust further according to the needs and preferences.</span><br/></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Global recognition </span></span></p>
<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;">In 2023, we launched the &#8220;Tenaris Health and Safety Award&#8221; initiative to encourage local teams to contribute tried-and-tested schemes to improve health and safety aspects of specific processes. The Awards are organized as a contest, with the added&#160;incentive of presenting solutions at a global level, where the </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;">s behind the solutions are appropriately recognized.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<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 scheme is based on the &#8216;H&amp;S Excellence Recognition&#8217; done by worldsteel and the initiatives that are the winners of the &#8216;Tenaris Award&#8217; are submitted to participate to that &#8220;contest&#8221;. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are proud that in 2024 we have been recognized for the second year in a row by worldsteel&#160;in the category of &#8220;Occupational safety&#8221; for an initiative developed in our mill in Dalmine, Italy.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Worldsteel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#160;</span></span></p>
<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;">We&#160;actively participate in the Safety &amp; Health Committee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;SHCO&#8221;) of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;worldsteel, with the aim of sharing best practices with other companies and define common standards for health and safety practices.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In November 2024 our Health</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;">Safety Senior Director, Riccardo Dovera, took over the position of chairman of the committee, reinforcing even more our collaboration</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Ba1_1222025233316696" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Community Relations</span></a></div>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Commitment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To drive inclusive growth and development in the communities where we work and live, promoting a culture that rewards merit and encourages enterprise.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Objectives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Contribute to improving all levels of education in our immediate and broader communities, with a focus on technical education.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Help preserve the identity and&#160;heritage of our communities.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Encourage creativity and innovation through culture.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Support our communities during crisis (health, education, humanitarian).</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris emphasizes inclusive growth in its communities, focusing on education and social mobility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, as highlighted in its Code of Conduct.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Through our Human Rights Policy, we foster and promote respect for the fundamental rights and dignity of communities where we operate. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on our policies, please refer to &#8220;Sustainability Statement &#8211; Sustainability in Tenaris &#8211; Policies and Procedures&#8221;. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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 build long-lasting relationships with communities where we operate through proactive and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">open</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> communication. This engagement helps us understand the needs of communities where we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operate and</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;">appropriate</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-term actions.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; </span></p>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Engaging with our communities</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Throughout our history, one of the core values intrinsic to Tenaris&#8217;s heritage has been the strong relationships it has forged with the communities where it operates. We are convinced that the sustainable growth of our industrial project can only be achieved in tandem with progress in the communities where we live and work. Our vision of community relations reflects the industrial values that have underpinned our activities for over 70 years. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At Tenaris, our commitment to sustainable development is reflected in our ongoing engagement with local communities and their&#160;representatives and members. Our approach is embedded in our core values and daily activities, ensuring that sustainability is not a separate program but an intrinsic part of our operations.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Moreover, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Compliance Line is one of our primary mechanisms for stakeholders to raise their concerns, including communities, and it is an internally established channel designed to ensure that all reports are handled appropriately. Our general approach to remediating our negative impacts when such cases are identified through the Compliance Line </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;">described in &#8220;Sustainability Statement &#8211; Governance-Business Conduct &#8211; Compliance Line&#8221;.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Actions</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our community program reflects over seven decades of industrial tradition worldwide, with a special focus on Latin America. The principle guiding our work is that an industrial project like ours can only be sustainable if community and industry grow together. We believe that education is the key driver for&#160;individual and social progress, and that we can and must contribute to improving the quality and inclusiveness of education in our communities.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have seven strategic programs that are implemented locally to fit with the needs of each community where we&#160;operate, which are focused on education and culture. Our global education programs are named after Roberto Rocca, one of our founders, who believed that education plays a vital role in people&#8217;s development and that there must be synergy between industrial culture and technical education.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024,<span>&#160;</span>Tenaris<span>&#160;</span>invested<span>&#160;</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;">17.9 million in its<span>&#160;</span></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;">ommunity<span>&#160;</span></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;">elations program, complemented by a<span>&#160;</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;">3 million<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">donation made directly by a<span>&#160;</span>Techint<span>&#160;</span>Group foundation;<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">82</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>% of such amount was invested in our education</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>programs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, benefiting more than 12,500 students</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Educational Programs</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">all levels</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our educational programs span the entire schooling cycle, from elementary to higher level, helping children to fulfill their potential and become active contributors to society. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are convinced that access to quality education leads to individual and collective well-being. Our programs are about developing 21</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">st</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">century skills, enabling those taking part to transform their own reality, always imbued with a strong sense of community.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Roberto Rocca Technical Schools Network, Roberto Rocca Technical Gene, the Roberto Rocca After School program and Roberto Rocca Scholarships are the four global initiatives supporting education in our communities. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Roberto Rocca Technical Schools</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;">Developing high standards of technical education</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Roberto Rocca Technical Schools network aims to level the playing field and create equal opportunities for children to access technical education, offering </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">scholarships to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">all students</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> depending on their</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> needs. The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Roberto Rocca Schools</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">also offer technical courses to other schools and people in the community. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he international organization T4 Education ranked the Argentine </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Roberto Rocca School</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> among the ten most innovative schools in the world, singling out its educational environment and active learning model. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Expanding the network </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The first Roberto Rocca Technical School opened in Campana, Argentina, in 2013 and today has 452 students. Originally</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">built</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for 420 students, it was expanded in order to be able to receive 520 students. New intake rates rose from an initial ceiling of 60 to 72 in 2024. Another focus is on encouraging women to study STEM</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (science, technology, engineering, math)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subjects: the percentage of female students at the Roberto Rocca Technical School has risen from 11% in the first admissions process in 2013 to nearly </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;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in 2024. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Roberto Rocca Schools</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> network </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;">spread to Mexico and is now expanding in Brazil through our sister company Ternium.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Students achieve high math</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and technical levels and over 90% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continue studying at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> university, in many cases being the first in their families to do so.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The approach taken </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> school </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is to offer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> quality education and equal </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">opportu</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;">ities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reducing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the initial gap between low and high-income entry-level students over the seven years of their schooling. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With the aim of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">promoting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> employability, the Roberto Rocca Technical School opened as Technical Training Center. During 2024, the proposal included technical courses</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 C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">omputer aided design and Cisco computer network analyst and El</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ectrical assembler</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The Roberto Rocca Technical School also partners with industrial automation companies FESTO and Siemens to certify students from other schools in Industry 4.0 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">knowledge</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and offers Math and Language courses for all elementary school-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">students</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> about to begin high school. In 2024, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Roberto Rocca School</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> trained over 1000 people from the local community.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We believe that gifted and committed teachers are crucial to achieving academic excellence. The continuous training </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and performance evaluation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the educators of the Roberto Rocca Technical Schools allows us to ensure quality in the implementation of the educational model. In 2024, over 2500 hours of training were provided for teachers and staff. We also evaluate our teachers using student feedback surveys, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">use of active teaching methods, quality of their classes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and assessment by the schools' authorities.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Evaluations as a pillar of improvement</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">Roberto Rocca Technical Schools</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;">etwork plans its actions as part of a strategy of continuous improvement to enhance the quality of its education. It holds regular evaluations to benchmark the knowledge levels of its students</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Regarding Mathematics and Spanish, the students take standardized tests to determine their level at the time of entry (Starting point) and at the end (End point) of their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">schooling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. These </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;"> not only demonstrate the level of academic excellence, but also that the school is effective in leveling </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">up</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its students, neutraliz</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 effect </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;"> socioeconomic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">context</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Roberto Rocca Technical School students </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;">participate</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;">Math and Spanish tests held by the Austral University to evaluate standards at private schools of a medium-high socioeconomic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">context</span><span style="font-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 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the Roberto Rocca School </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">students</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were above the average results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, even considering the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> other schools assessed have student</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;"> from better- socioeconomic backgrounds.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Every year, students, families, teachers and staff answer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> satisfaction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> surveys about school </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;"> as a whole. In 2024, a total of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">639</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> people </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">answered</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to the survey. The favorable rating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was about</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">81</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%. </span><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Roberto Rocca Technical Gene -</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Strengthening technical education </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Roberto Rocca Technical Gene contributes to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">bridge the gap between the knowledge and skills that students graduating from technical schools have compared with the industry needs. The program mainly offers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> technical </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">training</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;">industrial internships in our industry and modernization of school labs.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Roberto Rocca </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Technical Gene is present in 24 schools in 8 countries</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, reaching</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,40</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0 students and teachers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024, in Bergamo, </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;">the new headquarter of Fondazione Dalmine was inaugurated with 5 laboratories with cutting-edge equipment in robotics and automation, to offer a series of courses that strengthen the educational offer to technical schools. Through technical courses in collaboration with ABB, FESTO and Siemens, young people were able to acquire the skills necessary to face the challenges of industry 4.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024, also, over 200 students from technical schools in Bergamo, Campana, Pindamonhangaba, Veracruz and Z&#225;rate completed their training in pneumatics, electro pneumatics, hydraulics and automation, which we developed in partnership with FESTO and ABB; which enriches the technical qualifications of the participants and enhances their employability in the industry</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024, we opened our plants to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">329</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> students from Campana, Pindamonhangaba, Bergamo, Veracruz and Zal</span><span style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&#259;</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;">to perform</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;"> industrial</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> internships</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Trying to improve mathematics levels in Latin America, we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">designed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 35 courses for teachers in the region</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which we have made available</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;through a digital platform</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">over </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2,300</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> students and teachers from </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;"> countries</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> received these trainings. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Veracruz, Mexico, in the technical school &#168;Conalep II&#168;, we have seen a sustained improvement in the math performance of its students: their results have increased by 8% over the last three years. During this period, teachers and students participated in the training provided by the Roberto Rocca Technical Gen</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;"> program.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Roberto Rocca After School program</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;">Starting at a young age</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Roberto Rocca After School program for children aged 6-15 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is implemented in public primary schools operating in a vulnerable context. The program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> focuses on</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">integral </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">development, in particular basic literacy, Math, Science and social-emotional skills by offering extra-curricular education four days a week. The program is underway in 11 schools in 7 countries, reaching over 1</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;">0 regular students. Throughout 2024, in response to the academic lag observed after the pandemic, the program's educational model was updated, with the aim of reinforcing academic skills in mathematics, reading</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> writing, and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> integrate a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> robotics</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> curriculum to incentive technical education</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. With these changes</span><span style="font-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;">Roberto Rocca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> After School</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">program </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reaffirms its commitment to providing students with greater opportunities to successfully transition to higher educational levels</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Roberto Rocca&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Scholarships</span>&#160;<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;">Encouraging educational excellence</span></span></p>
<p style="margin: 0pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Launched in 1976 in Argentina, the Roberto Rocca Scholarships program encourages academic performance and commitment among high-school</span><span>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">undergraduate students living in Tenaris communities. In addition to academic excellence, the<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">selection<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">criteria include a socioeconomic evaluation<span>&#160;</span></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;"><span>&#160;</span>to promote equal opportunities and social mobility. In 2024, 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;">941 scholarships were awarded to high performing<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">high school</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>students and 494 to undergraduates</span><span>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">studying engineering careers.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Culture and tradition</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Sharing horizons and celebrating diversity</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For Tenaris and its sister companies in the Techint Group, art and culture are a source of innovation as well as a means of celebrating diversity. </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 contemporary art </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;">Fundaci&#243;n PROA in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> holds contemporary art exhibitions and leads global film festivals in four countries.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2024, PROA received over 95</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">000 in-person visitors</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in Buenos Aires and together with Tenaris held Film Festivals in Campana, Houston, Blytheville, Bay City, Zalau and Montevideo, where 5,313 spectators assisted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> support</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;"> Galleria d&#8217;Arte Moderna e Contemporanea (</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;">GA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">MEC</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 Bergamo.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The value of cultural and industrial heritage</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Italy, the Fondazione Dalmine in Bergamo </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;">always</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> committed to the dissemination of industrial history and culture for over twenty years. In addition to organizing exhibitions and activities, the Foundation's archive houses thousands of documents that recount the history of the last century in the region.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">2024, to honor our industrial heritage, we converted the historic Dalmine building from the mid-1920s into a cutting-edge educational and cultural center, which was accompanied by an expansion of the educational proposal for children and young people in the region. Almost 5,000 people visited the Fondazione since the opening of the new headquarters</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Additionally, during 2024 18,000 students attended </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Industrial </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;">ulture workshops on history, sustainability</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;">media literacy,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 4,000 students attended robotics workshops and activities.</span></p>
<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="Bb2_1222025233352740" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Value Chain</span></a></div>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Commitment</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To develop integrated product and service solutions to meet customer requirements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for quality and performance </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">while enhancing safety, efficiency and reliability, and minimizing our environmental impact through the supply chain.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Objectives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ensure the highest standards of quality, performance and reliability for our products and services.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Develop and improve our product and service portfolio to match evolving customer needs and enter new markets.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Promote supply chain efficiency through more efficient, cleaner and simplified processes, digital integration and the minimization of waste.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Develop reliable and competitive value chains in the countries where we operate.</span></li> </ul> </div>
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<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have implemented several policies and management processes to tackle impacts, risks, and opportunities related to our customers. These policies are designed to ensure the quality and performance of our products and prevent, minimize and mitigate any negative effects on the health, safety, and well-being of our customers and the environmental impact of our products on their operations, as well as to address potential concerns about human rights.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The main policies related to end-users are: </span></p>
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<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Quality, Health, Safety, and Environment Policy.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Quality Management System.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Code of Conduct and Compliance Line.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Policy on Business Conduct.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Human Rights Policy.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-style: italic;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Preventing and remediating impacts</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Quality, Health, Safety, and Environment standards</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our commitment to quality, health, safety, and care for the environment is an absolute one that is embedded in our management systems. This means that our products and services are developed with a focus on reducing safety and environmental risks. Our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">QHSE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Management Systems cover the entire value chain, from suppliers to customers, ensuring the proper and efficient use of our products and services in accordance with their agreed specifications. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our steel products (tubular products, accessories, coiled tubing, sucker rods and coating) 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;), Det Norske Veritas (&#8220;DNV&#8221;) and European Standards (&#8220;EN&#8221;), among</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;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-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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&#160;(&#8220;QMS&#8221;) 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&#160;according 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-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In late 2023, Tenaris&#160;acquired Mattr&#8217;s pipe coating business including nine plants and world-class R&amp;D facilities in Canada and Norway and a wide IP/product portfolio. Its ISO 9001 certified quality management system will be integrated to our Quality Management System by 2026. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Similarly, our operations are certified under the highest international standards for health, safety and environment - ISO 14001 (Environment) and ISO 45001 (Health and Safety) management systems, with the majority of our sites included.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Technical assistance and training for our end-users</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To ensure optimal use and performance of our products, we provide technical assistance through dedicated on-site support from certified field service personnel. We also provide comprehensive training programs tailored specifically for end-users. These training sessions equip customers with essential knowledge and skills, enabling them to operate our products effectively while adhering to safety and quality standards.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Transparency in product specifications</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As an industry leader, we are committed to providing our customers transparent access to the technical specifications of our products and to avoid misleading performance claims. We are committed to transparency in our product specifications and performance claims, ensuring that all information provided to our clients is accurate, clear, and readily accessible. This dedication to openness allows customers to make informed decisions based on reliable data regarding product performance, safety, and compliance with industry standards.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Code of conduct</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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;"> Code of Conduct establishes integrity and transparency standards for all directors, officers, and employees, extending these principles to customer relations and business communications. A compliance line is in place where customers can voice their concerns, with all complaints assessed by an internal audit team that reports directly to the CEO and 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 of the </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. The <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;">Policy<span>&#160;on&#160;</span></span>Business Conduct governs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">interactions with clients, aiming to minimize corruption risks and foster ethical conduct through regular risk evaluations and compliance measures.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Human rights and privacy </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Moreover, we adhere to human rights principles, including non-discrimination, through our policies and procedures that are designed to protect such rights. We also protect the data privacy of our customers by complying with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the General Data Protection Regulation&#160;(&#8220;GDPR&#8221;) of the EU, and similar local regulations in other countr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ies.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-style: italic;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ngaging with our end-users</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A salient feature of our business model is to engage with, and supply our products, directly to end-users so that we can understand more precisely their requirements and develop products and services to meet those requirements. Communication with end-users, who comprise the vast majority of our customers, is constant and reflected in the comprehensive services we provide with our products as well as our product development activities. The perspectives of our end-users are thus taken into account in our decision-making processes, including our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">DMA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and stakeholder engagement process. This approach allows us to identify, track and manage impacts, risks, and opportunities rapidly and effectively.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our business model allows us to engage constantly with our customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> maintaining a continuous and open line of communication. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All dissatisfactions relating to our products and services are recorded and addressed in accordance with our procedure for the management of these events</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In the case of concerns about ethical behavior and human rights abuses, customers have access to our Compliance Line, which is overseen by our audit committee comprised of independent board members. More details on this channel are available in the Governance chapter of this sustainability statement. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our engagement with end-users extends to our presence at the sites where they use our products - in the case of our oil and gas customers at their drilling rigs - to which we deliver our products under our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service model. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service, we deliver pipes ready to be run downhole by the drilling rig, along with services designed to enhance safety, reduce environmental impact, and increase operational efficiency by minimizing pipe handling and on-site personnel requirements. Additionally, Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> integrates supply chain and administrative tasks while offering digital services that ensure full traceability of each pipe&#8217;s technical properties and characteristics.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, every two years we perform an extensive customer satisfaction survey, of customers representing a large majority of our sales, with over 1,000 responses from persons responsible for (a) purchasing our products and services and (b) for selecting and using them. The response rate in the last such survey was 74%, and the responses included a prolific quantity of comments about specific aspects of our service, both of which serve as indicators of the high level of engagement of our customers with the survey. The survey includes specific questions related to how they view our adherence to high ESG standards and the relevance of our efforts to address climate change. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">These engagements with our customers are critical in shaping our strategies and operations. By actively listening to them, we can make informed decisions that align with their expectations and enhance their overall experience with our service. This ongoing feedback loop ensures that we remain responsive and adaptive to the evolving needs of our customers.</span></p>
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<div style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-style: italic;"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-indent: 0pt;"><span style="color: #000000;">Innovation</span></span></span></div>
<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;">Commitment to excellence through innovation and continuous improvement is at the core of Tenaris's values, driving the development of new technologies and services that enhance safety and increase efficiency in the energy industry, while reducing the environmental impact.</span></p>
<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;">In&#160;2024, 2023 and 2022, we devoted&#160;$74 million, $60 million and $51 million to R&amp;D initiatives, raising our total investment over the past five years to <span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span>272 million, while the capitalized costs for the past five years were not material. Our research and development activities are carried out across four centers in Argentina, Canada, Mexico, and Norway, coordinated through our technology headquarters in Amsterdam.</span> <br/></p>
<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;">A dedicated team of 258 researchers, product experts and process engineers focus on advanced materials science, mechanical design, and applied physics. Their mission is to drive innovation and develop new technological solutions designed for extreme applications, enhanced efficiency, and safer operations.</span></p>
<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;">We also invest in optimizing processes across our industrial network through digital integration, automation, and AI initiatives as part of our sustainability strategy.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Driving innovation in the energy industry</span></p>
<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;">Our R&amp;D work focuses on two main aspects: serving the energy industry, especially the oil and gas market, and supporting our industry and customers in the transition to cleaner energy.</span></p>
<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;">We are contributing to the development of the next generation of high pressure deepwater operations, so-called 20K projects, through ultra-high strength steel grades and premium connections with optimized sealability, designed to handle wellhead pressures of up to 20,000 psi and temperatures of 350&#176;F (176&#176;C), as well as our 3D Mapping process to deliver more precise collapse and burst estimations. Fully integrated into our manufacturing processes, a proprietary numerical model leverages precise dimensional data to deliver specific performance predictions for each pipe. These estimated ratings allow pipes to be grouped by performance and dimensional categories, identifying, for example, those with ultra-high collapse resistance. With this high-quality data, our customers can make more informed decisions during critical stages of operations, such as well design and cementing.</span></p>
<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;">Our renowned Dopeless<sup>&#174;</sup> technology, the most widely adopted dope-free solution for drilling projects worldwide, is now also available for large diameter connectors, completing the dope-free offering for the full well. This innovation enhances operational efficiency and promotes a safer red zone on the offshore drill floor, one of the industry's highest-risk areas.</span></p>
<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;">In the unconventional drilling segment, our TenarisHydril Wedge&#8482; Series 400 connections address the challenges of increasingly longer laterals in unconventional and thermal applications across North America by delivering exceptional torque, faster installation speeds, and enhanced robustness. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Going beyond customer integration</span></p>
<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;">With the Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mill-to-well model, Tenaris established a partnership with oil and gas operators across their entire drilling projects. By the end of 2024, 531 rigs were served under our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service program, reducing total cost of ownership, improving efficiency, and enhancing reliability through an integrated service framework that fosters collaboration.</span></p>
<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;">Since the launch of the Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service program in 2015, we have continually enhanced its value through further solutions to simplify every aspect of our customers' drilling operations. The journey began with supply chain integration through DemandSync&#8482;, programming pipe production and accessory management around the operator's actual drilling needs, optimizing timing and delivery. </span></p>
<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;">With our RunReady&#8482; service, Tenaris has elevated operational efficiency by preparing pipes at the mills and delivering them ready-to-run at the rig site. This approach reduces the need for pipe handling, minimizes personnel requirements on-site, and streamlines operational processes, also enhancing safety and lowering environmental impact.</span></p>
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<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;">To improve productivity, eliminate redundant tasks, accelerate data availability, and enhance the overall customer experience during purchasing, dispatch, and invoicing, Tenaris invests in different levels of digital systems integration with its customers, boosting efficiency across the supply chain.</span></p>
<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;">Our WISer&#8482;, or well integrity, service, brings together a series of technical and digital solutions to support well integrity: string design and optimization, field and technical assistance, torque turn monitoring and real time monitoring of casing installation with our iRun<sup>&#174;</sup> Casing<sup><span style="color: #000000; font-family: 'Frutiger 45 Light'; 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></sup> technology. By combining our tubular expertise, on-site presence, and digital integration, our WISer&#8482; suite aims to maximize the lifecycle of pipe strings while improving safety, efficiency, and reliability in well construction operations.</span></p>
<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;">These services are supported by a Remote Monitoring Center recently installed in Houston, Texas, for 24/7 assistance and enabled by our PipeTracer<sup>&#174;</sup> identification system, that ensures end-to-end traceability of each pipe.</span> <br/></p>
<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 benefits of this focus on supply chain integration and well integrity is increasingly appreciated by customers and earned particular recognition from&#160;ExxonMobil with its 2024 Supplier of the Year award.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Streamlining pipeline projects</span></p>
<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;">Tenaris has strengthened its value proposition for the pipeline market through the One Line<span style="font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light', sans-serif;">&#174;</span></sup></span>&#160;service model and the consolidation of the TenarisShawcor portfolio of coating solutions. These include flow assurance, concrete weight coating, anti-corrosion protection, and flow efficiency for both offshore and onshore pipelines. Following the integration of Shawcor in December 2023, our global network&#8212;now with nine additional coating facilities&#8212;has expanded to better support the most demanding pipeline projects worldwide.</span></p>
<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;">Building on experience from more than 350 onshore and offshore projects, One Line<span style="font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light', sans-serif;">&#174;</span></sup></span>&#160;integrates processes from the design phase to execution, optimizing efficiency throughout the supply chain. This approach reduces delivery times, ensures high-quality standards, and lowers logistical costs, all while minimizing the environmental footprint.</span></p>
<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;">Tenaris's technical expertise and proven track record have been instrumental in securing our participation in some of today&#8217;s most significant offshore energy developments, including Irpa in the Norwegian North Sea and Raia in the Brazilian Pre-Salt.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Supporting the energy transition</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are dedicated to developing a low-carbon product portfolio tailored to the evolving energy landscape, including geothermal applications, CCS, and hydrogen storage and transportation.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Europe, we have been contributing to major geothermal initiatives across Germany, France, Austria, and Italy. Our offering for the geothermal market includes proprietary steel grades designed to resist corrosion, premium connections capable of withstanding extreme temperatures and thermal cycles, and a full range of services including material selection, well design, continuous technical support, and field services for running assistance.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The CCS market is expected to grow significantly in the coming years. Leveraging decades of testing and successful deployment in oil and gas wells, TenarisHydril premium connections provide an optimal solution for 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;"><span>&#160;</span>injection wells. Our expertise in corrosive environments also ensures the reliability of line pipe products for both offshore and onshore 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;"><span>&#160;</span>transportation. Additionally, we collaborate with leading public and private entities, gathering valuable insights to advance testing of materials.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As the relevance of hydrogen transportation grows, Tenaris is actively participating in Joint Industry Projects, research task forces, and normative bodies to advance research on hydrogen materials in both Europe and the Americas. Together with IGI Poseidon, Tenaris is conducting rigorous qualification testing for offshore high-pressure pipelines, establishing the groundwork for next-generation hydrogen transportation networks.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024, Tenaris expanded its THera&#8482; technology portfolio with a linear storage solution and the introduction of THera&#8482; Seal. This innovative sealing solution for high-pressure gaseous hydrogen storage draws on our expertise in metal-to-metal connections for extreme conditions, enabling seamless integration between the vessel and the sealing system. We have also recently qualified materials and premium connections for hydrogen underground storage, demonstrating their suitability for this emerging market.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; text-indent: 0pt;">Digital and AI solutions for the factory of the future</span></p>
<p style="background-color: #ffffff; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris continues to accelerate its digital transformation by leveraging advanced Cloud computing capabilities through Microsoft's Azure platform. This shift has enhanced the scalability, accessibility, and reliability of critical operational data, laying a solid foundation for continuous innovation.</span></p>
<p style="background-color: #ffffff; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our Data Science initiatives are transforming industrial operations by interconnecting processes and optimizing production workflows. By leveraging extensive data from our global manufacturing network, we generate actionable insights that enhance operational efficiency, product quality, and resource utilization.</span></p>
<p style="background-color: #ffffff; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2024, we expanded the capabilities of our Unified Dimensional Analysis Suite, which analyzes product dimensional tolerances to ensure consistent quality for our customers.</span> <br/></p>
<p style="background-color: #ffffff; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This year, we installed new integrations in our Silcotub facility in Romania to link data from the heat treatment and laboratory testing systems, building on the implementation completed the previous year in Dalmine, our mill in Italy. This advancement enhances compliance with mechanical property requirements while optimizing energy consumption, supporting our broader sustainability goals.</span></p>
<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;">Across our steel shops, machine learning models accurately monitor and predict temperature patterns, enhancing operational reliability. Additionally, we have optimized scrap selection using advanced mathematical models. This tool is now deployed at our Dalmine, Silcotub, Tamsa, and Koppel steel shops, reinforcing our decarbonization strategy by maximizing the use of recycled materials while maintaining the high quality of our steel products.</span></p>
<p style="background-color: #ffffff; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We conduct advanced multivariate analyses to identify key factors influencing production quality, using image categorization techniques to establish a consistent defect classification framework. This approach improves predictive capabilities, minimizes process variability, and supports proactive quality management, leading to more sustainable and efficient manufacturing operations.</span></p>
<p style="background-color: #ffffff; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, we have introduced Generative AI solutions to extract insights and actionable recommendations from our knowledge bases. This technology enhances decision-making by uncovering patterns and trends that drive operational excellence and organizational growth.</span></p>
<p style="margin: 12pt 0pt 8pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Setting industry standards for excellence</span></p>
<p style="margin: 12pt 0pt 5pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Over the past years,<span>&#160;</span>Tenaris<span>&#160;</span>has consistently invested in developing new solutions for automatic controls, inspections, and tests. These efforts have led to reduced operating costs and enhanced reliability, underscoring our commitment to quality.</span></p>
<p style="margin: 12pt 0pt 5pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have established<span>&#160;</span>Tenaris&#8217;s<span>&#160;</span>product quality control and process control as key competitive advantages in the market. Our innovative technological solutions focus on minimizing risks associated with the human factor in inspections while enhancing their thoroughness.</span></p>
<p style="margin: 12pt 0pt 5pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Among our many innovations, we highlight the ARGUS automatic visual inspection system, the VITRIS automatic inspection concept for airbag vessels in the automotive industry, the PYXIS non-destructive testing (NDT) hardware, and the Cerberus software for pipe inspection. By leveraging advanced digital signal processing and cutting-edge technologies, we are not only improving operations and quality but also setting new industry standards for excellence.</span></p>
<p style="margin: 12pt 0pt 5pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have also enhanced the automation of key production processes through proprietary process control systems. In 2024, five new proprietary technologies were integrated into the 26 already in operation across our global manufacturing network.</span></p>
<p style="margin: 12pt 0pt 5pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">These technologies, based on digital twins that combine advanced mathematical and machine learning models, significantly reduce human intervention, ensuring greater consistency throughout the production process while delivering measurable improvements in quality and efficiency.</span></p>
<p style="margin: 12pt 0pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Three of the new technologies were implemented in hot rolling in our mill at Sault<span>&#160;</span>Ste. Marie, Canada, and our mills in Italy. The other two were applied to heat treatment at the Conroe and Bay City mills in the US. Additionally, we enhanced process control through established technologies, adding five new systems at our mills in Argentina, Mexico and Romania.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; break-after: avoid; break-inside: avoid; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Suppliers</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has implemented a range of policies and procedures to ensure sustainable, ethical, and compliant sourcing practices across its supply chain, while addressing impacts, risks and opportunities affecting suppliers.</span> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The main policies, procedures and internal regulations related to suppliers are: </span></p>
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<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Code of conduct.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">QHSE Policy.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Human Rights Policy.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainable sourcing policy.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Policy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on business conduct.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Code of conduct for suppliers.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Suppliers Masterfile Procedure.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Procedure for Compliance with Conflict Minerals Reporting Requirements.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Procedure for Tier 1 Contractors HSE Management.</span></li> </ul>
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<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company has in place a Code of Conduct for Suppliers, which has been translated into ten languages and is made available to all personnel and suppliers. Furthermore, the Company adopted a Sustainable Sourcing Policy, which is intended to foster closer dialogue with suppliers and improve their awareness of sustainability concepts so that they can accompany<span>&#160;</span>Tenaris<span>&#160;</span>in meeting the standards required in its operations, providing support and guidance as needed. All third parties are required to meet internal standards governing ethical behavior, legal compliance, and health and safety responsibilities.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Diligent and consistent compliance with the provisions of the Code of Conduct for Suppliers will be considered for selection, retention and evaluation of suppliers. Suppliers shall be responsible for applying the principles contemplated in the Code of Conduct for Suppliers even in the relationships with the sub-suppliers they work with to the extent they participate in any way in transactions or dealings with<span>&#160;</span>Tenaris.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under our Sustainable Sourcing Policy, we carry out a selection process to ensure that our suppliers meet the standards enshrined in our Code<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of Conduct<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and comply with applicable local laws and regulations. We expect all our partners in business to observe the same high standards we follow internally governing ethical behavior, legal compliance, and health, safety and environmental responsibilities.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainable Sourcing<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Policy is in line with the principles set forth in the UN Sustainable Development Goals and the<span>&#160;</span>Worldsteel<span>&#160;</span>Sustainability Charter and complements our Code</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>of Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, our Code of Conduct for Suppliers, our QHSE Policy, our Human Rights Policy and other related internal policies and procedures.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All together, these policies create a robust framework for responsible supply chain management at<span>&#160;</span>Tenaris.</span><span>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We track the effectiveness of our policies through our supplier management processes and related actions and indicators, as described below.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more detailed information on these policies, please refer to<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Sustainability Statement - Sustainability in<span>&#160;</span>Tenaris<span>&#160;</span>- Policies and procedures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><span style="font-style: italic;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Preventing and remediating impacts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Suppliers&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management processes are defined with a 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;">based approach, in which different areas of the company are involved depending on the aspects covered, either defining the requirements on suppliers, carrying out the corresponding assessments or conducting the applicable controls.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our engagement approach with suppliers is embedded within our broader commitment to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">QHSE </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">management systems. We recognize the importance of implementing our policies throughout our entire supply chain, from suppliers to end-users. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The engagement with suppliers is done together with </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;">, our procurement company.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros is present</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 1</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;"> countries, offers a vast range of services and integral solutions for industrial clients within the Techint Group and in which Tenaris has shared ownership with its affiliate, Ternium. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> activities extend across the entire supply chain, from sourcing, hiring and management of suppliers, to inventory planning, logistics and import services. Leveraging on market knowledge and purchasing power, Exiros also supplies materials for different customers around the world through its </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;">rading </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> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros quality management system is certified </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;"> ISO 9001 standard. In December 2024, Exiros had nearly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">90,000 registered suppliers, of which over 16,000 were active during the year, with 9,</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;">00 supplying Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Supplier registration</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Every new supplier willing to engage in a commercial relationship with Tenaris must go through a registration process, which guarantees that our suppliers commit to the standards outlined in our Code of Conduct for Suppliers and comply with applicable laws and regulations. The requirements are defined by Tenaris&#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;"> Business Conduct Compliance Officer (</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;">BCCO</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 Compliance area, while the background check is carried out by 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;"> Considering a risk-based approach, each supplier is categorized by the risk associated, under which a general set of affidavits and controls regarding Human Rights and origin or relation with restricted persons or countries are coupled with particular requirements according to the category of materials or services to provide. Also, during the process, a background check is performed with a screening tool to detect non-disclosed re</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;"> flags.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Due diligence process for high-risk suppliers</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The due diligence, part of<span>&#160;</span>Tenaris&#8217; Business Conduct Compliance 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;"><span>&#160;</span>consists of an integrity risk assessment process over a third party, applicable to suppliers that will represent or act on behalf of<span>&#160;</span>Tenaris<span>&#160;</span>before any governmental entity, including customs agents, permitting assistants, law firms, advisors, or commercial agent</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;</span>being susceptible to corruption risks. The due diligence is regulated by specific internal procedures, which demand additional assessment, controls, training and express commitments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>and</span><span>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it is<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">performed with a determined frequency based on the entailed risk.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">BCCO continuous monitoring</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris<span>&#160;</span>has strengthened its controls by expanding training programs, conducting more thorough screenings, standardizing critical service contracts, and including ethics clauses in agreements with third parties.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;For<span>&#160;</span>more<span>&#160;</span>information on our<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Business Conduct Compliance Program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>and how relationships with third parties are managed, please refer to<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ustainability<span>&#160;</span></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&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span><span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-Business Conduct&#160;<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-&#160;</span>Compliance Program&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Conflict minerals campaign</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Every year, Tenaris conduct</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 reasonable country of origin inquiry to determine whether its products contain conflict minerals originated in the Democratic Republic of the Congo or the adjoining countries subject to modern slavery risks. This process helps us make informed decisions regarding the purchase of products from our direct suppliers containing conflict minerals. Only a negligible portion of Tenaris products may contain conflict minerals, particularly from a specific ferroalloy or semi-finished products of certain steel grade. Every year, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris files</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Conflict Minerals Form to the SEC of the United States of America. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">The Compliance Line</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Compliance Line is managed by the Company&#8217;s Internal Audit </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;">epartment under the supervision of the Company&#8217;s </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;">. Complaints can lead to disciplinary actions, including dismissals and termination of commercial relationships. For further information, please refer to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ustainability </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-Business Conduct&#160;<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span> Compliance Line&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><span style="font-style: italic;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Actions</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The risk of disruption in the supply chain,</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;"> material topic given 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;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and geopolitical unrest around the world, impacting how companies run their businesses. The need to build resilience into the supply chain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and to have a diversified sourcing strategy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is as strong as ever. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In this context, Tenaris is devoting considerable resources to strengthening its supplier relationships, with a view to reducing transaction costs, as well as enhancing flexibility and fostering greater adaptability for more efficient problem-solving. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are committed to working with our suppliers to improve sustainable business practices, assisting them to identify risks and opportunities, providing training, sharing knowledge and raising awareness, and, in general, working together to improve the sustainability of our supply chain and our business.</span> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">By deepening our approach to value-chain management, we are also extending existing policies implemented by our procurement company Exiros for a sharper focus on environmental performance.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">GHG Emissions&#160;<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span> Scope 3 campaign</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2022 we started a 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;"><span>&#160;</span>emissions campaign with our suppliers, with the objective of assessing suppliers&#8217; real emissions factors, which then are considered in<span>&#160;</span>Tenaris&#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;"><span>&#160;</span>own emissions accountings. Following<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">worldsteel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>methodology and international standards, nearly<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60 suppliers from relevant raw materials categories have been assessed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>in 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including iron ore pellets, pig iron,<span>&#160;</span>ferroalloys<span>&#160;</span>and lime suppliers</span><span style="font-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;</span>among others.</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Sustainability assessment - Open-es Platform&#160;onboarding</span></p>
<p style="margin: 10pt 0pt; 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: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With the aim of having more knowledge on the value chain status regarding sustainability and to foster the development of sustainable practices within suppliers, we have invited a first set of approximately<span>&#160;40</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;suppliers<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to complete their assessment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: start; text-indent: 0pt;"><span>&#160;</span>the Open-es platform<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"> <span>or to provide a
similar sustainability assessment</span> .</span></span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; text-indent: 0pt;">Conflict minerals campaign</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To manage our impacts, risks and opportunities related to workers in conflict minerals areas, we conduct an annual Conflict Minerals control campaign led by our compliance department. This campaign targets suppliers who </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provided raw materials or semi-finished steel products potentially containing conflict minerals, such as ferrotungsten and steel bars. Suppliers are required to answer questions regarding the presence of conflict minerals in the materials they supply to Tenaris and detail the origin of these raw materials.</span></p> </div>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">n 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;"> we&#8217;ve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">identified and surveyed 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;"> Potential Conflict Minerals Suppliers, from which 100% have confirmed that none of the products supplied to Tenaris, including raw materials, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contain conflict minerals originated from any of the covered countries</span><span style="font-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 2024 campaign is under process, with 42 suppliers contacted.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Quality management</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have an annual audit plan to assess suppliers&#8217; quality management systems, focus</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;"> on our critical suppliers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> regarding the quality of services and materials provided, as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">how </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such inputs impact the quality of Tenaris'</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;"> final products. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2024 we have audited 218 suppliers. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Health, Safety and Environmental management</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Suppliers performing HSE high-risk activities inside Tenaris&#180;</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;"> mills are required to have implemented an HSE management system based on international standards. As of the date of this report, we have audited and certified 9</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 high &#8211; HSE risk active service suppliers.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ProPymes Program</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Launched in December 2002, the ProPymes Program supports Small and Medium-sized Enterprises (&#8220;SMEs&#8221;)&#160;making up the value chain of Tenaris and its sister companies Ternium, Tecpetrol and Techint Engineering &amp; Construction. The Program aimed to build an integrated ecosystem with the companies in the value chain by helping them grow, innovate and develop successful export strategies. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Today, the Program works with 1,147 firms which have received technical assistance to train </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">around</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 58,000 employees</span><span style="font-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 over </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">94 million in credit support from the Techint Group. These firms have exported goods and services worth </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">273 million to other Group companies. In 2024, the Program provided 95,000 training hours. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The 23<sup>rd</sup> ProPymes Seminar took place on December 12, 2024 at the Buenos Aires Convention Center, bringing together over 950 attendees, both in-person and virtual. The event featured representatives from SMEs within the Techint Group&#8217;s value chain in Argentina and included panels focused on competitiveness, innovation, technical education, and industrial development.</span></p>
<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;">ProPymes supports the Group&#8217;s community education program Technical Gene. In 2024, SMEs helped technical schools train 458 young people in workplace skills through on-the-job training.</span> <br/></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Payment practices</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#180;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> business model involves relying on an</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">extensive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> network of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> supplier</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 markets with significant regional and country differences.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> We don&#180;t categorize suppliers and therefore, don&#180;t have different</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> payment terms </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by category. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Payment terms vary depending </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mainly on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> countries as well as from supplier to supplier.</span> </p>
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<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;">In 2024, average invoice payment days across all accounts payable, was </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;"> days. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The percentage of payments aligned with its payment term was 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;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has no ongoing legal proceedings for late payment.</span></p>
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<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a href="#TOC" id="Bb4_1222025233445701" class="customBookmark" style="color: #000000; text-decoration: none; cursor: default; outline: none; pointer-events: none;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Governance -<span>&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business Conduct</span></a></div>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><img src="imgdefab3b8863146c4b5f7.jpg" alt="Graphics"/></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Commitment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To build a corporate culture of transparency and integrity based on ethical behavior and compliance with the law.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Objectives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 19.67pt; padding-left: 20.67pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Develop and oversee Tenaris&#8217;s strategy and risk management, taking into account financial, social, environmental</span><span style="font-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;compliance and ethical considerations to ensure our long-term sustainability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bb5_1222025233514849" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="color: #000000;">Policies and Procedures</span></span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have implemented policies and procedures to manage and address impacts, risks, and opportunities on our employees related to ethics and compliance, health and safety, working conditions, and human rights. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For a summary of our main policies and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">procedures, please 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;">Sustainability Statement - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainability in Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span> Policies and Procedures</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></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Code of Conduct </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">and the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Policy on Business Conduct</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has significantly enhanced its </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;">olicies and </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;">rocedures to establish a comprehensive normative framework to prevent, detect, and mitigate bribery, corruption, and related risks, by outlining anti-bribery and anti-corruption controls and several risk mitigation measures. The foundation of this normative framework is the Code of Conduct and the Policy on Business Conduct, which explicitly prohibit any actions that could contravene applicable anti-corruption and anti-bribery laws.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Code </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of Conduct </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;">initially</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> approved by the Company&#8217;s Board of Directors in 2003</span><span style="font-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 been reviewed regularly</span><span style="font-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 revisions approved by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Company&#8217;s b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard</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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he most recent edition </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;">released in 2024. The Code </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of Conduct</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;">accessible </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to the public and on Tenaris&#8217;s intranet, and </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;">available in the local languages of many locations where Tenaris operates. The Code </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is applicable to all Company personnel and extends to any </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">entities </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;">the </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;">&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> control and any third-party representatives. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Policy on Business Conduct, initially approved in 2009, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outlines </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company's anti-corruption and anti-bribery rules </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to ensure </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ethical and compliant conduct in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">all </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">business relationships and interactions with government agencies, state-owned enterprises, private-sector entities, and their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">representatives</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;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Policy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on Business Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> encompasses provisions regarding compliance training, due diligence </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;"> hiring third-party representatives, prohibited payments, identifying red flags in business relationships, monitoring compliance, internal investigation procedures, and disciplinary actions. The Policy on Business Conduct is dynamic and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">undergoes regular reviews to ensure compliance with</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">international standards and best practices, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">incorporat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing lessons learned since its in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cep</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tion. Like the Code of Conduct, the Policy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on Business Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has been translated into the local languages of many regions where Tenaris operates. The most recent version of the Policy on Business Conduct was released in March 2024.</span> <br/></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Code of Conduct for Suppliers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-indent: 0pt;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The company has adopted a Code of Conduct for Suppliers to ensure that Tenaris&#8217;s suppliers adhere to high standards of integrity, transparency, and compliance with laws in all business dealings.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information about this Code of Conduct for Suppliers and how the Company manages its relationship with all its suppliers, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">please refer to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ustainability </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span> Social&#160;<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span> Our Value Chain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; 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-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; line-height: 1.2;"><span style="color: #000000;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting Provisions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-indent: 0pt;">&#160;</span></span></p>
<p style="margin: 10pt 0pt; 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-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; 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 adopted specific<span>&#160;</span></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;">olicies<span>&#160;</span>and<span>&#160;</span></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;">rocedures<span>&#160;</span>to ensure compliance with the<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">accounting provisions<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of relevant anti-corruption laws, and the accuracy of the books and records.&#160; For example, the Financial Controls and Accounting Policy, most recently reviewed in 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aims<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to<span>&#160;</span>minimiz</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;"><span>&#160;</span>the risk<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of inaccuracies in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>accounting entries, due to error or fraud, bribery</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;"><span>&#160;</span>corruption. 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;"><span>&#160;</span>Books and Records Assurance Policy outlines strict rules and guidelines for the accurate and timely recording of all transactions. Additionally, the Document Retention Policy adheres to best practices and international laws</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>on the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>maint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">enance</span><span>&#160;</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>&#160;</span>records and historical archives for legal, commercial and compliance purposes</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;">, the Code of Ethics for Senior Financial Officers,<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which applies to<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the principal executive, financial, and accounting officers, as well as controllers and similar roles</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aims to prevent misconduct and ensure these officers uphold personal and professional integrity, comply with the law, and follow the Company's Code of Conduct and other policies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The Company has also adopted a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>Conflict of Interest and Non-Competition Policy to address risks associated with the Company&#8217;s business interactions with others</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;"><span>&#160;</span>was last updated in 2022.&#160;</span></p>
<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="Bb6_1222025233553503" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Co</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">mpliance</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Culture</span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris recognizes that extensive training and dissemination are essential for successfully fostering 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;">ompliance </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;">ulture. Consequently, </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;"> has developed a comprehensive training program for all employees. The training comprises a blend of in-person and online sessions, including live webinars on business ethics, and business conduct </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;">olicies and </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;">rocedures. To enhance the effectiveness and retention of information, the training has transitioned from traditional classroom settings to workshops that integrate theory and practice. These workshops include case studies, guest professors and speakers, quizzes, surveys, and interactive activities. Additionally, the training incorporates videos with practical scenarios.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Training</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">employees' function</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">al roles,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> position risk assessments, and </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;">exposure to customers or governmental entities. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, 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;">conducts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">onboarding meetings for newly promoted senior employees,&#160;focused on those who</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;will interact </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with customers or government entities in high-risk countries.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Regarding compliance divulgation, the Company has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">implemented</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;">multi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disciplinary approach to its compliance communications strategy, fostering a comprehensive Company-wide culture of compliance. The compliance function employs various communication channels to reinforce and complement training efforts, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">thereby </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ensuring </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continuous</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> employee engage</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ment</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;">awareness of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">best practices. For example, the Company use</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;"> newsletters, brochures, fictional case studies, targeted emails, billboards in office locations and manufacturing sites, flyers, reminders, and specific campaigns focused&#160;on policies and procedures, internal controls and red flags awareness. These approaches communicated to both employees and management </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">underscore</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the significance of compliance and provide practical examples of potential compliance issues.&#160; </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Tenaris Employees Survey received </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">positive responses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;about how the Company communicates expectations for ethical behavior and integrity&#160;compliance. From 23 main categories, the statement related to Compliance was the most answered with a positive response from all the employees with 86% of very positive answers (rank 4 &amp; 5 on a scale from 1 to 5).</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Compliance </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;">ulture is consistently emphasized in leadership&#160;communications and interactions with the compliance function, with senior management actively requesting for advice, participating in town halls, management meetings, and training</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;">essions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, the Company regularly uses diverse communication channels to distribute policy updates, raise awareness on controls, refresh business conduct compliance expectations, and communicate activities and lessons learned during visits to 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;"> facilities or commercial offices. </span><br/></p>
<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="Bb7_1222025233656511" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business&#160;Conduct Compliance Program</span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris adhered to the United Nations Global Compact initiative, which promotes corporate sustainability by formalizing its commitment to operate under the human rights, labor, environmental and anti-corruption principles outlined by the Global Compact. 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;"> Business Conduct Compliance Program is aligned with anti-bribery and anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, and the OECD Convention for Combating Bribery of Foreign Public Officials in International Business Transactions.</span></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company has implemented a comprehensive set of activities and compliance measures designed to prevent, detect, and address instances of corruption and bribery. These initiatives are integrated into its Business Conduct Compliance Program, which encompasses the following elements:</span></p>
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<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Policies and Procedures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: The Company issue</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;"> or update</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 normative framework to define comprehensive business conduct rules, processes, standards, and controls. These </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;">olicies</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;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rocedures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are designed to prevent, detect, and mitigate bribery, corruption, and related risks. Additionally, these documents specify the responsibilities of each employee in implementing them. During 2023 a new edition of the Code and Policy on Business Conduct was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;approved by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Company&#8217;s board of directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Communication and Training: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consistently communicates its policies and procedures to personnel. It ensures they are kept up to date with compliance news, reminders and training sessions, fostering a clear understanding of the Company's ethical standards and compliance culture, which employees are required to adhere to. During 2024, the Company issued 66 communications pieces relevant to business conduct. Regarding business conduct compliance training, during 2024 the Company conducted 113 in person or live training</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;sessions, and 3,934 employees of 28 countries,&#160;where Tenaris operates. In addition, 8,962 employees completed customized e-learnings on the Policy on Business Conduct. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, third parties with higher exposure are mandated to complete specialized compliance training.&#160; These training sessions emphasize business and ethics commitments, reinforced by the Company's messaging on expected behavior, obligations, responsibilities, and consequences of non-compliance. During 2024, the Company on-line trained 523 non-Tenaris employees of 144 third parties and conducted in-person training to various employees of third-party companies, generally in high risk countries.&#160; </span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk Assessment:</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;">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;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ssessment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on business conduct involves regularly evaluating geographical locations, functions, business activities, and interactions or transactions with specific third parties that may expose the Company to higher bribery and corruption risks.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Third Parties Risk Management</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;">assesse</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;"> third parties to identify potential integrity risks they may </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pose 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;">The Company has implemented a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> risk-based due diligence process, which includes compliance commitments,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">including adherence to legal and regulatory standards,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">screenings, and standard clauses. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2024, the Company completed 146 enhanced due diligence on higher exposed third parties.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Guidance and Advice</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;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ffice</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the Business Conduct Compliance 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;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">BCCO</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;"> regularly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provide</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;"> employees with guidance and advice on anti-corruption and anti-bribery compliance, supporting them in their daily activities and decision-making processes. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2024, the compliance function responded to 732 requests for compliance advice.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Compliance Monitoring</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: The Company regularly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">review</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;"> key 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;">including</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">due diligence, screenings, business justification, payment rationality, red flag resolution, completion of mitigation measures, and supporting documentation provided by functions that sponsor a transaction or engagement of a third party. The objective is to ensure high-quality integrity assessments, preventing transactions or business relationships with third parties who may deviate from standards, </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;"> negative historical records, or lack necessary credentials for their assigned tasks.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> During 2024, the Compliance function conducted 618 monitoring activities, 435 concerning high-risk countries; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">none&#160;dealt with critical or material concerns. The Compliance function communicated its observations and proposed remediation measures for management to implement, and reported indicators, including red flags and mitigations, to the audit committee of the board of directors.</span> <br/></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Reporting:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The BCCO </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reports</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> regularly to 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 of the </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 and the CEO on risks, remediation efforts, program indicators, and regulatory trends. The BCCO can also escalate critical issues requiring top-level action or investigation.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 8pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Key Business Conduct Enhancements. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During the years of the </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;">usiness </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;">onduct </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 </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;">rogram, the Company has developed several responses and process improvements, including updates on the Code of Conduct, the Policy of Business Conduct and the Policy of Conflict of Interests for Employees, incorporating the Key Principles of the Policy on Business Conduct for Third Parties and the new Compliance Line platform, coordinating compliance in-person and online re-training for employees and intermediaries, regularizing compliance measures on suppliers with a risk-based approach, standardizing background checks methodology, business ethics clauses and certain types of&#160;contracts, certifying compliance and developing the &#8220;BCCO Office Responds Platform&#8221; for compliance guidance and advising to employees, among others.</span></li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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="Bb8_1222025233717208" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business&#160;Conduct Risk Management</span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris recognizes that maintaining appropriate internal controls requires the identification of structural and/or incident-specific gaps through rigorous testing and analysis. The principal mechanism for evaluating bribery and corruption risks is the Company&#8217;s Business Conduct Risk Assessment.&#160; </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain functions may be more susceptible to risks than others. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Those functions include, by way of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> example, individuals who frequently interact with customers, government bodies or state-owned companies; those who manage relationships with third parties; those working in countries or regions identified as high-risk </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in terms of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> corruption; or those involved in business development, new projects, new markets, appointing representatives or business associates in high-risk areas, and mergers and acquisitions.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Risk Assessment identifies geographical locations, areas and activities that expose the Company to potential bribery and corruption risks. It analyzes and assesses those 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;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nd it evaluates the suitability and effectiveness of the Company&#8217;s current controls considering those risks. In addition, the Company&#8217;s compliance function analyzes each specific job function&#8217;s exposure to risks by considering several factors, including the employee&#8217;s level within the Company and scope of responsibilities.&#160; Based on the Risk Assessment, the Compliance function designs, develop</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 implement</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 existing or additional risk-based controls and monitoring activities to mitigate the identified risks, as well as tailor</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 priorities of the Company&#8217;s Compliance function. In particular, the Risk Assessment defines and informs the Compliance Officer&#8217;s agenda for business conduct monitoring plans, training plans, communications and certification campaigns, process improvements, as well as plans for future reviews of and updates 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;">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;"> policies and procedures.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Risk Assessments on bribery and corruption are performed regularly, but certain events may also trigger a specific assessment that occurs sooner than the next Risk Assessment.&#160; For example, new projects, entries into new markets, new representatives in high-risk markets, substantial reorganizations, changes of management and staffing, and mergers and acquisitions can all give rise to an immediate review of the relevant Company compliance policies and activities to addressing such events. </span></p>
<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="Bb9_1222025233747651" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Monitoring, Investigations Audit Reviews and Compliance Assurance</span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Business Conduct Compliance Office </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conducts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;various forms of business conduct compliance monitoring, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">including third parties and transactions due</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;diligence controls, enhanced background checks, and identifying and assessing potential red flags, and addressing red</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;flags that may </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">require</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> an investigation by the Internal Audit Department, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">supported by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Legal Department or </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;">xternal </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;">dvisors. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Whenever necessary, the BCCO, with assistance from the Internal Audit Department and Tenaris Legal Services, promptly investigates all reports or complaints regarding violations of the Policy on Business Conduct and related procedures. Both the BCCO and the Internal Audit Department are </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;"> with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adequate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> resources and receive reasonable cooperation from company personnel for such investigations.</span> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">Internal Audit </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;">epartment executed audits and follow-up reviews specifically related to compliance with the Policy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on Business Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and related procedures. These reviews were carried out in accordance with an </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;">nnual </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;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lan. The methodology applied to define 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;">nnual </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;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lan is aligned with the international standards of the profession and best practices, which include periodic reviews to ensure an adequate focus on emerging risks, changes in business strategies/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/or acquisitions that may occur during the year.&#160; The </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;"> received quarterly updates on its execution. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nternal </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;">ontrol </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 area coordinated and verified </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;">Company&#8217;s activities within an adequate internal control framework, ensuring compliance with internal and external audit requirements, implementing improvements or remediating deviations. In addition, the </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;">nternal </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;">ontrol </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 area </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is responsible for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">monitor</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;"> internal control risk situations, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ensuring </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">compliance with standards, </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;">updating and disseminati</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ng</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of applicable control framework</span><span style="font-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 ensures continuous</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> monitoring of </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;">nternal </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;">ontrol risk situations through the verification of compliance with internal and external audits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The area also conducts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> annual SOX tests on behalf of </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 to support the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">required </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">certifications.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Disciplinary Measures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company takes violations of its policies and procedures seriously. When an investigation concludes that the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">applicable Company policy and/or applicable law have been violated, the BCCO is alerted. The Internal Audit Department evaluates the scope and specifics of the violation and provides recommendations for corrective measures.&#160; The BCCO shall determine the appropriate disciplinary measures to be taken, if any, considering the nature and seriousness of the violation, in consultation with the human resources and legal departments, and the supervisor(s) of any involved employee(s).&#160; Upon identifying a policy violation, disciplinary actions may range from warnings compensation reductions, or termination of employees or&#160;contractors engagement for serious infractions of Company policies and procedures and/or law. After the BCCO determines and approves the appropriate disciplinary measures, the regional manager for the affected region collaborates with the BCCO to ensure that such disciplinary measures are implemented.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<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="Bb10_1222025233830370" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Compliance Line</span></a></div>
<p style="font-size: 12pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Compliance Line is a multi-faceted reporting system that allows employees and third parties (including customers, suppliers, community members and other interested parties) to make reports telephonically (through a toll-free telephone line available in most countries where Tenaris operates), electronically (through a web page (</span><span style="color: #467886; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">https://www.bkms-system.com/Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">), QR Code, mobile device, or email (</span><span style="color: #467886; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">auditoria_responde@tenaris.com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or </span><span style="color: #467886; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">audit_inquiries@tenaris.com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)), or by direct communication with the Company&#8217;s audit function. </span></p>
<p style="font-size: 12pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This confidential communication channel is available 24/7/365. Shareholders, investors and other interested parties have an exclusive channel called the &#8220;Shareholder's Compliance Line&#8221; to communicate their concerns related to </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 or internal control over financial reporting. It is a web-based form (</span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">https://ir.tenaris.com/corporate-governance/shareholder-compliance-line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) that, once submitted, is sent directly to the members 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the Chief Audit Executive.&#160; </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Reporting options are available in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eleven</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">different </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">languages</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ensuring accessibility for a diverse user base,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the system is designed to be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">intuitive and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">user-friendly.&#160; This system in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tegrates advanced</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> technology </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to enable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company to receive and manage complaints </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with current best practices and regulatory requirements. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Compliance Line is managed by the Internal Audit Department under direct supervision of the </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;">. All reports received through the Compliance Line system are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">confidential</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and access to these reports is heavily restricted to ensure that such information is appropriately protected and to reduce the risk of retaliation against reporting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">individuals</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All reports received through the Compliance Line are processed, administered and investigated by the Internal Audit Department, which may request assistance from other departments or areas</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;"> necessary. All reports shall be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">handled to ensure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> objective, independent, unbiased, and fair treatment of individuals and of any information received or collected and processed during investigations.</span> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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;">particular</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;">Ethics and Fraud Audit Department</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;">Internal Audit Department</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is responsible for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reviewing and keeping record of all the complaints received through any of the access channels, immediately notifying the Chief Audit Executive about high-impact complaints to determine the appropriate investigation steps, defining and approving the investigation work program, conducting the investigation or ensuring coordination</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with other departments concerned, assessing the reasonableness of any remedial or other action plans proposed by the management, preparing&#160; quarterly summaries of closed and ongoing investigations to the Chief Audit Executive and to the Company&#8217;s audit committee, among others.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Channel Availability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">enhanced</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its comprehensive reporting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">system</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;">facilitate confidential and anonymous reporting by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> employees and third parties </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;"> any actual or suspected violations of the Code of Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, other policies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or applicable law</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;">as well as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> any other improper activities.&#160; The Company has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">established multiple</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mechanisms for reporting and tracking potential violations through its Compliance Line, which was last upgraded in February 2022.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The global communication campaign to promote the channel includes articles and digital banners in TenarisToday (intranet), mill newspapers publications, communications via WhatsApp and the HR App, e-mails, social media posts, screen savers, posters, roll-up banners, tent cards, signs and videos displayed on screens in offices and facilities.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; 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-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, both in-person and online trainings sessions on the Code of Conduct and<span>&#160;</span></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;">usiness<span>&#160;</span></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;">thics<span>&#160;</span>are<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provided to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>employees, which incorporate a module on the Compliance Line. The Internal Audit Department delivers various learning activities focused on business ethics, designed to ensure employees understand and adhere to the<span>&#160;</span></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&#8217;s<span>&#160;</span>Code of Conduct. These courses cover key topics related to policies and procedures in integrity and transparency, internal controls and fraud prevention. Employees also learn how to identify potential violations to the Code of Conduct and the different channels available to report them through the Compliance Line.</span></p>
<p style="margin: 10pt 0pt; 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-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The training catalogue includes mandatory e-learning on the Code of Conduct, participation in global programs such as<span>&#160;</span>Tenaris<span>&#160;</span>University Induction Camp and Management Development Program, local sessions on business ethics for white collars and courses on the Code of Conduct for shop floor employees.</span></p>
<p style="margin: 10pt 0pt; 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-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For stakeholders, the Compliance Line is promoted<span>&#160;</span></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<span>&#160;</span>Tenaris<span>&#160;</span></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;">eb page, invoices and trainings sessions on the Code of Conduct for certain vendors, such as<span>&#160;</span></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;">crap suppliers. Furthermore,<span>&#160;</span>Tenaris<span>&#160;</span>Standard Terms and Conditions for Suppliers include a provision encouraging them to report any irregularity or violation of the Code of Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>through the designated reporting<span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">link. This</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>&#160;</span>clause serves as a reminder</span><span>&#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;"><span>&#160;</span>all parties of the Compliance Line&#8217;s availability for reporting any violations of Company policy or law</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, ensuring transparency and accountability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cases Management</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-indent: 0pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Upon completion of any investigation process, the management of the areas involved propose action plans, which </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;"> evaluated</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for reasonableness by the Internal Audit Department. Upon coordination and agreement with the Internal Audit Department, the area involved promptly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">implements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> remedial actions, which vary according to the type of violation committed. These </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;"> include employees&#8217; disciplinary actions (dismissal, suspension, written or verbal warning, impact on performance evaluation, specific training assignment), process and control improvement, termination of business relationship, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exclusion from our facilities,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or sanctions to contractor&#8217;s personnel, non-conformity issued to supplier, financial claim to supplier, impact on supplier&#8217;s evaluation, legal claim, among others. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In response to the growing number of workplace environment reports over the total received (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">58</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in 2024), </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;">Human Resources </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Department </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has launched a workshop on </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;">ork </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;">nvironment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in various countries</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;"> includes a module on the Compliance Line to further support the promotion of a respectful and inclusive workplace culture.</span> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Protection of Whistleblowers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-indent: 0pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We protect whistleblowers through several measures designed to ensure confidentiality, prevent retaliation, and promote a culture of compliance and ethical behavior. The Company has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ad</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;">pted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">robust</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">policies and procedures to protect whistleblowers and other reporting employees from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any form of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">retaliation.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Code</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of Conduct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> expressly prohibits retaliation against individuals who raise </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;"> issue, report </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any poten</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;">ial</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> violation, or participate in an investigation, and allows them to file</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;anonymous reports.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> However, the Company encourages whistleblowers to identify themselves or provide contact information considering that the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to interact with whistleblowers increases the effectiveness and efficiency of investigations.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any measures adopted by the Company as a result of a complaint investigation ensure </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equitable and impartial</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> treatment of the personnel and third parties involved. The Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">does</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not tolerate any harassment, discrimination, punitive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">actions, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or retaliation against </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">individuals</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> who seek advice, raise concerns, report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;a breach or suspected breach, or </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;"> violations in good faith. Any complaint </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">regarding</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> punitive or retaliat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ory actions</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;"> promptly investigated by the Internal Audit Department and appropriate remedial and/or disciplinary measures </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;"> taken if </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the investigation verifies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any alleged retaliation or punitive action.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Definitions regarding whistleblower protection are included in Tenaris&#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;"> Anti-Fraud Policy.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Effectiveness of the Channel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; 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 Internal Audit Department acknowledge</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;"> receipt of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">all </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">report</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;"> received </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">through the Compliance Line </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and provide</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;"> feedback on </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;">report to the relevant reporting person, within a reasonable timeframe, in accordance with the provisions contemplated in applicable laws and regulations in each jurisdiction.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Notwithstanding the above, Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> required to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disclose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> details </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pertaining</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to specific individuals or any information that </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;"> compromise an investigation. The scope and content of the feedback </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;"> defined on a case-by-case basis by the Internal Audit Department. In all cases, feedback 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;"> the nature of the facts under investigation, the need to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">maintain confidentiality of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">relevant information, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">requirement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to ensure safe deployment of prospective investigation measures and the protection of the rights of any individuals mentioned or involved in the report and/or the investigation.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The number of c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">omplaints reported during 2024 </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;">significantly increased</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> compared to complaints received in 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, continuing the trend from 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;">which evidences </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;">effectiveness of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Compliance Line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and is mainly attributable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">implementation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of a new</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> enhanced compliance line system 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;"> which facilitates the reporting of violations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Expanded training programs and communication</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;campaigns </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;">encourage the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">use </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;">this channel&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have also contributed to this increase, in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;addition to the headcount increase. Another </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evidence</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the effectiveness of the channel is the substantiation rate, which ha</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;"> remained stable in the last years (around 50 %).</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ncidents of alleged bribery</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In response to the undertakings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adopted in connection with the settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with the SEC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">relating to alleged improper payments in Brazil prior to 2014, Tenaris</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;">conduct</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;"> an initial review of its anti-corruption policies and submitting an initial report; (ii) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">submitt</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;">periodic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">report</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;"> updating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the SEC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on the status 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;"> FCPA and anti-corruption related remediation and compliance measures; (iii) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conduct</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 final review of anti-corruption compliance programs and </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;">submitt</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 final certification of compliance with its undertakings in July 2024.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For further information see note 27 &#8220;Contingencies, commitments and restrictions to the distribution of profits- Contingencies &#8211; Petrobras related proceedings and claims&#8221; to our consolidated financial statements included in this annual report. </span><br/></p>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bb11_122202523393159" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Human Rights</span></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is committed to conducting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">all its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operations in a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">manner</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consistent with human rights principles</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ensuring the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">respect for fundamental rights and dignity of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">every individual involved</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><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;"> Human Rights Policy was adopted in 2009; it was reviewed in 2018 and more recently updated in March 2022. 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;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">olicy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">stat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">es that Tenaris will </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">comply</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with the Universal Declaration of Human Rights, the principles articulated in the International Labour Organization&#8217;s Declaration of Fundamental Principles and Rights at Work, the United Nations Global Compact, a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nd</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> all </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">applicable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">human rights laws and regulations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in its operating</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> jurisdictions. Key contents of the policy include:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Respect for </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;">uman </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;">reedom and </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;">ignity: Tenaris prohibits child labor, forced or compulsory labor, slavery, servitude, cruel, inhuman, or degrading treatment, and discrimination.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Scope: The policy applies to Tenaris, its directors, officers, employees, joint ventures controlled by Tenaris, and their directors, officers, or employees. It also applies to Tenaris&#8217;s providers, suppliers, and third-party collaborators.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">General </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;">tandards and </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;">rinciples: All Tenaris employees, providers, suppliers, and third-party collaborators must be treated with dignity and equality. Tenaris promotes diversity and rejects any type of harassment or discrimination based on gender, sexual orientation, ethnic origin, color, age, religion, or political opinion.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 110%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Commitment to a </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;">afe </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;">ork </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;">nvironment: Tenaris opposes forced, child, or compulsory labor and will not tolerate slavery and servitude in any form. The company is committed to a work environment free of violence, harassment, abusive treatment, or exploitation.</span></li> </ul>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Code of Conduct contains a specific chapter, called "Workplace Environment," which describes the obligations of employees and third parties and summarizes the principles of international instruments: "...</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">We support the elimination of all forms of discrimination, illegal, forced or compulsory labor, slavery or servitude, in particular child labor. Discrimination, illegal, forced or compulsory labor, slavery or servitude will not be tolerated at Tenaris. All Tenaris's suppliers and contractors are expected to comply with these principles</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">."</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is also subject to the 2015 UK Modern Slavery Act and has implemented a modern slavery due diligence review to assess commitment and compliance by its suppliers, as well as targeted training for employees performing tasks related to human rights and modern slavery issues. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The application of the international standards </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;"> also reflected in Tenaris's Sustainable Sourcing Policy, which in section III (3) states &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">maintain a work environment that is respectful of the fundamental rights and dignity of people, free of violence, harassment, abusive treatment or exploitation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sustainable Sourcing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Policy applies to third parties and sets main expectations towards Tenaris's supply chain. In addition, the Code of Conduct for Suppliers, based on United Nations recommendations, has a specific chapter on &#8220;Labor and Human Rights&#8221;. The Code of Conduct for Suppliers applies to all </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;"> suppliers and must be accepted as a condition for entering into any agreement to provide goods or services to Tenaris.</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As part 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;"> risk assessment of suppliers, commercial intermediaries, representatives and other third-party contractors, </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;"> ha</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;"> adopted a due diligence review to verify that third- party contractors comply with essential human rights regulations and have not infringed any applicable laws regarding slavery, forced or child labor</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;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i) included 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;"> general terms and conditions for the purchase of goods and services, a commitment by third-party contractors to comply with applicable laws, rules and regulations on human rights, including a prohibition of all forms of slavery, forced labor or child labor</span><span style="font-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;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ii) implemented a Code of Conduct for Suppliers based on United Nations recommendations, which contemplates a specific section concerning &#8220;Labor and Human Rights&#8221;.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has developed a targeted training course to enhance understanding of key laws, regulations, and risks affecting its operations and supply chain. The course focuses on raising awareness among procurement teams about supplier due diligence, educating employees on applicable standards and regulations, highlighting risks of non-compliance, and emphasizing the strategic role of Human Resources in enforcing policies and procedures. The goal is to ensure a healthy, sustainable, and compliant supply chain.</span> <br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On April 25, 2024, the board of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> directors approved the Company&#8217;s annual Modern Slavery Statement, which describes how </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;"> monitor</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;">itself</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;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> suppliers.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s Human Resources Department conducts an internal survey process involving all regional Human Resources Senior Directors to assess specific human resources practices. Each Human Resources Director assessed Tenaris&#8217;s compliance with key human rights and modern slavery </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">concerns</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including, without limitation (i) minimum age required for employment</span><span style="font-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) use of migrant workers; (iii) payment of recruitment fees</span><span style="font-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 (iv) the right to leave the job. Through this assessment process, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> concluded that no illegal or illegitimate practices were detected that would lead to a</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">violation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of human rights, labour or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">modern slavery laws and regulations applicable to Tenaris. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To date, Tenaris has not experienced any cases of forced labour or child labour and thus has not had to take any corrective actions in such sense. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any infringement or violation of any applicable law or provision of the Code of Conduct (no matter i</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;">informed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> through the Compliance Line or </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;"> any other means) shall be subject to investigation and remediation in accordance with (i) applicable laws and (ii) the general principles contemplated in the Compliance Line Procedure (including the need to involve concern</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;"> areas and departments 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;">ompany, respect privacy, rights, intimacy and identity of the victim, allow the accused or suspected employee to the rights of defense afforded by applicable laws, respect rules concerning confidentiality and due process).</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For reports not channeled through the Compliance Line (e.g., made directly to a Tenaris officer or received by any person in Tenaris), the provisions of the Compliance Line Procedure and the general rules in Tenaris&#180;s Code of Conduct, will apply. Such reports will be directed to the Internal Audit Department, which shall request assistance from relevant areas concerned to review the matter and implement investigation and disciplinary procedures, as necessary.&#160; </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In regards of any request or formal inquiry from public authorities</span><span style="font-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 is </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;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fully assist</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> governmental agencies through </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;"> experts and specialized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">departments, including the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Communications Department</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;">Investor Relations Team, among others. The Code of Conduct </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">includes</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;">dedicated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> section on Public Communications</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, emphasizing c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ooperative, diligent</span><span style="font-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 appropriate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">interactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with agencies and authorities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, Tenaris has adopted 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;">rocedure to ensure appropriate identification, evaluation, disclosure and recognition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contingent liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and provisions resulting from legal claims in accordance with IFRS requirements, enabling compliance with the duties and obligations of all parties involved. The </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;">rocedure describes the responsibilities, criteria and steps to be carried out for purposes of appropriate disclosure and/or recognition of contingent liabilities and provisions resulting from legal claims involving Tenaris or its subsidiaries in each company&#8217;s individual financial statements and/or in Tenaris&#8217;s consolidated financial statements in accordance with IFRS requirements.</span></p>
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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="Bb12_1222025233919203" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Annexes</span></a></div>
<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="Bb13_1222025234025439" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Annex I: </span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Sustainability Statement Accounting Policies</span></a></div>
<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 principal accounting policies applied in the preparation of this </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sustainability statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.</span></p>
<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;">While the EU CSRD has not been transposed into national law by the Grand Duchy of Luxembourg and, therefore, the Company is not subject to CSRD reporting requirements, this sustainability statement has been prepared with reference to the ESRS as a framework, as issued by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EFRAG.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> This report also takes into account the reporting standards established by GHG Protocol and worldsteel, and the goals of the UN Global Compact.</span></p>
<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 information has been prepared on a consolidated basis, including data from the entire global operations. This scope covers all subsidiaries and associated companies where Tenaris has operational control, unless stated otherwise in this statement. It encompasses all operational regions, reflecting the company's global presence and its varied impact across different geographical locations. It incorporates data from the consolidated financial statements and operational metrics from all relevant business units. The scope of this sustainability statement is the same as the one for our financial statements, except for those production sites that were not considered material due to their low level of operation during the year, or any other case explicitly described in this statement.</span></p>
<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;">Tenaris covers its entire value chain, considering upstream and downstream activities as well as own operations. The materiality assessment of impacts, risks and opportunities is mainly focused on the oil and gas industry for the downstream value chain, due to its weight in total sales (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">89%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">). Tenaris is also providing products and services to industrial, mechanical, automotive and low carbon energy industries. Our Policies and actions extend to the value chain, especially in the upstream where Tenaris has more control over business activities. </span></p>
<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;">Tenaris defines short term in the field of risk management to be one-year, medium term up to five years, and long term over five years, hence consistent with the definition that the ESRS 1 section 6.4 Definition of short-, medium- and long-term for reporting purposes is providing.</span></p>
<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;">Our Health, Safety and Environment, and Quality Management systems are designed according to the latest versions of the ISO 14001, ISO 45001 and ISO 9001 standards.</span></p>
<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-weight: bold; line-height: inherit;">Rounding</span></p>
<p style="margin: 10pt 0pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain monetary amounts, percentages and other figures included in this </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sustainability statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregate of the figures preceding them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated, may not be the arithmetic aggregate of the percentages preceding them.</span></p>
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<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-weight: bold; line-height: inherit;">Environment</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">GHG Emissions</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To calculate or measure our GHG emissions, we employ the following methodologies, significant assumptions, and emissions factors:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Methodologies:</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;</span></p>
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<li style="line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Methodology used: GHG Protocol is the preferred methodology for the calculation; also, Tenaris considers World Steel Association CO2 methodology for the steel sector.</span></li>
<li style="line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Presented figures and values for GHG Emissions in this sustainability statement do not include oilfield services unless otherwise stated.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Fuel-based Method: This method is used to calculate emissions based on the type and amount of fuel consumed.&#160;</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Distance-based Method: This method calculates emissions based on the distance traveled by transportation modes (truck, train, vessels, etc.).</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Major Sources of 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;">&#160;</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Electricity consumption related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EAF </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for steel production and pipe rolling for seamless production.</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;">(Scope 2).</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Natural gas use for power generation, direct reduction plant and furnaces for pipe rolling and heat treatment (Scope 1).</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Raw materials for steel production and steel sourced externally (Scope 3).</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For oilfield services, major source of emissions is the fuel used to power equipment (Scope 1).</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Emissions Factors:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Emissions factors are selected following the GHG Protocol guidelines. They may come directly from suppliers of energy and materials, or trusted databases, or worldsteel methodology.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Emission factors for transportation fuel consumption are from the Global Logistics Emissions Council ("GLEC") Framework.</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Reasons for Choosing These Methods:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GHG Protocol and worldsteel methodologies are well known and trusted sources for GHG emissions calculations and also widely applied in the steel sector. Moreover, the methodology for worldsteel data collection was used as the basis for the now published international standard ISO 14404:2013&#160;<span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: Calibri; mso-bidi-font-family: 'Segoe UI'; mso-font-kerning: 1.0pt; mso-ligatures: standardcontextual; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">-</span> calculation method of carbon dioxide emission intensity from iron and steel production.</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fuel-based and distance-based methods provide a comprehensive and accurate representation of our emissions by considering both the type of fuel used and the distances traveled.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 110%; margin: 0pt 0pt 8pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">These methods align with industry standards and guidelines, ensuring consistency and comparability in our reporting.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; font-style: italic; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> emissions intensity</span> </p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The intensity figure is expressed as tons of 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;">-equivalent per ton of processed steel, which includes both internally produced steel and acquired steel that is processed at our sites.</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;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, we also disclose intensity per revenue. </span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Scope 2 emissions are calculated using </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;">the market-based approach</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the location-based approach.</span></p>
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<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Methodology use for CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; font-style: italic; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> eq calculation</span></p>
<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;">We use</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;">GHG protocol to report our emissions.</span></p>
<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;">Our emissions reporting applies to all tubular production sites, including sites with integrated steelmaking facilities, rolling mills and finishing facilities for both seamless and welded pipes.</span></p>
<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 GHG protocol guides annual inventory-taking according to the &#8220;Operational control approach&#8221;. This means that the scope of accounting includes all Tenaris steel and tube production sites where Tenaris has operational</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">control. A site&#8217;s emissions may be excluded if its production level is under 10,000 tons in the reporting year. A site&#8217;s emissions will also be excluded if it is not operative for at least nine months of the reporting year. </span></p>
<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 intensity value for Tenaris&#8217;s steel processes does not include emissions from Tenaris&#8217;s&#160;o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ilfield</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 operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which are reported separately on a gross basis.</span></p>
<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 base year taken is 2018. Scopes 1, 2 and 3 reporting follows the GHG protocol definitions. As Scope 3 reporting is voluntary, relevant categories will be added and may change over time, increasing the number of categories included.</span></p>
<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;">Changes in outputs from different sites owned by Tenaris and included in its operational control boundary do not entail a need to modify calculations over time and are not included in the base year. </span></p>
<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;">Emission factors are selected in accordance with the GHG Protocol Standard, in order of priority: supplier-specific, local emission factors, regional emission factors, and emission factors published by a recognized international entity (for example, worldsteel, the IPCC or IEA).</span> <br/></p>
<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 Scope 2 market-based approach takes into account the emissions factor of electricity with contracts, the method selected by Tenaris to calculate its emissions and intensity. There are countries where residual mix information is available and reliable for unclaimed electricity. In this case, the emissions factor will be applied to purchased electricity.</span></p>
<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;">Intensity is expressed as ton 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;">-eq/ton processed steel, which includes steel cast and produced internally at Tenaris sites and the acquisition of steel bars, coils and plates that are processed at any of our sites to produce seamless and welded pipe. Intensity refers to Scope 1 emissions, Scope 2 using the market-based approach, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and Scope 3 for raw materials, taking into account the boundaries and exclusion criteria given&#160;above, and for intermill transportation of intermediate products.</span></p>
<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;">Sold electricity-related emissions from internal power plants are not included in intensity calculations, and are reported separately.</span></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Emissions from oilfield services are reported but not included on the Tenaris intensity calculation.</span></p>
<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;">Scope 3 emissions</span></p>
<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;">Most of our seamless steel pipe products are manufactured in integrated steelmaking operations using the electric arc furnace route, where principal raw materials are steel scrap, DRI, HBI, pig iron, and ferroalloys. We complement our steel needs by purchasing steel bars from third parties. Our welded steel pipe products are processed from purchased steel coils. </span></p>
<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;">We report Scope 3 emissions related to the purchase of steelmaking raw materials and steel bars and coils purchased from external suppliers used at our tubular production and processing facilities. Based on the results of our life cycle analysis and our certified Environmental Product Declaration, we conclude that raw materials and steel bars and coils are the most relevant source of Scope 3 emissions.&#160;Our certified Environmental Product Declaration is available at: www.tenaris.com/en/sustainability/environment. Information contained in or otherwise accessible through our Internet website is not a part of this annual report.</span></p>
<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;">We use supplier-specific emission factors whenever possible. Tenaris reviews information about its suppliers where provided and applies internal criteria to define applicability. As confidence in data increases over time, when emission factors are found to be more accurate, they are applied from that moment on but not always applied to past years, as there is no certainty about their applicability with the same values. For those inputs where values are not expected to change over time, these may be applied to previous years. If supplier-based data is unavailable other sources are used e.g., worldsteel, IEA, etc.</span></p>
<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;">Since 2022, we have been reporting other Scope 3 categories such as upstream emissions from fuels used and emissions from the transport of intermediate and final </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">products.&#160;In February 2025 among other changes described above, we have restated our Scope 3 emissions intensity by adding intermill transportation of unfinished products.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<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;"><br/></span></p>
<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;">Emissions calculated for the transport of intermediate and final products exclude the following: maritime movements, specifically spot exports in container/liner from the U.S. and Canada; inland transport within Brazil, Indonesia, China, Saudi Arabia and the UAE; and Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> movements in Argentina, Mexico and Colombia. These boundaries may differ from exclusions at the GHG sites included in the report as different criteria apply. The real distances of transport routes have been calculated for routes bearing over 3,000 tons in the reporting year for both inland and maritime transport; otherwise, a historic average is used. For air transportation, transport routes have been calculated for those bearing over 8 tons in the reporting year; otherwise, a historic average is used.</span></p>
<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;">Emissions calculated for raw materials transport include the following considerations: included raw materials are scrap, iron pellets, lime and pig iron, whereas excluded raw materials are ferroalloys and metals, carbon and anthracite, which represent 4% of the total volume of raw materials used, excluding purchased steel. The transport of acquired steel and steel products is excluded from the calculation. The countries covered are those where Tenaris operates steel production sites. Scrap transport is based on mapping 90% of scrap purchases and distances to our facilities, while the remaining 10% is an estimate. Internal in-plant movements and return distances are excluded </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; background-color: #ffffff;">from the calculation. Emissions factors used for transportation emissions estimation are based on the GLEC Framework.</span></p>
<p style="margin: 10pt 0pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Scope 3 emissions are subject to a high level of measurement uncertainty, due to data availability and quality, as well as measurement methods used across entities in the value chain. To measure Scope 3 emissions, we have taken into account the boundaries and exclusion criteria detailed above.</span></p>
<p style="margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><br/></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Restatement of the&#160;baseline on the CO<sub>2</sub>-eq intensity and absolute emissions reported</span></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;">Acquisitions, mergers, and divestitures are tracked over time and will be included in the base year calculation if their influence on total emissions exceeds 10%, considering the production level of the sites when acquisition/merger or divestiture occurs.</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 2024 we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">completed the acquisition of Mattr&#8217;s pipe coating&#160;business and we included our GPC (welded pipe mill in Saudi Arabia) and&#160;Isoplus (coating facility in Italy) operations on the inventory and intensity calculation. Since the accumulated acquisitions are influencing more than the defined threshold we are restating the baseline on 2024.</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;">To restate the baseline for each of the sites and businesses acquired since 2018, we considered the emissions on Scope 1, 2 and 3 accounted according to Tenaris methodology, from the first year they started to be accounted in Tenaris and replicated those emissions up to 2018.</span></p>
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<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 following table shows the total emissions added per year, divided per scope and category, indicating if it is included on the Tenaris intensity calculation.</span></p>
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<p style="text-align: center;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Year</span></p> </td>
<td colspan="5" style="height: 16px; width: 74.4102%;">
<p style="text-align: center;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Tons CO<sub>2</sub>-eq.</span></p> </td> </tr>
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<td colspan="4" style="height: 10px; width: 59.5281%;">
<p style="text-align: center;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Included on Tenaris intensity</span></p> </td>
<td style="height: 10px; width: 14.882%;">
<p style="text-align: center;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Not included on intensity</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; width: 14.882%;">
<p style="text-align: center;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Scope 1</span></p> </td>
<td style="height: 10px; width: 14.882%;">
<p><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Scope 2</span></p> </td>
<td style="height: 10px; width: 14.882%;">
<p><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Scope 3 - Category 1</span></p> </td>
<td style="height: 10px; width: 14.882%;">
<p style="text-align: center;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Scope 3 - Intermill transportation</span></p> </td>
<td style="height: 10px; width: 14.882%;">
<p style="text-align: center;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Scope 3 - Category 3</span></p> </td> </tr>
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<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; width: 24.8639%; text-align: right;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">2018</p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; width: 14.882%; text-align: right;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">52,780 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; width: 14.882%; text-align: right;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">91,333 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; width: 14.882%; text-align: right;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 735,602 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; width: 14.882%; text-align: right;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160;108,000 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; width: 14.882%; text-align: right;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 9,448 </p> </td> </tr>
<tr style="height: 16px;">
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 24.8639%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">2019</p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">52,780 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">91,333 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 735,602 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 77,000 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 9,448 </p> </td> </tr>
<tr style="height: 16px;">
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 24.8639%;">
<p style="font-family: 'Frutiger 45 Light';">2020</p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">19,023 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">26,393 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 438,603 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 48,000 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 2,627 </p> </td> </tr>
<tr style="height: 16px;">
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 24.8639%;">
<p style="font-family: 'Frutiger 45 Light';">2021</p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">19,023 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">26,393 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 438,603 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 119,000 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 2,627 </p> </td> </tr>
<tr style="height: 16px;">
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 24.8639%;">
<p style="font-family: 'Frutiger 45 Light';">2022</p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">19,023 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">26,393 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 438,603 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 148,000 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 2,627 </p> </td> </tr>
<tr style="height: 16px;">
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 24.8639%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">2023</p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">19,023 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">26,393 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 438,603 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 143,000 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 2,627 </p> </td> </tr>
<tr style="height: 16px;">
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 24.8639%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">2024</p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">19,023 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">26,393 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';"> 438,603 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 167,000 </p> </td>
<td valign="bottom" style="height: 16px; padding: 0px 5px 0px 0px; text-align: right; width: 14.882%;">
<p style="text-align: right; font-family: 'Frutiger 45 Light';">&#160; 2,627 </p> </td> </tr> </tbody> </table>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;"><br/></span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt; margin: 0pt 0pt 12pt; line-height: 1.2;">Sites included on the restatement proc<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid;">ess are: Saudi Steel Pipes (welded pipe mill in Saudi Arabia), Koppel (EAF steel mill in the U.S.), </span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid;">Ambridge<span> (seamless pipe rolling mill in the U.S.), Coating operations including sites from </span>Mattr&#8217;s<span> pipe coating business (Indonesia, Norway, Mexico, Canada and the UAE) and </span>Isoplus<span> (Italy), and in GPC&#160;(welded mill in Saudi Arabia).</span></span></p>
<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; font-weight: bold; line-height: inherit;">Energy</span></p>
<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: 1.2; margin: 10pt 0pt; text-indent: 0pt;">Renewable electricity accounts for the self generation of renewable electricity, electricity obtained through renewable power purchase agreements (&#8220;PPA&#8221;) that may include renewable energy certificates (&#8220;RECs&#8221;) or Guarantees of Origin (&#8220;GOs&#8221;), local&#160;supplier programs, or other green power products that include certified renewable electricity.&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; break-after: avoid;">Energy consumption does not include oilfield
services unless otherwise stated. </span></span></p>
<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;">Emissions from self-power generation sold to the grid are accounted for in Scope 1.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>188</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Air emissions</span></p>
<ul>
<li style="font-family: Symbol; font-size: 11pt; line-height: 106%; margin: 0pt 0pt 10pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Particular Matter (&#8220;PM&#8221;)&#160;emissions on steel shops are measured on continuous monitoring system as well as flow on stacks and operating time. Equipment is calibrated routinely to ensure reliability</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 106%; margin: 0pt 0pt 10pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">PM emissions on other processes than steel shops are calculated based on continuous monitoring or spot monitoring performed during the year, flow estimation and operating time.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 106%; margin: 0pt 0pt 10pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NOX is calculated based on spot monitoring campaigns and calculated considering stack flow estimation and operating time for the process.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 106%; margin: 0pt 0pt 10pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">VOC is calculated for varnishing processes, based on the consumption of varnish and solvent and content of VOC according to&#160;the Safety Data Sheet (&#8220;SDS&#8221;) of the chemicals.</span></li>
<li style="font-family: Symbol; font-size: 11pt; line-height: 106%; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Data is collected locally and reported routinely to the corporate area for KPI calculation.</span>&#160;</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; font-weight: bold;">Water&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><br/></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Water data is compiled through a combination of direct measurements, sampling, and extrapolation. We ensure that the data is accurate and reflective of our actual water use. The share of the measure obtained from direct measurement, sampling, and best estimates is carefully balanced to provide a comprehensive overview of our water consumption.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Water used is measured and/ or estimated by our sites, at pertinent points. Discharge water is measured or estimated and difference with water intake is used to calculate consumption.</span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Water recycled is measured or estimated based on internal water systems like pumps and operating time of the system.</span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>Water withdrawal intensity: Tubular production and processing sites (including steel shops).</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span><br/></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Waste</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Waste data is collected locally weighted at the different sites or third parties. Waste is categorized according to its properties and characteristics.&#160;Destination depends on waste characteristics and local treatment or recycling infrastructure available.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><br/></span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>Recycling content in our steel: Proportion of recycled material in our steel calculated according to the ISO 14021 standard.</span></span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>Material efficiency (sites with steel shops): The methodology is aligned with that of&#160;worldsteel. Sites covered are&#160;Dalmine, Koppel,&#160;Siderca,&#160;Silcotub, and&#160;Tamsa.</span></span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>Residues and co-products reuse or recycling. All sites include waste,&#160;coproducts&#160;generated and reused or recycled.</span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>189</span></span></td> </tr> </tbody> </table>
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<td style="height: 18px;"><br/></td>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></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-weight: bold; line-height: inherit;">Human capital</span></p>
<p style="margin: 10pt 0pt; 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;">Gender pay gap</span></p>
<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 gender pay gap: is the difference of average pay levels between female and male employees, expressed as the percentage of the average pay level of male employees. The gender pay gap in Tenaris is 95%. (Description: Weighted average resulting from evaluating the proportion by cluster and country, of the average salaries of women over men).</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-style: italic;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Employee headcount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Employee figures are based on the Tenaris Active Headcount Database, with no Full-Time Equivalent&#160; estimations. The data reflects the running rate as of the end of December for each 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;">&#160;</span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Health and Safety</span></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Opportunity Ratio refers to improvement opportunities, which include learning opportunities and opportunities to improve working conditions, expressed per million hours worked. </span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total Injury Frequency Rate: (First Aid injuries + injuries with lost days + injuries without lost days + fatalities) per million hours worked.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Injury Frequency Rate: Number of accidents with and without lost days (not including First Aid) per million hours worked.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Lost Time Injury Frequency Rate: Number of accidents with lost days per million hours worked.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Major Injury Frequency Rate (excluding fatalities): Number of major accidents (amputation, asphyxia, deep laceration, fracture&#8212;excepting finger fractures&#8212;second and/or third degree extended burns and severe contusion) per million hours worked.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Near Miss Frequency Rate: Number of incidents per million hours worked.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">High Potential&#160;Events Frequency Rate: (Severity 4): Number of events with potentially high consequences per million hours worked.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 27.6pt; padding-left: 8.4pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All indicators include own employees and contractors.</span></li> </ul>
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<td class="pgno" style="padding: 0px; height: 16px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>190</span></span></td> </tr> </tbody> </table>
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt 10pt 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="Bb14_1222025234045898" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Annex II: Sustainability performance indicators</span></a></div>
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<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
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<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2024</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2023</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2022</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Production</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;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; 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: 8pt; line-height: inherit;">Cast steel (100% electric arc furnace)</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Million tons</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.7</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.9</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.9</span></p> </td> </tr>
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<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Seamless pipes</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.3</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Welded pipes</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Safety</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Investments in health and safety</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USD million</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">35</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">24</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">20</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Million hours worked</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees and contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">73</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">72</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">67</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">53</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">53</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">50</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">20</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">19</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">17</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Safe hours held</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Hours</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">39</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">,609</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">50</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;">850</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">53</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;">200</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Opportunities ratio</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Rate</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total Injury Frequency Rate </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees and contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6.3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4.3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6.8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6.6</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4.6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5.0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4.2</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Injury Frequency Rate </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees and contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.1</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.4</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.2</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Lost Time Injury Frequency Rate</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees and contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.9</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Major Injury Frequency Rate </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees and contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.19</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.52</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.33</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.15</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.51</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.36</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.30</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.58</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.24</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Fatalities as a result of work-related injury </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees number</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees rate</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.04</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors number</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors rate</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Near Miss Frequency Rate </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees and contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">12</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">14</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">High Potential Events Frequency Rate (Severity 4) </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees and contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.3</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.6</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Contractors</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.4</span></p> </td> </tr> </tbody> </table> &#160;&#160;</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>191</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><br/>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 729px;" width="100%">
<tbody>
<tr style="height: 18px;">
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 50%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 20%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2024</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2023</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2022</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Environment</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Investments in environment and energy savings</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USD million</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">207</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">191</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">110</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Emissions</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Greenhouse gas emissions</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-weight: bold; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Emissions from all sites </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.0</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.1</span></p> </td> </tr>
<tr style="height: 19px;">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 2 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#8211;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;Market&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">based</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.9</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.0</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.1</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Scope 2 &#8211; Location based</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><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;">CO</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: 5.33pt; vertical-align: sub; line-height: inherit;">2</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;">-eq million tons</span><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">1.1</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">1.1</span><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">1.1</span><br/></td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 3 - Category 1 - Purchased goods and services</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.2</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</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;">2</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;">Scope 3 - Category 3 - Fuel&#160; and energy- related activities</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.4</span></p> </td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 3 - Category 4 - Upstream transportation and distribution</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.1</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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; margin: 0pt;">Scope 3&#160; - Category 9 -&#160; <span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;font-style: normal; ;text-decoration: none; ;font-weight: normal; ;color: black;">Intermill
transport of steel bars and green pipes </span></span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 17px;"><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;">CO</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: 5.33pt; vertical-align: sub; line-height: inherit;">2</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;">-eq million tons</span><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 17px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">0.2</span><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 17px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">0.1</span><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 17px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">0.1</span><br/></td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 3&#160; - Category 9 - Downstream transportation and distribution (not including intermill)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6</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;">Total GHG emissions (Market based) (Scope 1, 2 &amp; 3 all categories reported on the inventory)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7.4</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7.9</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7.6</span></p> </td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total GHG emissions (Location based) (Scope 1, Scope 2 &amp; Scope 3 all categories reported on the inventory)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-eq million tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7.6</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">8.2</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7.6</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; margin: 0pt; text-align: left; padding-left: 5.4pt; padding-right: 5.4pt; border-color: #000000 !important; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> Intensity </span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> tons CO<sub>2</sub>-eq/ton steel </span></td>
<td style="padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt; text-align: center; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> 1.31 </span><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt; text-align: center; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> 1.33 </span><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt; text-align: center; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> 1.33 </span><br/></td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; margin: 0pt; text-align: left; padding-left: 5.4pt; padding-right: 5.4pt; border-color: #000000 !important; height: 16px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> Intensity vs. 2018 </span><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt; height: 16px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> % </span></td>
<td style="padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt; text-align: center; height: 16px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> -15 </span><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt; text-align: center; height: 16px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> -14</span><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt; text-align: center; height: 16px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> -14</span><br/></td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; color: black;">Scope 1 emissions from all sites covered under regulated emissions trading schemes or carbon tax regulations
</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; color: black;">%</span><br/></td>
<td style="padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; color: black;">87</span></td>
<td style="padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; color: black;">87</span></td>
<td style="padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; color: black;">88</span><br/></td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Tubular operations GHG emissions (Market based) per net revenue</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">tons CO<sub>2</sub>eq/USD million&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">590</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">545</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">646</span></p> </td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Tubular operations GHG emissions (Location based) per net revenue</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">tons CO</span><sub style="color: #000000; font-family: 'Frutiger 45 Light'; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2</sub><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">eq/USD million</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">605</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">551</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">646</span></p> </td> </tr>
<tr style="height: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Oilfield services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Scope 1&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> eq ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">64,262</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Oilfield services Scope 2 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(Market based)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> eq ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">49</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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: 19px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Oilfield services Scope 2 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(Location based)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> eq ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">49</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 19px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; margin: 0pt; border-color: #000000 !important; height: 16px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;"> Recycling content in our steel </span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; text-align: center; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">82</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; text-align: center; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">79</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; text-align: center; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">77</span><br/></td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Air emissions</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Particulate material emissions</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">g/ton&#160;steel cast</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">17</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">14</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Nitrogen oxides emissions </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Kg/ton product</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.8</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Sulfur oxides emissions</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Kg/ton product</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.15</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Volatile organic compound emissions from pipe &amp; coupling varnishing</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">g/ton product</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">264</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">239</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">221</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Energy management</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total energy consumed (excluding oilfield services)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Terajoules (TJ)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">39,335</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">40,123</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">48,689</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">f which natural gas</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TJ</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">25,112</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">25,772&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">33,910&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">f which coal</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TJ</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,709</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">1,828</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,917&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">f which non-renewable electricity</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TJ</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9,111</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">10,378</span>&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11,851&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"> <span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; margin: 0pt;">-<span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">of which renewable electricity purchased from
the grid (per TS market decision)</span></span> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">TJ</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; text-align: center; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">1.063</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 16px; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">1,280</span><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 16px; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">615</span></td> </tr>
<tr style="height: 15px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; height: 15px; border-color: #000000 !important;"> <span style="font-size: 8pt; font-family: 'Frutiger 45 Light'; margin: 0pt;">- <span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">of which renewable electricity self-generated </span></span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; border-width: 1px; border-style: solid; height: 15px; border-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">TJ</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 15px; border-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">1,757</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 15px; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">411</span><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 15px; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">0</span></td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">f which nuclear sources</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TJ</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">0</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">f which other (e.g., diesel and gasoline)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TJ</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">582</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">455</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;396</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total energy consumed from fossil fuels</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">93</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">96</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; margin-left: 0.1px; background-color: #ffffff; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">99&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total energy consumed from renewable sources</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td> </tr> </tbody> </table> &#160;</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>192</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><br/>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 476px;" width="100%">
<tbody>
<tr style="height: 18px;">
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 50%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 20%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2024</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2023</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2022</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Electricity consumption supplied from grid</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">71</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">80</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">86</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Electricity generated and sold (non-renewable)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TJ</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">525</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">468 </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">317 </span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Electricity generated and sold (renewable)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TJ</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total electricity consumption</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GWh</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,977</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,023</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,036</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Consumption of renewable electricity (per TS market decision)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GWh</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">784</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">470</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">171</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Self-generation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">non-renewable electricity</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GWh</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">802</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">801</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">662 </span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Self-generation of renewable electric</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ty </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GWh</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">488</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">114 </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Share of renewables in total electricity consumption </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">20</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">12</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</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;">Energy intensity from all sites</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GJ/ton processed steel</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10</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;">Tubular operations energy consumption per net revenue </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TJ/USD million</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.1</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.7</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4.1</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="font-size: 8pt;">Oilfield services energy consumption</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="font-size: 8pt;">TJ</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; text-align: center; height: 16px;"><span style="font-size: 8pt;">865</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; text-align: center; height: 16px;"><span style="font-size: 8pt;">NA</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; text-align: center; height: 16px;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">NA</span></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Water management</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;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Water withdrawal tubular operations and oilfield services</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Million m3</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">65.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">64.5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">53.0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-of which surface</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">74</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">78</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">74</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-of which subsurface</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">20</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">23</span></p> </td> </tr>
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<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-of which network</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</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;">Intensity of water withdrawal tubular operations</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">m3</span>&#160;water /ton pipe</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">16</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">16</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;">Intensity of water withdrawal excluding Siderca</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">m3</span>&#160;water /ton pipe</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</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;">Estimated water consumed tubular operations</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">m3</span>&#160;water /ton pipe</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</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;">Water withdrawal from high or extremely high baseline water stress</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.6</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.3</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.2</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;">Estimated water consumption tubular operations and oilfield services</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Million m3</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; line-height: inherit;">11.8</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">8.6&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9.0&#160;</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;">Estimated water consumption in areas with high or extremely high-water stress tubular operations</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Million m3</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; line-height: inherit;">0.3</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.2&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.4&#160;</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;">Estimated water consumption per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">net revenue</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">m3 per USD million</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;944</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;579</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">763&#160;</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;">Oilfield services water intake</span></p> </td>
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<p style="margin: 0pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Million m3</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.6</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;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; 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;">NA</span>&#160;</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;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; 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;">NA</span>&#160;</span></p> </td> </tr>
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<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Oilfield services w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ater discharge</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Million m3</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</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;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; 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;">NA</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;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; 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;">NA</span>&#160;</span></p> </td> </tr>
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<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Oilfield services w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ater consumption </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Million m3</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.6</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;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; 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;">NA</span>&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; 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;">NA</span>&#160;</span></p> </td> </tr> </tbody> </table> &#160;</div>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>193</span></span></td> </tr> </tbody> </table>
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<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
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<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2024</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2023</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2022</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Waste management</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Co-Products and waste tubular operations and oilfield services</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Material efficiency at sites w/steelshops</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">98.8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">98.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">97.8</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Residue &amp; co-products reuse or recycle at all sites</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">849,936</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt;">877,958</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt;">793,850</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Residue &amp; co-products reuse or recycle at all sites (maximum recycling considered equal to generation)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">85.6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">87.7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">82.1</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Waste disposal at all sites</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">73,339</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">84,618&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">102,799&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Waste and co-products disposal at all sites</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9.7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9.1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10.8</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total tons of wastes and co-products generated (scrap not included)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">958,773</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">928,168</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">953,882</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total hazardous wastes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> generated</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">134,100</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">122,437</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">117,926</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total non</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;">hazardous wastes generated</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">824,672</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">805,731</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">835,956</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total amount of radioactive waste generated</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; 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;">NA</span>&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total amount of waste sent to incineration </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ton</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">813</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,458&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; 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;">NA</span>&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Human Capital</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Employees at year end</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Shop floor</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">19,663</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22,712</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">19,765</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">18,642</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">21,547</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">18,788</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,021</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,165</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">977</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">95</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">95</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">95</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Professional</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,211</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,422</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,527</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,336</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,499</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,868</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,875</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,923</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,659</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">70</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">70</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">70</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">30</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">30</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">30</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total employees (full-time)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">25,874</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">29,134</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">25,292</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22,978</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">26,046</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22,656</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,896</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,088</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,636</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">90</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Trainees (part-time)</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">590</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">754</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">590</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">312</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">413</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">293</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">278</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">341</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">297</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">53</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">55</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">50</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">47</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">45</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">50</span></p> </td> </tr> </tbody> </table> &#160;</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>194</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><br/>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 429px;" width="100%">
<tbody>
<tr style="height: 18px;">
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 50%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 20%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2024</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2023</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2022</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Senior managers by gender</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,140</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,098</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,016</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">969</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">949</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">885</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">171</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">149</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">131</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">85</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">86</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">87</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">14</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Age ranges</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">up to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 30</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,816</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7,480</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,555</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,776</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,318</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,566</span></p> </td> </tr>
<tr style="height: 15px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 15px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 15px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 15px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,040</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 15px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,162</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 15px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">989</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">82</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">84</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">85</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">18</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">16</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees between 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> and 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15,317</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">16,788</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">14,623</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13,815</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15,225</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13,274</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,502</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,563</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,349</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">90</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">91</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">91</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees over 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,741</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,866</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,114</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,387</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,503</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,816</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">354</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">363</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">298</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">93</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">93</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">93</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Average age of workforce</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Years</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">40</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">39</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">39</span></p> </td> </tr> </tbody> </table> &#160;</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>195</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><br/>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 594px;" width="100%">
<tbody>
<tr style="height: 18px;">
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 50%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 20%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2024</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2023</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2022</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Age ranges for professional employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Professionals </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">up to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 30</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,434</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,481</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,247</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">823</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">846</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">725</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">611</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">635</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">522</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">57</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">57</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">58</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">43</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">43</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">42</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Professionals between 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> and 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,644</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,814</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,386</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,626</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,768</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,449</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,018</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,046</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">937</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">72</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">73</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">72</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">28</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">27</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">28</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Professionals over 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,133</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,127</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">894</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">887</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">885</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">694</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">246</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">242</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">200</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">78</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">79</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">78</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">21</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Age ranges for shop-floor employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Shop floor </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">up to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 30</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,382</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,999</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,308</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,953</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,472</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4,841</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">429</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">527</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">467</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">90</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">91</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">91</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Shop floor between 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> and 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11,673</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">12,974</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11,237</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11,189</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">12,457</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10,825</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">484</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">517</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">412</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">96</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">96</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">96</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Shop floor over 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,608</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,739</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,220</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,500</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,618</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,122</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">108</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">121</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">98</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">97</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">97</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">97</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td> </tr> </tbody> </table> <br/></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>196</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><br/>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 666px;" width="100%">
<tbody>
<tr style="height: 18px;">
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 50%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 20%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2024</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2023</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2022</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Age ranges for senior managers</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Senior managers </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">up to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 30</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Senior managers </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">up to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 30</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">88</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">75</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">12</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">25</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Senior managers between 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> and 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">766</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">776</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">725</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Senior managers between 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> and 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">67</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">71</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">71</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">638</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">656</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">619</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">128</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">120</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">106</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">83</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">85</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">90</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">17</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Senior managers over 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">366</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">318</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">290</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Senior managers over 50</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">32</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">29</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">29</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">324</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">290</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">266</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">42</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">28</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">24</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">91</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">90</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -of which female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Female to male actual total compensation per professional employee category</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Ratio</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.95</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.96</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.97</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Training</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Training hours per professional employee</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Hours</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">37</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">34</span></p> </td> </tr>
<tr style="height: 24px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 24px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Training hours per shop-floor employee</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 24px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Hours, including on-the-job training</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 24px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 24px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">105</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 24px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">144</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Training hours per shop-floor employee</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Hours, excluding on-the-job training</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">39</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">46</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Hours of training</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Million hours</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1.9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.8</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees by country</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Mexico</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,042</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7,500</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,919</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Argentina</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,811</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,267</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,444</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">U.S.</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,583</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,882</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,509</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Italy</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,140</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,187</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,136</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Romania</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,885</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,884</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,847</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Brazil</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,405</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,492</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,460</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Canada</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,197</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,195</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">944</span></p> </td> </tr>
<tr>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">&#160; &#160;Indonesia</span><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">People</span></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">&#160; 911</span></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">&#160; 1,573</span></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">&#160; &#160;495</span></td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Colombia</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">893</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,112</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,183</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Saudi Arabia</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">759</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">849</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">427</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Other</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,248</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,193</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">928</span></p> </td> </tr> </tbody> </table> </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>197</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><br/>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 758px;" width="100%">
<tbody>
<tr style="height: 18px;">
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 50%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 20%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2024</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2023</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2022</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees by nationality</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Mexican</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,447</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7,850</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,201</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Argentine</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,006</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,462</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,617</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">U.S.</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,751</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,057</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,889</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Italian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,106</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,145</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,096</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Romanian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,915</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,911</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,873</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; background-color: #ffffff; margin-left: 0.1px; border-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Brazilian</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; background-color: #ffffff; margin-left: 0.1px; border-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; background-color: #ffffff; margin-left: 0.1px; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,428</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,509</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,473</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; background-color: #ffffff; margin-left: 0.1px; border-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Canadian</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; background-color: #ffffff; margin-left: 0.1px; border-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-style: solid; background-color: #ffffff; margin-left: 0.1px; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,096</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,107</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">862</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Colombian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">935</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,156</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,201</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Indonesian</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">People</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">913</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">1,557</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">491</span></td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Saudi Arabian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">351</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;434</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">256</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Others</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,926</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">1,946</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,333</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Mexican</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">25</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">27</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">25</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Argentine</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">23</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">26</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">U.S.</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">11</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Italian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">8</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Romanian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Brazilian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Canadian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Colombian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Indonesian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Saudi Arabian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Others</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Senior managers by nationality</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Argentine</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">407</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">408</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">395</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Mexican</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">181</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">172</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">153</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Italian</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">People</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; height: 16px; border-color: #000000 !important; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">170</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; height: 16px; border-color: #000000 !important; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">168</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; height: 16px; border-color: #000000 !important; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">159</span></td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="font-size: 8pt;">U.S.</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">People</span><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; height: 16px; border-color: #000000 !important; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">73</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; height: 16px; border-color: #000000 !important; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">70</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; height: 16px; border-color: #000000 !important; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">51</span></td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Romanian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">67</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">59</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">52</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Brazilian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">52</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">53</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">47</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Colombian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">29</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">28</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">24</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Canadian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">26</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">19</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Uruguayan</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">22</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">20</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">18</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Others</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">113</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">98</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">98</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Argentine</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">36</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">37</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">39</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">Mexican</span><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 16px; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">&#160; 16</span></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 16px; border-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; color: black;">&#160; 16</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; text-align: center; height: 16px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">15</span></td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Italian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">16</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">U.S.</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Romanian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Brazilian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Colombian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Canadian</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</span></p> </td> </tr> </tbody> </table> &#160;</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>198</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;">&#160;<br/>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 322px;" width="100%">
<tbody>
<tr style="height: 18px;">
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 50%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">KPI</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 20%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2024</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2023</span></p> </td>
<td style="background-color: #a6a6a6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit; font-weight: bold;">2022</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-style: solid; border-color: #000000 !important;">
<p style="margin: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Uruguayan</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-style: solid; border-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-style: solid; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-style: solid; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-style: solid; border-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">2</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; height: 16px; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">Others</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; border-color: #000000 !important; height: 16px;"><span style="font-size: 8pt;">%</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 16px; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">10</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 16px; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">9</span></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; border-width: 1px; border-style: solid; text-align: center; height: 16px; border-color: #000000 !important; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; ;color: black;">10</span></td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Other human capital indicators</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 20px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 20px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Number of nationalities represented in the employee population</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 20px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Number</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 20px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">101</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 20px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">103</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 20px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Employees covered by collective bargaining agreements</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">68</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">72</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">71</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Resignation rate</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">% All employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5.0</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6.2</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Resignation rate</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">% Professional employees</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.8</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6.2</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">New hires</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2,573</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,664</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,458</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GTs new hires</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">162</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">251</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">316</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GTs new hires - Male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">98</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">148</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">196</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GTs new hires - Female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">64</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">103</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">120</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GTs new hires - Male</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">60</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">59</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">62</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">GTs new hires - Female</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">40</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">41</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">38</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total number of employees who left during the reporting period</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">People</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,677</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,019</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,920</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Rate of employee turnover during the reporting period</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">%</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">21</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">12</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">16</span></p> </td> </tr> </tbody> </table>
<p style="margin:0pt"><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>199</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-size: 10pt; width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 36px; font-family: 'times new roman';">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 216px; width: 100%;" width="100%">
<tbody>
<tr style="height: 18px;">
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 50%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Community</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 20%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</span></p> </td>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; width: 10%; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<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> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Education investment</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USD millions</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">14.2</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13.1</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">10.0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">COVID-19 fund</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USD millions</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">-</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">0.4</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Other community investment</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USD millions</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.7</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2.4</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3.0</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Total community investment</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USD millions</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">17.9</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">15.5</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">13.4</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Roberto Rocca Technical School</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> students</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">N&#176; of students</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">452</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">444</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">436</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Roberto Rocca Technical School</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">tudents trained from other schools</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">N&#176; of students</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,390</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">830</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">526</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Roberto Rocca Technical Gene</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">N&#176; of students</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">6,230</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">5,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">196</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">3,216</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Roberto Rocca Technical Gene</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">N&#176; of teachers</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">206</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">148</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">328</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Roberto Rocca After School Program</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">N&#176; of students</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,846</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">2</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;">026</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,482</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Roberto Rocca Education Program University &amp; PhD</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">N&#176; of students</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">494</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">527</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">542</span></p> </td> </tr>
<tr style="height: 18px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Roberto Rocca Scholarships Program - High school</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">N&#176; of students</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,941</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,325</span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; height: 18px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">1,843</span></p> </td> </tr> </tbody> </table>
<p>&#160;</p>
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<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>200</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 style="font-size: 10pt;">
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<div style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; text-indent: 0pt;">
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bs1_1222025234232345" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">LEGAL AND FINANCIAL INFORMATION</span></a></div>
<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="Bs2_1222025234248536" 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="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="Bs3_1222025234320831" 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="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><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;Financial Statements&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and pages </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">F-<span>1</span> through F-82</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;for our audited consolidated financial statements.</span></p>
<p style="line-height: 1.2; margin: 10pt 0pt; 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></p>
<p style="line-height: 1.2; margin: 10pt 0pt; 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, 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: 10pt 0pt; 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&#160;situations, the Company has not accrued a provision for the potential outcome of these cases.</span></p>
<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;">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></p>
<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 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 <span>2</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;">&#8220;Non-current allowances and provisions&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and <span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</span></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="line-height: 1.2; margin: 10pt 0pt; 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></p>
<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;">A summary description of Tenaris&#8217;s material outstanding legal proceedings as of December 31, 202</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;">, 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;"><span>27</span></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> </p>
<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-weight: bold; line-height: inherit;">Dividend Policy</span></p>
<p style="line-height: 1.2; margin: 10pt 0pt; 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 dividends and the conditions to declare and pay dividends, please refer to &#8220;Information on the Company - Corporate Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;Statement <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;">-</span></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;">Corporate Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>201</span></span></td> </tr> </tbody> </table> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 10pt 0pt; break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">The following table shows the dividends approved by the Company&#8217;s shareholders in the last <span>five</span> years:</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: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 39%;">
<p style="margin: 0pt; text-align: center;"><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: 0pt; text-align: center;"><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: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Amount (USD&#160;million) </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;"> Per&#160;share (USD) </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;"> Per&#160;ADS (USD) </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;"> Interim&#160;Dividend </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;"> Dividend Balance </span></p> </td> </tr>
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<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; 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: 9pt; line-height: inherit;"> &#160; <span>153</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 12%;">
<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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>0.13</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 12%;">
<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;"> <span>0.26</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> November 2019 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> NA </span></p> </td> </tr>
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<td style="padding: 0px 7px; vertical-align: middle; width: 30.9582%;">
<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; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> &#160; <span>248</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 12%;">
<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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>0.21</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 12%;">
<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;"> <span>0.42</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> November 2020 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> May 2021 </span></p> </td> </tr>
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<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; 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: 9pt; line-height: inherit;"> &#160; <span>484</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 12%;">
<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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>0.41</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 12%;">
<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;"> <span>0.82</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> November 2021 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> May 2022 </span></p> </td> </tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px; vertical-align: middle; width: 30.9582%;">
<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; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> &#160; <span>602</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 12%;">
<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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>0.51</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 12%;">
<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;"> <span>1.02</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> November 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> May 2023 </span></p> </td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: middle; background-color: #cceeff; width: 30.9582%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> April 30, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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: 9pt; line-height: inherit;"> &#160; <span>694</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 12%;">
<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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>0.60</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 12%;">
<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;"> <span>1.20</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> November 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> May 2024 </span></p> </td> </tr> </tbody> </table> </div>
<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;">On February 19, 2025, the Company announced that upon approval of the Company&#180;s annual accounts in April 2025, the&#160; board of directors intends to propose for the approval of the annual general shareholders&#8217; meeting scheduled to be held on May 6, 2025, the payment of an annual dividend of $<span>0.83</span> per share ($<span>1.66</span> per ADS), or approximately $<span>0.9</span> billion, which includes the interim dividend of $<span>0.27</span> per share ($<span>0.54</span> per ADS) or approximately $<span>0.3</span> billion, paid on November 20, 2024. If the annual dividend is approved by the shareholders, a dividend of $<span>0.56</span> per share ($<span>1.12</span> per ADS), or approximately $<span>0.6</span> billion will be paid on May 21, 2025, with a record date of May 20, 2025 and an ex-dividend date of May 19, 2025 for securities listed in Europe and Mexico,&#160; and an ex-dividend date of May 20, 2025 for securities listed in the United States. Treasury shares are not entitled to dividend distributions.</span><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bb4_1222025234349190" class="customBookmark"></a><br/></p>
<h2 style="font-weight: normal; margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bs5_1222025234413646" 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></h2>
<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="Bb6_1222025234424903" 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="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;<span>TEN</span>&#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;"><span>16</span>, <span>2002</span>, 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;"><span>17</span>, <span>2002</span>.</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 of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">February</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>8</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>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a total of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1,162,757,528</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares were registered in the Company&#8217;s shareholder register</span><span style="font-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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>90</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;"><span>095</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;"><span>494</span></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;"> 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;">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;">. As of February 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>8</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>25</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 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;"><span>104</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,<span>482</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;"><span>164</span>&#160;</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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
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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="Bs7_1222025234449917" 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="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="Bs8_122202523455649" 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="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="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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;crawling-peg&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">devaluation of approximately </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;"> per month</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 <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;">.</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;">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 </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: inherit;">Currently, 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 ARS at the official exchange rate. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Since December 13, 2023, up to <span>20</span>% 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 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 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</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;"><span>30</span>-day </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">deferred payment schedule. In addition,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> during <span>2024</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> import payments </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;">re subject to import taxes that significantly 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;"> prices of imported goods and services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; import taxes, though, were eliminated during December 2024.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Argentine companies must still obtain&#160;prior Argentine Central Bank authorization, which is rarely (if ever) granted, to access the foreign exchange market to make dividend payments. </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 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="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;">As of December 31, 202</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;">, the total</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;"><span>11</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of Tenaris&#8217;s total equity.</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 additional information regarding factors affecting the Argentine economy, see &#8220;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 <span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>9</span></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 style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bs9_1222025234524382" 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="margin: 10pt 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>
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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; font-weight: bold; text-indent: 0pt;">Grand Duchy of Luxembourg</span></p> </div>
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<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;">This section describes the material Luxembourg tax consequences of owning or disposing of shares or ADSs. </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;">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="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;">As used herein, a &#8220;Luxembourg individual&#8221; means an individual resident in Luxembourg who is subject to personal income tax (imp&#244;t sur le revenu) 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 collectivit&#233; within the meaning of Article <span>159</span> of the Luxembourg Income Tax Law) resident in Luxembourg subject to Luxembourg corporate income tax (imp&#244;t sur le revenu des collectivit&#233;s) and Luxembourg municipal business tax (imp&#244;t 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="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;">Corporate Reorganization</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 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; anonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> holding under Luxembourg&#8217;s <span>1929</span> 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;"><span>31</span>, <span>2010</span>, holding companies incorporated under the <span>1929</span> 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="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 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;"><span>1</span>, <span>2011</span>, 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; 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="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 light of the impending termination of Luxembourg&#8217;s <span>1929</span> holding company regime, in the fourth quarter of <span>2010</span>, 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 <span>2011</span>.</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;">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="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;">Tax regime applicable to realized capital gains </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; 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;">Luxembourg resident individual holders </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;">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 <span>10</span>% of the share capital of the Company, at any time during the <span>five</span>-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 <span>six</span> 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 <span>six</span>-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 <span>10</span>% of the share capital of the Company at any time during the <span>five</span>-year period preceding the disposition.</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;">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="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
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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; 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 <span>10</span>% of the capital of the Company at any time during the <span>five</span> years prior to the sale, (or if the Luxembourg resident individuals have received the shares for no consideration within the last <span>five</span> years and the former holder held at least <span>10</span>% in the capital of the company at any moment during said <span>five</span> years) will be taxable at half of the individual&#8217;s applicable global tax rate (as determined progressively), if a holding period of <span>six</span> months following their a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cquisition elapsed (<span>21</span>% for <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;">). Within the <span>six</span>-month period, progressive income tax rates apply (ranging from <span>0</span> to <span>42</span>%</span><span style="font-size: 10pt;"><sup><span>10</span></sup></span>&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in <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;">).</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;">Luxembourg resident corporate holders </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;">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 <span>24.94</span>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the fiscal year ending <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;">. An exemption from such taxes may be available to the Luxembourg resident corporate holder pursuant to Article <span>1</span> 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 <span>166</span> of the Luxembourg Income Tax Law subject to the fulfillment of the conditions set forth therein. </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; 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;">Non-Luxembourg individual 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;">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 <span>10</span>% of the capital of the Company at any time during the past <span>five</span> 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 <span>15</span> years and has become a non-resident within the last <span>five</span> 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 <span>six</span> months from their acquisition (or prior to their actual acquisition), subject, however, to any applicable tax treaty. </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; font-style: italic; line-height: inherit;">Non-Luxembourg corporate 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;">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 <span>159</span> 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 <span>1</span> 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;"><span>21</span>, <span>2001</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;"> as amended, in combination with Article <span>166</span> of the Luxembourg Income Tax Law subject in each case to fulfillment of the conditions set out therein. </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 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="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;">Tax regime applicable to distributions </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;">Withholding tax </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;">Distributions to holders are in principle subject to a <span>15</span>% 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: 13.4726%; height: 19px;" colspan="2"><span style="font-family: 'times new roman', times;"><sup><sup><span style="color: #000000; 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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; vertical-align: super; font-family: 'Frutiger 45 Light';"><span>10</span></span></sup></sup><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-size: 8pt; font-family: 'Frutiger 45 Light';">&#160;A <span>7</span>% surcharge for the Employment Fund applies on the income tax due. The surcharge for the Employment Fund amounts to <span>9</span>% for taxpayer in tax class <span>1</span> or <span>1</span>a with taxable income exceeding EUR <span>150,000</span> (EUR <span>300,000</span> for taxpayer in tax class <span>2</span>).</span></span></td> </tr> </tbody> </table> </div>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>205</span></span></td> </tr> </tbody> </table> </div>
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<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;">Nevertheless, a withholding tax exemption may apply if the distribution is made to (as far as relevant in the case at hand): </span></p>
<ul>
<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 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 <span>159</span> 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 10pt 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 EU and is referred to by article <span>2</span> 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;"><span>30</span>, <span>2011</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;"> concerning the common fiscal regime applicable to parent and subsidiary companies of different member states (<span>2011</span>/<span>96</span>/UE) as amended, (subject to the general anti-abuse rule provided for by Council Directive <span>2015</span>/<span>121</span>/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 10pt 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 10pt 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 <span>one</span> 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 <span>twelve</span> months, shares or ADSs representing at least <span>10</span>% of the share capital of the Company or acquired for an acquisition price of at least EUR <span>1,200,000</span>.</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, <span>50</span>% 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></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 <span>0.5</span>% for taxable net wealth not exceeding EUR <span>500,000,000</span> and at a rate of <span>0.05</span>% for the net wealth exceeding EUR <span>500,000,000</span>, 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 <span>60</span> 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: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><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></p> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<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; 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;">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 <span>60</span> 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></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;">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><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;">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 10pt 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 10pt 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 10pt 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 10pt 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 10pt 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 10pt 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 10pt 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 <span>10</span>% 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 10pt 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 10pt 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 10pt 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: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This section is based on the Internal Revenue Code of <span>1986</span>, 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, 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> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<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;">If an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes holds the shares or 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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of a partnership that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hold</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 shares or ADSs is urged to consult his, her or its own tax advisor. </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;">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 10pt 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 10pt 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 10pt 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 10pt 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 <span>one</span> 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 <span>60</span> days during the <span>121</span>-day period beginning <span>60</span> 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></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 10pt; line-height: 1.2; text-indent: 0pt;"><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> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
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<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><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-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 <span>one</span> 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 described above.</span> <br/></p>
<h3 style="font-weight: normal; margin: 0pt 0pt 12pt; page-break-after: avoid; page-break-inside: avoid;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bs10_1222025234551712" 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: 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 subject to the reporting requirements of the Exchange Act, as applied to foreign private issuers. Accordingly, the Company 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 in accordance with 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 <span>four</span> months from the close of the Company&#8217;s fiscal year on December 31. Reports and other information filed electronically with the SEC are available at the SEC&#8217;s Internet </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">website at </span><span style="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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 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="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;">. Information contained in or otherwise accessible through our Internet website is not a part of 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;">For the year ended December 31, 2024, Deutsche Bank Trust Company Americas acted as depositary under the ADSs deposit agreement. As long as the deposit agreement remains in effect, the Company will furnish the Depositary with:</span></p>
<ul>
<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;">its annual reports; <span style="font-style: italic;">and</span></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;">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: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><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>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>209</span></span></td> </tr> </tbody> </table> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><br/></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;">Any record holder of </span>ADSs<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: 0pt;"> may read the reports, notices, and other communications including any proxy solicitation material at the Depositary&#8217;s office located at <span>One</span> Columbus Circle, New York, New York <span>10019</span>.</span></p> </div>
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<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="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;">. Information contained in or otherwise accessible through our Internet website is not a part of 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;">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="Bs11_1222025234716534" 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 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;"><span>2</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;"> and <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;">which included fixed and variable interest rate obligations, detailed by maturity date:</span></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.9592%; 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: 9pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 30%; border-bottom-width: 1px; border-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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Expected maturity date&#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.1224%; 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: 29.9592%; height: 17px;">
<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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; 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>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; 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>2026</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; 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>2027</span> </span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.95918%; 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>2028</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.95918%; 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>2029</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 9.87755%; 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;"> Thereafter </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.1224%; 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;"> Total </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.9592%;">
<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: 17px; width: 10%;">
<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: 17px; width: 10%;">
<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: 17px; width: 10%;">
<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="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9.95918%;">
<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: 17px; width: 9.95918%;">
<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: 17px; width: 9.87755%;">
<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: 17px; width: 10.1224%;">
<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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.9592%;">
<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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<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: 17px; width: 10%;">
<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: 17px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.95918%;">
<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: 17px; width: 9.95918%;">
<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: 17px; width: 9.87755%;">
<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: 17px; width: 10.1224%;">
<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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.9592%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Fixed rate </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; <span>10</span> </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;"><span> - </span></span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9.87755%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10.1224%;">
<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>10</span> </span></p> </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: 29.9592%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Variable rate </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; <span>1</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.87755%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10.1224%;">
<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>1</span> </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.9592%;">
<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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%;">
<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: 17px; width: 10%;">
<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: 17px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9.95918%;">
<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: 17px; width: 9.95918%;">
<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: 17px; width: 9.87755%;">
<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: 17px; width: 10.1224%;">
<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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.9592%;">
<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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<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: 17px; width: 10%;">
<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: 17px; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.95918%;">
<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: 17px; width: 9.95918%;">
<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: 17px; width: 9.87755%;">
<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: 17px; width: 10.1224%;">
<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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.9592%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Fixed rate </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; <span>162</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9.87755%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10.1224%;">
<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>162</span> </span></p> </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: 29.9592%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Variable rate </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; <span>264</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.95918%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.87755%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10.1224%;">
<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>264</span> </span></p> </td> </tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 29.9592%;">
<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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 10%; border-top-width: 1px; border-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;"> &#160; <span>426</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 10%; border-top-width: 1px; border-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;"> &#160; <span>11</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 10%; border-top-width: 1px; border-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;"><span> - </span></span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 9.95918%; border-top-width: 1px; border-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;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 9.95918%; border-top-width: 1px; border-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;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 9.87755%; border-top-width: 1px; border-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;"><span> - </span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 10.1224%; border-top-width: 1px; border-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;"> &#160; <span>437</span> </span></p> </td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div id="t_ft_SURX3CUBC000000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<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; font-weight: bold; line-height: inherit;"> At December 31, 2023 </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;"> Expected maturity date </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: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 30%;">
<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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: 9pt; font-weight: bold; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: 9pt; font-weight: bold; line-height: inherit;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: 9pt; font-weight: bold; line-height: inherit;"> <span>2026</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: 9pt; font-weight: bold; line-height: inherit;"> <span>2027</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: 9pt; font-weight: bold; line-height: inherit;"> <span>2028</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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: 9pt; font-weight: bold; line-height: inherit;"> Thereafter </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; border-top-width: 1px; border-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;"> Total </span></p> </td> </tr>
<tr>
<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 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;"> &#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; font-weight: bold; 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: '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;">
<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;">
<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;">
<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;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-current Debt </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>
<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'; 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;">
<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; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Fixed rate </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;"><span> - </span></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; <span>24</span> </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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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; font-weight: bold; line-height: inherit;"> &#160; <span>24</span> </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;"> Variable rate </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;"><span> - </span></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; <span>23</span> </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; <span>2</span> </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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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; font-weight: bold; line-height: inherit;"> &#160; <span>25</span> </span></p> </td> </tr>
<tr>
<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; font-weight: bold; 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>
<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>
<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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Current Debt </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>
<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>
<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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Fixed rate </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; <span>271</span> </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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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; font-weight: bold; line-height: inherit;"> &#160; <span>271</span> </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;"> Variable rate </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; <span>264</span> </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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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; font-weight: bold; line-height: inherit;"> &#160; <span>264</span> </span></p> </td> </tr>
<tr>
<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; font-weight: bold; line-height: inherit;"> &#160; </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-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;"> &#160; <span>535</span> </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-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;"> &#160; <span>47</span> </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-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;"> &#160; <span>2</span> </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-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;"><span> - </span></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-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;"><span> - </span></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-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;"><span> - </span></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-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;"> &#160; <span>583</span> </span></p> </td> </tr> </tbody> </table> </div>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>210</span></span></td> </tr> </tbody> </table> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<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;">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;"><span>6</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;"><span>5</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;">% 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>4</span></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;"><span>10</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;"><span>56</span></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;">.</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;"><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;">, 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;"><span>6</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;">% 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;">Borrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value (level <span>2</span>) of its main borrowings is approximately <span>98.3</span>% and <span>99.8</span>% of its carrying amount (including interests accrued) in <span>2024</span> and <span>2023</span> respectively. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting cash flows.</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;"><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;"> &#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 <span>31</span>, <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>4</span></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;"><span>265</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and fixed rate debt of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>172</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the fixed rate debt, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>162</span></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></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 <span>5</span>% 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;"><span>73</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million 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>4</span></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;"><span>71</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million 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></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 dif</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fer.</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;"><span>2</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;">.</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;"><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; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 32.2%;">
<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;"> 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; (<span>184</span>) </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;"> 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; (<span>173</span>) </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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 36%; 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>41</span>) </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;"> U.S. dollar </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 36%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; (<span>42</span>) </span></p> </td> </tr> </tbody> </table> </div>
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<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;"><span>31</span>, <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>4</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;"> were to</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,</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;">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;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Brazilian Real-denominated liabilities at certain Brazilian subsidiaries whose functional currency is the U.S. dollar.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The Saudi Arabian Riyal is tied to the U.S. 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; font-weight: bold;">Foreign Currency 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 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;"><span>8</span> thousand</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>4</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;"> 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;"> $</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;">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;"><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><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 <span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>6</span></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>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 10pt 0pt; 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 <span>10</span>% of our 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>4</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;"> <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>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;">.</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 a strong, longstanding relationship with Pemex, <span>one</span> of the world&#8217;s largest crude oil and condensates producers and <span>one</span> of its largest customers. Over the past several months, Pemex has delayed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit exposure to Pemex, which represented approximately <span>17</span>% of the Company&#8217;s overall credit exposure as of December 31, 2024, and approximately <span>20</span>% of the Company&#8217;s overall credit exposure as of December 31, 2023. In December 2024, Pemex issued senior guaranteed floating rate notes due in <span>2025</span> that a financial institution purchased on the issue date, with Pemex agreeing to use a portion of the proceeds from the sale of such notes to pay off outstanding debt with <span>one</span> of the Company&#8217;s Mexican subsidiaries for approximately $<span>200</span> 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 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 allowances for impairment for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;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></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 <span>one</span> year, and in general hedging for these risks is performed on a limited basis.</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; font-weight: bold;">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;">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;"><span>0</span>.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>8</span></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;"><span>4</span></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;">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>0</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;"><span>2</span></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;"><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;">For further detail on our commodities derivative contracts, please see note <span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>6</span></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;">We</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> use derivative financial instruments principally to manage </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;"> exposure to fluctuations in exchange rates and prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities based on their maturity dates. Derivative financial instruments are initially recognized in the statement of financial position at fair value. </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;">use market prices or specific tools for calculation of each instrument&#8217;s fair value, with such tools 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. Gains or losses arising from changes in fair value of derivatives are recognized in Financial Results in the Consolidated Income Statement, except for derivatives that are designated and qualify for hedge accounting. </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> designate certain derivatives 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 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><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;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> document at the inception of the transaction the relationship between hedging instruments and hedged items, as well as </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;"> risk management objectives and strategy for undertaking various hedge transactions. </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;"> also document </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;"> assessment on an ongoing basis, of whether the hedging instruments are effective in offsetting changes in the fair value or cash flow of hedged items. At December 31, 2024 and <span>2023</span>, the effective portion of designated cash flow hedges which is included in Other Reserves in equity amounted to $<span>0.6</span> million debit and $<span>8.1</span> million credit respectively.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<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="Bs12_1222025234755983" 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="Bs13_1222025234813239" 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>
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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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fee of $<span>5.00</span> (or less) per <span>100</span> ADSs (or portion of <span>100</span> 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 $<span>0.02</span> (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 10pt; line-height: 1.2; text-indent: 0pt;"><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 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-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fees paid in <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"><span>4</span></span></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>2024</span>, the Company received from the Depositary fees for an amount of $<span>667</span> thousands corresponding to the period March 13, 2023 through March 12, 2024. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fees payable during <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"><span>5</span></span></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>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company received from the Depositary fees for an amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>848</span> thousands</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;corresponding to the period March 13, 202</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;"> through March 12, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </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="Bs14_1222025234913106" 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="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;">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="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 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 <span>13</span>a-<span>15</span>(e) and <span>15</span>d-<span>15</span>(e) under the Exchange Act) as of December 31, 2024.</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;">Based on that evaluation, the Company&#8217;s chief executive officer and chief financial officer have concluded that, as of December 31, 2024, 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></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;">Management&#8217;s Report on Internal Control over Financial Reporting</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;">Management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rules <span>13</span>a-<span>15</span>(f) and <span>15</span>d-<span>15</span>(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="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, under the Company&#8217;s 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. In particular, the audit committee 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="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;">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="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 a yearly basis, management conducts its assessment of the effectiveness of Tenaris&#8217;s internal control over financial reporting based on the framework in Internal Control- Integrated Framework (<span>2013</span>) issued by the Committee of Sponsoring Organizations of the Treadway Commission.</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 18, 2025, management reported to 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 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, 2024, 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, 2024.</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 effectiveness of Tenaris&#8217;s internal control over financial reporting as of December 31, 2024, has been audited by EY, as indicated in its &#8220;Report of Independent Registered Public Accounting Firm&#8221; included in this annual report.</span></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: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><b>Change in Internal Control over Financial Reporting</b></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;">There were no changes in our internal control over financial reporting (as such term is defined in Rules <span>13</span>a -<span>15</span>(f) and <span>15</span>d -<span>15</span>(f) under the Exchange Act) during the year ended December 31, 2024, 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="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><br/></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;">Attestation Report of Registered Public Accounting Firm</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; text-align: center;"><span style="font-size: 10pt; font-weight: bold; line-height: inherit; font-family: 'Frutiger 45 Light';">Report of Independent Registered Public Accounting Firm</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">To the Shareholders and the Board of Directors of Tenaris S.A.</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-weight: bold; font-family: 'Frutiger 45 Light';">Opinion on Internal Control Over Financial Reporting</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">We have audited Tenaris S.A.&#8217;s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (<span>2013</span> framework) (the COSO criteria). In our opinion, Tenaris S.A. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.</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';">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company&#160;as of December 31, 2024, the related consolidated income statement, consolidated statements of comprehensive income, changes in equity and cash flows for the year ended December 31, 2024, and the related notes and our report dated April 1, 2025 expressed an unqualified opinion thereon.</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-weight: bold; font-family: 'Frutiger 45 Light';">Basis for Opinion</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">The Company&#8217;s management is responsible 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&#8217;s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm registered with the 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>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Definition and Limitations of Internal Control Over Financial Reporting</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">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 (<span>1</span>) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (<span>2</span>) 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 (<span>3</span>) 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>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">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>
<p style="margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">&#160;/s/ Ernst &amp; Young&#160;</span></p>
<p style="margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">Soci&#233;t&#233; anonyme</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">Cabinet de r&#233;vision agr&#233;&#233;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">Luxembourg, Grand Duchy of Luxembourg</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light';">April 1, 2025</span></p>
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<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="Bs15_1222025234952964" 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="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; line-height: inherit; font-weight: bold;">Principal Accountant Fees </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&#8217;s statutory auditor was EY for fiscal year <span>2024</span> and PwC for fiscal year <span>2023</span>. Fees accrued to EY and PwC and other EY and PwC member firms for the years ended December 31, 2024 and December 31, 2023, respectively are detailed below.</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>
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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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;"> Thousands 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;"> <span>2024</span> </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;"> <span>2023</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; 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; width: 43.16%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Audit Fees </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 28.42%; 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>4,569</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 28.42%; 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>4,386</span> </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 43.16%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Audit-Related Fees </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 28.42%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; <span>51</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 28.42%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; <span>273</span> </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 43.16%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Tax Fees </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 28.42%; 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>78</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 28.42%; 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>148</span> </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;"> All Other Fees </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;"><span> - </span></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>14</span> </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 43.16%; 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>
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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>4,698</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 28.42%; 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: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; <span>4,821</span> </span></p> </td> </tr> </tbody> </table> </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;"><br/></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;">In addition, in the year <span>2023</span>, PwC rendered $<span>242</span> thousand for tax services to the acquired Mattr&#8217;s pipe coating business unit.</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-weight: bold;"><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></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;">Audit fees were paid for professional services rendered by the statutory auditors for the audit of the Company&#8217;s 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 under applicable securities laws, including SEC regulations and other regulatory requirements. </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; font-weight: bold;">Audit-Related Fees</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;">Audit-related fees are typically services that are reasonably related to the performance of the audit or review of the Company&#8217;s 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 required to be filed with competent regulators.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><br/></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; font-weight: bold;">Tax Fees </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;">Fees paid for tax compliance professional 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; font-style: italic; line-height: inherit; font-weight: bold;">All Other Fees</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;">Fees paid for the support in the development of training courses.</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-weight: bold;"><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> </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&#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="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 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, ad-referendum 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 <span>3524</span> &#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 <span>2</span>-<span>01</span>, and applicable PCAOB rules. 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 de minimis exception to the pre-approval requirement provided by paragraph (c)(<span>7</span>)(i)(C) of Rule <span>2</span>-<span>01</span> of Regulation S-X during <span>2024</span> or <span>2023</span>.</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 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></p>
<div style="font-family: 'times new roman', times; 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="Bs16_122202523501971" 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 </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Company</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> and Affiliated Purchasers</span></a></div>
<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;">On June 2, 2020, 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 terms and conditions set forth below. Although the validity period of such authorization will expire on June 12, 2025, the board of directors has convened the general meeting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;of shareholders to be held on May 6, 2025, which will consider the renewal of such authorization for an additional <span>five</span>-year period.</span></p>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<ul style="font-family: 'times new roman', times;">
<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;">Purchases, acquisitions or receipts of securities may be made in <span>one</span> 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>
<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;">The maximum number of securities acquired pursuant to this authorization may not exceed <span>10</span>% of the Company&#8217;s issued shares or, in the case of acquisitions made through a stock exchange in which the securities are traded, such lower amount as may not be exceeded pursuant to any applicable laws or regulations of such market. The number of securities acquired as a block may amount to the maximum permitted amount of purchases.</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;">The purchase price per share to be paid in cash may not exceed <span>125</span>% (excluding transaction costs and expenses), nor may it be lower than <span>75</span>% (excluding transaction costs and expenses), in each case of the average of the closing prices of the Company&#8217;s securities in the stock exchange through which the Company&#8217;s securities are acquired, during the <span>five</span> trading days in which transactions in the securities were recorded in such stock exchange preceding (but excluding) the day on which the Company&#8217;s securities are acquired. For over-the-counter or off-market transactions, the purchase price per ADS to be paid in cash may not exceed <span>125</span>% (excluding transaction costs and expenses), nor may it be lower than <span>75</span>% (excluding transaction costs and expenses), in each case of the average of the closing prices of the ADSs in the NYSE during the <span>five</span> trading days in which transactions in ADSs were recorded in the NYSE preceding (but excluding) the day on which the ADSs are acquired; and, in the case of acquisition of securities, 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>
<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;">The above maximum and minimum purchase prices shall, in the event of a change in the par value of the securities, a capital increase by means of a capitalization of reserves, a distribution of securities 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 securities shall be reflected.</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;">The acquisitions of securities 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 undistributable reserves.</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;">Only fully paid-up securities may be acquired pursuant to this authorization.</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;">The acquisitions of securities 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>
<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 acquisitions of securities 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 securities are traded, through public offers to all shareholders of the Company to buy securities, 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>
<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;">The acquisitions of securities 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><br/></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 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, <span>5</span> years).</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;">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 <span>430</span>-<span>15</span> 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="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
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<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; font-weight: bold;">Share buyback programs</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; font-style: italic; line-height: inherit; font-weight: bold;">First share buyback program</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;">On November 1, 2023, the Company&#8217;s board of directors approved a share buyback program of up to $<span>1.2</span> billion with the intention to cancel the shares acquired through the program.&#160; The share buyback program was carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, to repurchase up to a maximum of <span>10</span>% of the Company&#8217;s shares. </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;">For purposes of carrying out each tranche of the first share buyback program, the Company entered into non-discretionary buyback agreements with a primary financial institutions, which made trading decisions concerning the timing of the purchases of the Company&#8217;s shares independently of and uninfluenced by the Company and acted 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>.</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 first share buyback program was divided in <span>four</span> tranches and ran from November 5, 2023, to (and including) August 2, 2024. During the first share buyback program the Company repurchased <span>71,679,768</span> ordinary shares, representing <span>6.07</span>% of the Company&#8217;s issued share capital at the beginning of the program, for a total consideration of $<span>1.2</span> billion.</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 extraordinary meeting of shareholders held on April 30, 2024, approved the cancellation of <span>17,779,302</span> ordinary shares held in treasury and acquired by the Company throughout the first tranche of the first share buyback program and the corresponding reduction of the Company&#8217;s issued share capital. Shares repurchased under the second, third and fourth tranche of the first share buyback program are held in treasury and will be cancelled in due course, as further described below.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Second</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> share buyback program</span></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;">On November 6, 2024, the Company&#8217;s board of directors approved a follow-on share buyback program of up to $<span>700</span> million (excluding incidental transaction fees), subject to a maximum of <span>46,373,915</span> ordinary shares, representing the remaining <span>3.93</span>% of the Company&#8217;s issued share capital (measured as of the launch of the first share buyback program), to complete the maximum of <span>10</span>% of the share capital that may be repurchased by the Company, with the intention to cancel the shares acquired through the program.&#160;The share buyback program was carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, to repurchase up to a maximum of <span>10</span>% of the Company&#8217;s shares.</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;">For purposes of carrying out the second share buyback program, the Company entered into non-discretionary buyback agreements with primary financial institutions, which make trading decisions concerning the timing of the purchases of the Company&#8217;s shares independently of and uninfluenced by the Company and 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>.</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">second</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> share buyback program ran from November </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>2024</span>, to (and including) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">March 4,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2025</span>. During the follow-on share buyback program, the Company repurchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>36,862,132</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares, representing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3.12</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of the Company&#8217;s issued share&#160;capital as measured at the beginning of the first program, for a total consideration 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;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>700</span> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During the years ended December 31, 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>2023</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company&#160;repurchased&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>83,616,548</span> and <span>12,648,091</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span>.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>7</span></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;">illion on an aggregate basis under both share buyback programs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> During <span>2025</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&#160;repurchased a total of <span>12,277,261</span> ordinary shares, for a total consideration of 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;"><span>0.2</span></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;">illion.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Total shares repurchased under the share buyback programs </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>9.19</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of the issued share capital at the beginning of the first share buyback program.</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;">Shares repurchased during the&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">second, third and fourth tranche of the first share buyback program and during the follow-on share buyback program </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are being held in treasury. The Company intends to cancel the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">se</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> treasury shares in the upcoming extraordinary general meeting of shareholders, scheduled to be held on May 6, 2025 (immediately after the annual general meeting of shareholders) and to reduce the Company&#8217;s issued share capital accordingly.</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;">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;">. Information contained in or otherwise accessible through our Internet website is not a part of this annual report.</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;">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="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><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; height: 40px; line-height: 1;"><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;"> Share Buyback Program </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 40px; margin-left: 0.1px; border-bottom-color: #000000 !important;" 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;"> Period </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 40px; margin-left: 0.1px; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; line-height: 1; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Average price</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">paid per share in</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">USD</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 40px; margin-left: 0.1px; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total number of shares purchased as part of publicly announced plans or programs (*) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; height: 40px; margin-left: 0.1px; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 20%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <span>1</span>st program - <span>1</span>st tranche </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 20%; font-family: 'Frutiger 45 Light';">
<p style="margin: 0pt;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light';"> January 1, 2024 - January 31, 2024 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 20%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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; <span>16.66</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 20%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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; <span>5,131,211</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 20%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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;&#160;&#160; <span>900</span> </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: 9pt; line-height: inherit;"> <span>1</span>st program - <span>2</span>nd tranche </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light';"> February 1, 2024 - February 29, 2024 </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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>17.99</span> </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;&#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; <span>4,090,887</span> </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;&#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;&#160; <span>827</span> </span></p> </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: 9pt; line-height: inherit;"> <span>1</span>st program - <span>2</span>nd tranche </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-size: 9pt; font-family: 'Frutiger 45 Light';"> March 1, 2024 - March 31, 2024 </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>18.55</span> </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;"> &#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; <span>7,945,963</span> </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;"> &#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;&#160;&#160; <span>679</span> </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;"> <span>1</span>st program - <span>2</span>nd tranche </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-size: 9pt; font-family: 'Frutiger 45 Light';"> April 1, 2024 - April 30, 2024 </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>18.25</span> </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;"> &#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; <span>4,330,153</span> </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;"> &#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;&#160;&#160; <span>600</span> </span></p> </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: 9pt; line-height: inherit;"> <span>1</span>st program - <span>3</span>rd tranche </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-size: 9pt; font-family: 'Frutiger 45 Light';"> May 1, 2024 - May 31, 2024 </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>16.96</span> </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;"> &#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; <span>9,964,977</span> </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;"> &#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;&#160;&#160; <span>431</span> </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;"> <span>1</span>st program - <span>3</span>rd and <span>4</span>th tranche </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-size: 9pt; font-family: 'Frutiger 45 Light';"> June 1, 2024 - June 30, 2024 </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>15.75</span> </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>17,410,599</span> </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;"> &#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;&#160;&#160; <span>157</span> </span></p> </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: 9pt; line-height: inherit;"> <span>1</span>st program - <span>4</span>th tranche </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-size: 9pt; font-family: 'Frutiger 45 Light';"> July 1, 2024 - July 31, 2024 </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>15.54</span> </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;"> &#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; <span>8,879,659</span> </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;"> &#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;&#160;&#160;&#160;&#160; <span>19</span> </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;"> <span>1</span>st program - <span>4</span>th tranche </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-size: 9pt; font-family: 'Frutiger 45 Light';"> August 1, 2024 - August 31, 2024 </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>14.54</span> </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;"> &#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; <span>1,278,228</span> </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;"><span> - </span></span></p> </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: 9pt; line-height: inherit;"> Not applicable </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-size: 9pt;"> September 1, 2024 - September 30, 2024 </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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></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;"> Not applicable </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-size: 9pt; font-family: 'Frutiger 45 Light';"> October 1, 2024 - October 31, 2024 </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;"><span> - </span></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;"><span> - </span></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;"><span> - </span></span></p> </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: 9pt; line-height: inherit;"> <span>2</span>nd program </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-size: 9pt; font-family: 'Frutiger 45 Light';"> November 1, 2024 - November 30, 2024 </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>18.71</span> </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>14,317,733</span> </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;"> &#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;&#160;&#160; <span>432</span> </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;"> <span>2</span>nd program </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-size: 9pt; font-family: 'Frutiger 45 Light';"> December 1, 2024 - December 31, 2024 </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>19.09</span> </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;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>10,267,138</span> </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;"> &#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;&#160;&#160; <span>236</span> </span></p> </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: 9pt; 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; 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; background-color: #cceeff; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; 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; 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;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span>83,616,548</span> </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<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> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><sup>(*)</sup> All units were purchased as part of publicly announced plans or programs.</p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">The first share buyback program was announced on November 5, 2023 for an aggregate amount of $<span>1.2</span> billion and divided in <span>four</span> tranches of $<span>0.3</span> billion.</p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">Commencement of the first tranche of the first share buyback program was announced on November 5, 2023 with an expiration date on February 9, 2024. The completion of the first tranche of the first share buyback program was announced on January 12, 2024.</p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">Commencement of the second tranche of the first share buyback program was announced on February 25, 2024 with an expiration date on May 24, 2024. The completion of the second tranche of the first share buyback program was announced on April 30, 2024.</p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">Commencement of the third tranche of the first share buyback program was announced on May 12, 2024 with an expiration date on August 12, 2024. The completion of the third tranche of the first share buyback program was announced on June 14, 2024.</p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">Commencement of the fourth tranche of the first share buyback program was announced on June 14, 2024 with an expiration date on October 31, 2024. The completion of the fourth tranche of the first share buyback program was announced on August 4, 2024.</p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">Commencement of the second share buyback program, for $<span>0.7</span> billion, was announced on November 10, 2024 with an expiration date on March 26, 2025. The completion of the second share buyback program was announced on March 4, 2025.</p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<div style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bs17_1222025235118638" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Change in Registrant&#8217;s Certifying Accountant</span></a></div>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">The disclosure called for by paragraph (a) of Item
16F was &#8220;previously reported,&#8221; as that term is defined in Rule 12b-2 under the
Exchange Act, in &#8220;Item 16F. Change in Registrant&#8217;s Certifying Accountant&#8221; of
our annual report on Form 20-F, for the fiscal year ended December 31, 2023,
filed with the SEC on March 28, 2024. </p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">With respect to the audit for the fiscal year ending
December 31, 2025, the Company conducted a competitive tender process for the
selection of an audit firm to perform the statutory audit of the Company&#8217;s consolidated financial statements under International Standards of Auditing (&#8220;ISA&#8221;), and a
competitive tender process for the selection of an audit firm to perform the
contractual audit of the Company&#8217;s consolidated financial statements and internal controls
under PCAOB auditing standards. Following completion of the tender processes,
on March 25, 2025, the audit committee (i) approved the appointment of Forvis
Mazars, <i>Cabinet de r&#233;vision agr&#233;&#233; </i>(&#8220;Forvis Mazars&#8221;), as the Company&#8217;s
statutory auditor for the fiscal year ending December 31, 2025, and recommended
to the Company&#8217;s board of directors that the appointment of Forvis Mazars be
submitted for approval at the annual general meeting of shareholders scheduled
to be held on May 6, 2025; and (ii) approved the appointment of
PricewaterhouseCoopers, Soci&#233;t&#233; cooperative, as the Company&#8217;s contractual
auditor for the fiscal year ending December 31, 2025, to perform the
contractual audit of the Company&#8217;s consolidated financial statements and internal controls.
On April 1, 2025, the Company&#8217;s board of directors, based on the audit
committee&#8217;s resolutions, recommended the annual general meeting of shareholders
to appoint Forvis Mazars as the Company&#8217;s statutory auditor for the fiscal year
ending December 31, 2025.</p>
<p style="margin: 0cm; font-size: 12pt; font-family: Aptos, sans-serif;"><span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: EN-GB;"><br/></span></p>
<div style="font-family: 'times new roman', times;">
<div id="t_ft_SEL567RRU800000000000000000000b">
<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>220</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 18px;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">The report issued by EY on our consolidated financial
statements for the fiscal year ended December 31, 2024, did not contain an
adverse opinion or a disclaimer of opinion, and was not qualified or modified
as to uncertainty, audit scope or accounting principles. During the fiscal year
2024 and through the date of this annual report, there has not been (i) any
disagreement between the Company and EY over any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or procedures,
which disagreement, if not resolved to EY&#8217;s satisfaction, would have caused EY
to make reference to the subject matter of the disagreement in connection with
its audit reports, nor (ii) any reportable event. The Company has provided EY
with a copy of the foregoing disclosure and has requested that EY furnish the
Company with a letter addressed to the SEC stating whether EY 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 EY&#8217;s letter dated April 1, 2025, is filed as
an exhibit to this annual report.</p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><br/></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">During fiscal year 2024 and through the date of this
annual report, the Company did not consult either with Forvis Mazars or with
PricewaterhouseCoopers, Soci&#233;t&#233; cooperative 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 Forvis Mazars or PricewaterhouseCoopers,
Soci&#233;t&#233; cooperative concluded was an important factor considered by the Company
in reaching a decision as to any accounting, auditing or financial reporting
issue<span style="font-size: 10.0pt; font-family: 'Calibri',sans-serif; mso-ansi-language: EN-GB;">&#894;</span><span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: EN-GB;"> or (iii)
any matter that was either the subject of a disagreement or reportable event.</span></p>
<p style="margin: 0cm; font-size: 12pt; font-family: Aptos, sans-serif;"><span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: EN-GB;"><br/></span></p>
<p style="margin: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';">During the fiscal year 2023, (i)
PricewaterhouseCoopers, Soci&#233;t&#233; cooperative served as the Company&#8217;s external statutory and contractual auditors; and (ii) the Company did not consult with Forvis Mazars regarding:
(a) 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; (b) 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 Forvis Mazars
concluded was an important factor considered by the Company in reaching a
decision as to any accounting, auditing or financial reporting issue<span style="font-size: 10.0pt; font-family: 'Calibri',sans-serif; mso-ansi-language: EN-GB;">&#894;</span><span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: EN-GB;"> or (c) any matter that was either the subject of a
disagreement or reportable event.</span></p>
<p style="margin: 0cm; font-size: 12pt; font-family: Aptos, sans-serif;"><span style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: EN-GB;"><br/></span></p>
<div style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bs18_1222025235154563" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Insider Trading Policy</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;">Tenaris has&#160;<span style="-sec-ix-hidden:Tag3460">adopted</span>&#160;an Insider Trading,&#160;Policy governing the purchase, sale and other dispositions of its securities,&#160;by directors, officers and employees that is reasonably designed to promote compliance with&#160;insider trading laws, rules and regulations and NYSE listing standards.</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 copy of the Company&#8217;s Policy on Securities Trading is filed as exhibit <span>11.1</span> to this annual report.</span> </p>
<div style="font-family: 'times new roman', times;">
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<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>221</span></span></td> </tr> </tbody> </table> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
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<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; font-weight: bold; line-height: inherit;">Risk Management, Strategy and Governance</span></p>
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<p style="margin: 0pt 0pt 0pt; 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, 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> <ix:nonNumeric contextRef="D20241231" name="cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="Tag3264" escape="true"><span><ix:nonNumeric contextRef="D20241231" name="cyd:CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="Tag3295" escape="true"><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 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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;CRC&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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></ix:nonNumeric></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;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></ix:nonNumeric></p> </div> </div> </div> </div> </ix:nonNumeric>
<p style="margin: 10pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><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. <ix:nonNumeric contextRef="D20241231" name="cyd:CybersecurityRiskManagementProcessesIntegratedTextBlock" id="Tag3306" escape="true"><span style="-sec-ix-hidden:Tag3466">Our risk assessment methodology considers the potential impact of cybersecurity risks with respect to continuity of operations, information security (including confidentiality, integrity and availability),</span> financial performance, compliance or reputational effects, and health, safety and environment damages.</ix:nonNumeric> 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) <span style="-sec-ix-hidden:Tag3465">specialized consultants may be engaged in connection with cybersecurity risk processes.</span></span></p>
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<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 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.&#160;In <span>2024</span>, we adopted a process to assess third-parties cybersecurity, to the extent they are connected to Tenaris or process Tenaris&#8217;s confidential information.</span></p> </div> </div> </div> </div> </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;">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: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="-sec-ix-hidden:Tag3462"><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 </span><ix:nonNumeric contextRef="D20241231" name="cyd:CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" id="Tag3257" escape="true"><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;">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 <span>25</span> years of experience in cybersecurity and information technology fields.</span></ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="-sec-ix-hidden:Tag3461">The chief information security officer periodically reports on its activities to the CRC.</span></span></p> </div> </div> </div> </div> </div> </ix:nonNumeric>
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<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 <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;">, no risks from cybersecurity threats, including as a result of any previous cybersecurity&#160;incidents, or third-parties 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> </div> </div> </div> </div> </div>
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<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: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;">Tenaris has adopted cyber-resilience standards as part of its cybersecurit<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> strategy and cyber capabilities. For example, a cyberattack simulation exercise was carried out in <span>2024</span> with an external consultant (KPMG) acting as a cyber attacker and</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>&#160;Tenaris&#8217;s </span><span>cybersecurity team acting as defenders</span><span>, showing the Company&#8217;s strong commitment to cybersecurity issues, particularly associated risks, potential impacts and action plans.&#160;</span><span>The results of such exercise are still subject to evaluation and will aid in building a stronger </span>cybersecurity<span> strategy.</span></span></p> </div> </div> </div> </div> </div> </ix:nonNumeric> </ix:nonNumeric>
<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 more information on cybersecurity risks, see &#8220;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> </ix:nonNumeric> </div>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report <span>2024</span></span><br/></td> </tr> </tbody> </table> </div>
<div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="Bs20_122202523525595" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">FINANCIAL STATEMENTS</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;">For the Reports of Independent Registered Public Accounting Firms:</span></p>
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<li style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>EY (PCAOB ID <ix:nonNumeric contextRef="D20241231" name="dei:AuditorFirmId" id="Tag3272">1367</ix:nonNumeric>) for the year <span>2024</span>, see pages </span><span>F-<span>1</span> through F-2</span><span> of this annual report.</span></span></li>
<li style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>PwC (PCAOB ID <ix:nonNumeric contextRef="D20231231" name="dei:AuditorFirmId" id="Tag37">1328</ix:nonNumeric>) for the years <span>2023</span> and <span>2022</span>, see page&#160;</span><span>F-3 </span><span>of this annual report.</span></span></li>
<li style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>PwC (PCAOB ID <ix:nonNumeric contextRef="D20241231_TerniumSAMember_4" name="dei:AuditorFirmId" id="Tag20">1328</ix:nonNumeric>) related to Ternium, for the year <span>2024</span>, see page&#160;</span><span>F-4 </span><span>of this annual report.</span></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;"><span>For the Financial Statements see pages </span><span>F-5 through F-82</span><span>&#160;of this annual report.</span></span></p> </div>
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<div style="margin: 0pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BSQ8_1522025155922833" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">E</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">XHIBITS</span></a></div>
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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Exhibit</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">Number</span></p>
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<p style="margin: 0pt;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light';"> 1.1</span></p> </th>
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<p style="margin: 0pt;"><a href="ex11_1.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'times new roman', times;"><span style="font-size: 9pt; font-family: 'Frutiger 45 Light';">Updated and Consolidated Articles of Association of Tenaris S.A., dated as of April 30,2024</span></span></a></p> </th> </tr>
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<p style="margin: 0pt;"> <span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">2.1</span></p> </th>
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<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> </th> </tr>
<tr style="height: 17px;">
<th style="vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th> </tr>
<tr style="height: 17px;">
<th style="vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;&#160;&#160; 2.2</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1190723/000155485524000207/ex22_1.htm"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Description of Securities</span></a></p> </th> </tr>
<tr style="height: 17px;">
<th style="vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 8.1</span></p> </th>
<th style="vertical-align: top; width: 89.518%; 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> </th> </tr>
<tr style="height: 17px;">
<th style="vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th> </tr>
<tr style="height: 21px;">
<th style="vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160; &#160;11.1</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 21px;"><a href="ex111_3.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Insider Trading Policy</span></a></th> </tr>
<tr style="height: 21px;">
<th style="vertical-align: middle; width: 10.4055%; height: 21px;"><br/></th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 21px;"><br/></th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">12.1</span></p> </th>
<th style="vertical-align: top; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="ex121_4.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></p> </th> </tr>
<tr style="height: 17px;">
<th style="vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">12.2</span></p> </th>
<th style="vertical-align: top; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="ex122_5.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></p> </th> </tr>
<tr style="height: 17px;">
<th style="vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">13.1</span></p> </th>
<th style="vertical-align: top; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="ex131_6.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></p> </th> </tr>
<tr style="height: 17px;">
<th style="vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">13.2</span></p> </th>
<th style="vertical-align: top; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="ex132_7.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></p> </th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th>
<th style="vertical-align: top; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">15.1</span></p> </th>
<th style="vertical-align: top; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="ex151_8.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Statement Explaining Calculation of Ratios</span></a></p> </th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: middle; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th>
<th style="vertical-align: middle; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </th> </tr>
<tr style="height: 17px;">
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">15.2</span></p> </th>
<th style="vertical-align: top; width: 89.518%; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="ex152_9.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Statement Explaining Alternative Performance Measures</span></a></p> </th> </tr>
<tr>
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%;"><br/></th>
<th style="vertical-align: top; width: 89.518%; text-align: left;"><br/></th> </tr>
<tr>
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; font-family: 'Frutiger 45 Light';">15.3</th>
<th style="vertical-align: top; width: 89.518%; text-align: left;"><a href="ex153_10.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">EY&#8217;s letter regarding&#160;statements in Item 16.F.</span></a><br/></th> </tr>
<tr>
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%;"><br/></th>
<th style="vertical-align: top; width: 89.518%; text-align: left;"><br/></th> </tr>
<tr>
<th style="padding-left: 7.2pt; vertical-align: top; width: 10.4055%; font-family: 'Frutiger 45 Light';">97.1</th>
<th style="vertical-align: top; width: 89.518%; text-align: left;"><span style="font-weight: bold; font-family: 'Frutiger 45 Light';">Clawback Policy**</span></th> </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 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"><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: -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;">*</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"><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: -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;">*&#160; &#160; &#160; &#160; &#160; &#160;&#160;The Clawback Policy is incorporated by reference to Exhibit 97.1 to the Annual Report on Form 20-F filed by Tenaris S.A. on March 28, 2024 (File No. 001-31518).</span></span><span style="background-color: #ffff00; font-family: 'Frutiger 45 Light'; font-size: 9pt;"><br/></span></p>
<p style="margin: 0pt 0pt 0pt;"><span style="background-color: #ffff00; font-family: 'Frutiger 45 Light'; font-size: 1pt; font-weight: bold;"><br/></span></p>
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<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>224</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="Ddzfmb7c8uwl2kahhgjg2r3" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt;"><br/></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; break-before: page; text-align: center; text-indent: 0pt;"><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>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 93px; width: 100%; text-indent: 0px;" width="100%">
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<td style="vertical-align: middle; width: 41%; height: 17px; padding-left: 0px; padding-right: 0px; 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: 0.5pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; width: 24pt; height: 17px; padding-left: 0px; padding-right: 0px; 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: 0.5pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; width: 29pt; height: 17px; padding-left: 0px; padding-right: 0px; 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: 0.5pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; width: 41%; height: 17px; padding-left: 0px; padding-right: 0px; 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: 0.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; 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;">April 1</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;">5</span></p> </td>
<td style="padding-left: 0px; vertical-align: top; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; 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 colspan="2" style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; 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;">TENARIS S.A.</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; 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;">&#160;</span></p> </td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; 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;">&#160;</span></p> </td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; 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;">&#160;</span></p> </td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; 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;">&#160;</span></p> </td> </tr>
<tr style="height: 22px;">
<td style="padding-left: 0px; vertical-align: top; height: 22px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; 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; vertical-align: top; height: 22px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; 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="vertical-align: top; height: 22px; padding-left: 0px; padding-right: 0px; 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;">By</span></p> </td>
<td style="vertical-align: top; height: 22px; padding-left: 0px; padding-right: 0px; 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;">/s/ </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Alicia M&#243;ndolo</span></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td> </tr>
<tr style="height: 10px;">
<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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Name:</span></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Alicia M&#243;ndolo</span></p> </td> </tr>
<tr style="height: 10px;">
<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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Title:</span></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;"><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;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>225</span></span></td> </tr> </tbody> </table>
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<td style="vertical-align: bottom; width: 80%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; float: none; display: inline !important;">Annual Report 2024</span><br/></td> </tr> </tbody> </table>
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<p style="text-align: center; margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: inherit;">Report of Independent Registered Public Accounting
Firm</span></b><span style="line-height: inherit;"></span></span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: inherit;">To
the Shareholders and the Board of Directors of <span style="line-height: inherit;">Tenaris S.A.</span></span></b><span style="line-height: inherit;"></span></span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: inherit;">Opinion
on the Financial Statements </span></b><span style="line-height: inherit;"></span></span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We have audited the accompanying
consolidated statement of financial position of Tenaris S.A. (the &#8220;Company&#8221;) as
of December 31, 2024, the related consolidated statements of income, comprehensive
income, changes in equity, and cash flows for the year then ended, and the
related notes (collectively referred to as the &#8220;consolidated financial
statements&#8221;). In our opinion, based on our audit and the report of PricewaterhouseCoopers
Soci&#233;t&#233; cooperative, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of the Company
at December 31, 2024, and the results of its operations and its cash flows for the
year ended December 31, 2024, in conformity with International Financial
Reporting Standards as issued by the International Accounting Standards Board.</span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We did not audit the financial statements
of Ternium S.A., a corporation in which the Company has an 11.46% interest. In
the consolidated financial statements, the Company&#8217;s investment in Ternium S.A.
is stated at USD 1,377.9 million as of December 31, 2024 and the Company&#8217;s equity
in the earnings of Ternium S.A. is stated at USD (5.7) million for the year
ended December 31, 2024. Those financial statements were audited by PricewaterhouseCoopers
Soci&#233;t&#233; cooperative whose report has been furnished to us, and our opinion,
insofar as it relates to the amounts included for Ternium S.A., is based solely
on the report of PricewaterhouseCoopers Soci&#233;t&#233; cooperative.</span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Company&#8217;s internal control over financial reporting as of December
31, 2024, based on criteria established in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (2013 framework) and our report dated April 1, 2025 expressed an unqualified
opinion thereon.</span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><span style="line-height: inherit;">Basis
for Opinion</span></b><span style="line-height: inherit;"></span></span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">These financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an
opinion on the Company&#8217;s financial statements based on our audit. We are a
public accounting firm registered with the 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>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We conducted our audit in accordance with
the standards of the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. Our audit
included performing procedures to assess the risks of material misstatement of
the 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 financial
statements. Our audit also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audit and the
report of PricewaterhouseCoopers Soci&#233;t&#233; cooperative provide a reasonable basis
for our opinion.</span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><span style="line-height: inherit;">Critical Audit Matter</span></b><span style="line-height: inherit;"></span></span></p> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="line-height: inherit;">The critical audit matter communicated below is
a matter arising from the current period audit of the financial statements that
was communicated or required to be communicated to the audit committee&#160; and
that: (1) relates to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective or complex
judgments. The communication of the critical audit matter does not alter in any
way our opinion on the consolidated<sup>&#160;</sup>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 account or disclosure<sup> </sup>to which it relates. </span></span><b style="mso-bidi-font-weight: normal;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><br/></span></b></span></div>
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<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><i style="mso-bidi-font-style: normal;"><span style="mso-fareast-font-family: Verdana; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-font-kerning: 0pt; mso-ligatures: none;">&#160;</span></i></span></p> </td>
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<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="mso-fareast-font-family: Verdana; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-font-kerning: 0pt; mso-ligatures: none;">&#160;</span></i></b></span></p> </td>
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<p style="margin: 0px; line-height: normal; break-after: avoid; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><b><i><span style="mso-fareast-font-family: Verdana; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-font-kerning: 0pt; mso-ligatures: none;">Recoverability of deferred tax assets (&#8220;DTAs&#8221;) on tax losses of the Company's subsidiary in Luxembourg</span></i></b><b><span style="mso-fareast-font-family: Verdana; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; color: black; mso-font-kerning: 0pt; mso-ligatures: none;"></span></b></span></p> </td> </tr>
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<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><i style="mso-bidi-font-style: normal;"><span style="mso-fareast-font-family: Verdana; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-font-kerning: 0pt; mso-ligatures: none;">Description of the Matter</span></i></span></p> </td>
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<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="color: black; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p> </td>
<td valign="top" style="width: 77.4693%; padding: 0in 0px; margin: 0px; text-indent: 0px; height: 123px;">
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As described in Note IV.22 to the consolidated financial statements as of December 31, 2024, the Company recognized USD 623.8 million in DTAs relating to previously accumulated tax losses of the Company&#8217;s subsidiary in Luxembourg (the &#8220;Luxembourg DTAs&#8221;). DTAs 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 applied significant judgment in assessing the likelihood that future taxable profits will be available. In determining the recoverable amount of the Luxembourg DTAs, management considered existing evidence, both positive and negative, including historical taxable profits and forecasts of future taxable profits.<br/></span></p>
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Auditing the recoverability of the Luxembourg DTAs is subjective, because it requires significant judgment by management to estimate the amount of future taxable profits. </span></p> </td> </tr>
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<td valign="top" style="width: 20.6531%; padding: 0in 0px; margin: 0px; text-indent: 0px; height: 143px;">
<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt;"><i style="mso-bidi-font-style: normal;"><span style="mso-fareast-font-family: Verdana; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-font-kerning: 0pt; mso-ligatures: none;">How We Addressed the Matter in Our Audit</span></i></span></p> </td>
<td valign="top" style="width: 1.87755%; padding: 0in 0px; margin: 0px; text-indent: 0px; height: 143px;">
<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="color: black; font-family: 'times new roman', times; font-size: 10pt;">&#160;</span></p> </td>
<td valign="top" style="width: 77.4693%; padding: 0in 0px; margin: 0px; text-indent: 0px; height: 143px;">
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over management&#8217;s assessment of recoverability of the Luxembourg DTAs. For example, we tested controls over management&#8217;s review of the significant assumptions used in estimating future taxable profits, in consideration of scenarios of possible outcomes.</span></p>
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To test the recoverability of the Luxembourg DTAs, among other procedures, we assessed the accuracy of management&#8217;s estimate of future taxable profits by comparing actual to forecasted amounts. We assessed the amount of the future taxable profits by independently developing scenarios for a range of point estimates and comparing that range to management&#8217;s estimate of future taxable profits. We evaluated the adequacy of the disclosures regarding the Luxembourg DTAs in Note IV.22 of the consolidated financial statements.</span></p> </td> </tr> </tbody> </table> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit; color: #000000;"><b style="mso-bidi-font-weight: normal;"></b></span></div>
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<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="text-decoration: underline;">/s/ <span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20241231" name="dei:AuditorName" id="Tag3305">Ernst &amp; Young</ix:nonNumeric></span></span><br/>
Soci&#233;t&#233; anonyme<br/>
Cabinet de r&#233;vision agr&#233;&#233;</span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We served as the Company&#8217;s auditor from 2023
to 2025.</span></p>
<p style="margin: 0in 0in 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20241231" name="dei:AuditorLocation" id="Tag3231">Luxembourg</ix:nonNumeric>, Grand Duchy of Luxembourg</span></p> <span style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"> April 1, 2025 </span></div>
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<h2><span style="font-size: 10pt; font-family: 'times new roman', times; color: black;">Report of Independent Registered Public Accounting Firm</span></h2>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><span style="color: black;">To </span><span>the
Board of Directors and Shareholders of</span></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><b><span>TENARIS
S.A.</span></b></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><span style="color: #ff0000;">&#160;</span></b></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span>Opinion on the
Financial Statements </span></i></b></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">We have
audited the consolidated statement of financial position of TENARIS S.A. and its subsidiaries (the
&#8220;Company&#8221;) as of 31 December 2023, 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 two years in the period ended 31 December 2023, including the
related notes <b style="mso-bidi-font-weight: normal;"><span style="color: #ff0000;"><span style="mso-spacerun: yes;">&#160;</span></span></b>(collectively referred to as the &#8220;<span style="mso-bidi-font-weight: bold;">consolidated</span><b style="mso-bidi-font-weight: normal;"> </b>financial statements&#8221;). In our opinion, the <span style="mso-bidi-font-weight: bold;">consolidated</span><b style="mso-bidi-font-weight: normal;"> </b>financial statements present
fairly, in all material respects, the financial position of<b style="mso-bidi-font-weight: normal;"> </b>the Company as of 31 December 2023,
and the results of its operations and its<b style="mso-bidi-font-weight: normal;"> </b>cash flows for each of the two 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.<span style="mso-spacerun: yes;">&#160;
</span><span style="mso-spacerun: yes;">&#160;&#160;</span></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span>Basis for Opinion </span></i></b></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">These <span style="mso-bidi-font-weight: bold;">consolidated</span> financial statements are
the responsibility of the Company's management. Our responsibility is to
express an opinion on the Company&#8217;s <span style="mso-bidi-font-weight: bold;">consolidated</span>
financial statements 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 style="mso-spacerun: yes;">&#160; </span></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">We
conducted our audits of these <span style="mso-bidi-font-weight: bold;">consolidated</span><b style="mso-bidi-font-weight: normal;"> </b>financial
statements in accordance with the standards of the PCAOB. Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the <span style="mso-bidi-font-weight: bold;">consolidated financial
statements are free of material misstatement, whether due to error or fraud.</span></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><span>Our audits 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</span><b style="mso-bidi-font-weight: normal;"> </b><span>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 <span style="mso-bidi-font-weight: bold;">consolidated</span><b style="mso-bidi-font-weight: normal;"> </b>financial
statements. We believe that our audits provide a reasonable basis for our
opinion.</span></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><ix:nonNumeric contextRef="D20231231" name="dei:AuditorName" id="Tag3230">PricewaterhouseCoopers</ix:nonNumeric>, Soci&#233;t&#233; coop&#233;rative</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">Represented by</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: Georgia, serif; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><span style="text-decoration: underline;">/s/ Gilles Vanderweyen</span></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">Gilles Vanderweyen</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><ix:nonNumeric contextRef="D20231231" name="dei:AuditorLocation" id="Tag21">Luxembourg</ix:nonNumeric>, 27 March 2024</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">&#160;</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;">We served as the
Company's auditor from 2011 to 2023.</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif;"><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-3</span></span></td> </tr> </tbody> </table>
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<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 18px;">
<td style="height: 18px; width: 79.3007%;"><br/></td>
<td rowspan="2" style="height: 36px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 19.8601%;"><img src="img2bb1b9df5caf49359573.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 79.3007%; height: 18px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Annual Report 2024</span><br/></td> </tr> </tbody> </table> <br/>
<div style="page: WordSection1; line-height: 1.3;">
<h2 style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: black; line-height: inherit;">Report of Independent Registered Public Accounting Firm</span></h2>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">To
the Board of Directors and
Shareholders of</span><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ternium S.A.</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> </span><br/></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-weight: bold; line-height: inherit;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Opinion on the Financial Statements</span></span></p>
<p style="margin: 1.15pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; text-indent: -0.1pt; line-height: 105%; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We have audited the accompanying consolidated statement
of financial position of Ternium S.A. and its subsidiaries (the "Company")
as of 31 December 2024, and the related consolidated income statement,
consolidated statement of comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the year ended
31 December 2024, including the related notes (collectively referred<span style="line-height: inherit;">
</span>to as the "consolidated financial statements" and not presented herein). In our opinion, the consolidated financial statements present<span style="line-height: inherit;">
</span>fairly, in all material respects<span style="line-height: inherit;"><span style="line-height: inherit;">&#160;</span></span>the<span style="line-height: inherit;">
</span>financial position of the Company<span style="line-height: inherit;">
</span>as of 31 December 2024, and the results of its
operations and its cash flows for the year ended 31 December 2024 in conformity
with IFRS Accounting Standards as issued by the International Accounting Standards Board and IFRS Accounting Standards as adopted by the European Union.</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;"><br/></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Basis for Opinion</span></p>
<p style="margin: 1.1pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; text-indent: -0.2pt; line-height: 102%; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on the Company's consolidated
financial statements based on our audit. 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>
<p style="margin: 1pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; text-indent: 0.25pt; line-height: 103%; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We conducted our audit of these consolidated financial
statements in accordance with the standards of the PCAOB. Those standards
require that we plan and<span style="line-height: inherit;">
</span>perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material misstatement,
whether due to error or fraud.</span></p>
<p style="margin: 0.4pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; text-indent: -0.05pt; line-height: 105%; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Our audit included<span style="line-height: inherit;">
</span>performing procedures to assess the risks of material<span style="line-height: inherit;">
</span>misstatement of the consolidated
financial statements, whether due to error or fraud,<span style="line-height: inherit;">
</span>and performing procedures that respond to those risks. Such procedures included examining,
on a<span style="line-height: inherit;">
</span>test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our<span style="line-height: inherit;">
</span>audit 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. We
believe that our audit provides a reasonable basis for our opinion.</span><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </div>
<div style="page: WordSection2; line-height: 1.3;">
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; font-size: 11pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b><span style="line-height: inherit;">Critical</span></b><b> </b><b><span style="line-height: inherit;">Audit</span></b><b> </b><b><span style="line-height: inherit;">Matter</span></b><b><span style="line-height: inherit;"></span></b></span></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><b>&#160;</b></span></p>
<p style="margin: 0in; text-align: justify; text-indent: 0.15pt; line-height: 103%; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; 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<span style="line-height: inherit;">
</span>accounts or disclosures to which
it relates.</span></p>
<p style="margin: 0.6pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Litigation</span><span style="line-height: inherit;">
</span><span style="line-height: inherit;">-</span> <span style="line-height: inherit;">Acquisition</span> <span style="line-height: inherit;">of</span> <span style="line-height: inherit;">a</span> <span style="line-height: inherit;">participation</span> <span style="line-height: inherit;">in</span> <span style="line-height: inherit;">Usiminas</span></span></p>
<p style="margin: 1.1pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; text-indent: 0.4pt; line-height: 103%; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As described in Notes 4(p) and 25(i)(a) to the
consolidated financial statements, the Company has a provision for the litigation related to acquisition of a participation in Usiminas for 410.2 million USD at 31 December 2024.
Provisions are recognised when the Company
has a present legal or
constructive obligation as a result of past events,<span style="line-height: inherit;">
</span>it is probable that an outflow of resources
will be required to settle<span style="line-height: inherit;">
</span>the obligation and the amount can be reliably estimated. The Company
also discloses the contingency in circumstances where management concludes no
loss is probable or reasonably estimable but it is reasonably possible that a loss may be incurred.</span></p>
<p style="margin: 0.9pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; text-indent: 0.05pt; line-height: 102%; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The principal considerations for our determination that
performing procedures relating to the litigation related to the acquisition of
a participation in Usiminas is a critical audit matter are (i) the significant
judgment by management when assessing whether<span style="line-height: inherit;">
</span>a loss is probable and when determining whether the amount of the loss or range of loss can be reasonably estimated, and (ii) a high degree of auditor judgment and effort in performing
procedures and evaluating audit evidence related to management's
assessment of the legal contingency.</span></p>
<p style="margin: 0.95pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;">&#160;</p>
<p style="margin: 0in; text-align: justify; line-height: 103%; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; 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<span style="line-height: inherit;">
</span>to management's assessment of the litigation related to the acquisition
of a participation in Usiminas, including controls over determining whether a
loss is probable and when determining whether the amount of loss or range of loss can be reasonably
estimated, as well as financial
statement disclosures. These procedures also included, among others, (i)
confirming with internal and external legal<span style="line-height: inherit;">
</span>counsel the possibility or probability of an unfavorable
outcome and the extent to which the loss or range of loss is reasonably estimable; <span style="line-height: inherit;">(ii) </span>evaluating the reasonableness of management's
<span style="line-height: inherit;">assessment</span> <span style="line-height: inherit;">regarding whether an</span> <span style="line-height: inherit;">unfavorable outcome</span> <span style="line-height: inherit;">is</span> <span style="line-height: inherit;">reasonably
possible</span> <span style="line-height: inherit;">or</span> <span style="line-height: inherit;">probable and</span> <span style="line-height: inherit;">reasonably </span>estimable;
and (iii) evaluating the sufficiency of the Company's litigation disclosures in
the consolidated financial statements.</span></p>
<p style="margin: 7.45pt 0in 0in; font-size: 10pt; font-family: Arial, sans-serif;"><br/></p> </div>
<p style="margin: 0in; line-height: 1.3; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;"><ix:nonNumeric contextRef="D20241231_TerniumSAMember_4" name="dei:AuditorName" id="Tag11">PricewaterhouseCoopers</ix:nonNumeric>, Soci&#233;t&#233; coop&#233;rative </span></span></p>
<p style="margin: 0in; line-height: 1.3; font-size: 10pt; font-family: Arial, sans-serif;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Represented by</span></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif; line-height: 1.3;">&#160;</p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif; line-height: 1.3;">&#160;</p>
<p style="margin: 0in; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman', serif; line-height: 1.3;"><span style="font-family: 'times new roman', times; line-height: inherit;"><span style="text-decoration: underline; line-height: inherit;">/s/&#160;Magalie<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; line-height: inherit;"><span style="line-height: inherit;">&#160;</span></span>Cormie<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; line-height: inherit;">r</span></span></span></p>
<p style="margin: 0in; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman', serif; line-height: 1.3;"><span style="font-family: 'times new roman', times; line-height: inherit;">Magalie<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; line-height: inherit;"><span style="line-height: inherit;">&#160;</span></span>Cormie<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; line-height: inherit;">r</span><br/></span></p> <span><ix:nonNumeric contextRef="D20241231_TerniumSAMember_4" name="dei:AuditorLocation" id="Tag10">Luxembourg</ix:nonNumeric></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;">, 1 April 2025</span></div>
<div style="font-family: 'Frutiger 45 Light'; font-size: 10pt; margin: 0px; text-indent: 0px;">
<p style="line-height: 1.3;;margin:0pt"><br/></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif; line-height: 1.3;"><br/></p>
<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif; line-height: 1.3;"><span style="font-family: 'times new roman', times; line-height: inherit;">We have serve as the Company's auditor since <span style="letter-spacing: -0.2pt; line-height: inherit;">2011.</span></span></p>
<div>
<table style="width: 100%; font-family: &quot;times new roman&quot;; font-size: 10pt;">
<tbody>
<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>
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<p style="margin: 0in; font-size: 10pt; font-family: Arial, sans-serif; line-height: 1.3;"><br/></p> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"> <br/></div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 3px;" valign="top"><span style="font-style: italic;font-size: 8pt;color: #666666;font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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;float: none;display: inline !important;font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CONSOLIDATED INCOME STATEMENT</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">S</span></p>
<p style="line-height: 4pt; margin: 0pt;"> <br/></p>
<p style="line-height: 4pt; margin: 0pt;"> <br/></p>
<div id="t_ft_AAOIRF6KZK00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 413px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<p style="margin: 0pt;"><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: 17px; width: 7.97697%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="7" 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; width: 34.2928%;">
<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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; width: 9.95066%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 0.986842%;"><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; width: 9.95066%;">
<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; width: 1.23355%;"><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; width: 1.23355%;"><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; width: 9.95066%;">
<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; width: 1.23355%;"><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: 56.4145%;">
<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; background-color: #cceeff; height: 10px; width: 7.97697%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:Revenue" unitRef="USD" id="Tag3394" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,523,934</ix: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; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:Revenue" unitRef="USD" id="Tag2573" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:Revenue" unitRef="USD" id="Tag3384" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag2710" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,135,489</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; width: 0.986842%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.986842%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag3387" 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag3433" 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;">)</td> </tr>
<tr 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: 56.4145%;">
<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; background-color: #cceeff; height: 17px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag3244" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,388,445</ix: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: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag3382" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag3391" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag1053" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,904,828</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag3372" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag2574" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;">)</td> </tr>
<tr 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: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag3235"></ix: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: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag3383"></ix: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: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag3208" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag2709" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,650</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag2533" 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; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag3385" 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; width: 1.23355%;"><br/></td> </tr>
<tr 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: 56.4145%;">
<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; background-color: #cceeff; height: 17px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag2718" decimals="-3" scale="3" format="ixt:num-dot-decimal">125,418</ix: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: 0.986842%;">)</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: 0.986842%;"><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: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag3206" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;">)</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: 1.23355%;"><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: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag3428" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag3200" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,418,849</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag3388" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag3378" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td> </tr>
<tr 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: 56.4145%;">
<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; background-color: #cceeff; height: 17px; width: 7.97697%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag1531" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,319</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: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag2575" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag3207" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag3237" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,212</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag3373" 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; width: 1.23355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag3375" 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; width: 1.23355%;">)</td> </tr>
<tr 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: 56.4145%;">
<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; background-color: #cceeff; height: 17px; width: 7.97697%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag3209" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">52,051</ix: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: 0.986842%;">)</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: 0.986842%;"><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: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag2570" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;"><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: 1.23355%;"><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: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag2532" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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="D20241231" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2727" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,547,905</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag3389" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag3204" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><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: 56.4145%;">
<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: 10px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.95066%; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag3312" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,548</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: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.986842%; border-bottom-color: #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; width: 0.986842%; border-bottom-color: #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; width: 9.95066%; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag3379" 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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.23355%; border-bottom-color: #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; width: 1.23355%; border-bottom-color: #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; width: 9.95066%; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag3196" 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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.23355%; 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: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag3239" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,556,453</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag3374" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag3198" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><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: 56.4145%;">
<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; background-color: #cceeff; height: 10px; width: 7.97697%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag3240" decimals="-3" scale="3" format="ixt:num-dot-decimal">479,680</ix: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; width: 0.986842%;">)</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; width: 0.986842%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag3381" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;">)</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; width: 1.23355%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag3199" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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: 17px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95066%;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag3194" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,076,773</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.986842%;"><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; width: 0.986842%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag3377" 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;"><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; width: 1.23355%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag3205" 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;"><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: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td> </tr>
<tr 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: 56.4145%;">
<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; background-color: #cceeff; height: 17px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag3249" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,036,445</ix: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: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag2571" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag3376" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="USD" id="Tag1052" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,328</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; width: 0.986842%;"><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; width: 0.986842%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="USD" id="Tag3386" 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;"><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; width: 1.23355%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="USD" id="Tag3197" 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;">)</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: 56.4145%;">
<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; background-color: #cceeff; height: 10px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.95066%;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2712" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,076,773</ix: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; width: 0.986842%;"><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; width: 0.986842%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag3370" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;"><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; width: 1.23355%;"><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; width: 9.95066%;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag3371" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 56.4145%;">
<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; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.95066%;">
<p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 56.4145%;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Weighted average number of outstanding ordinary shares (thousands)</span> <span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></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: 7.97697%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag3195" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,127,491</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; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag3390" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,178,876</ix: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; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag3203" 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; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 56.4145%;">
<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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><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: 56.4145%;">
<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; background-color: #cceeff; height: 10px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3467" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20241231" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3248" decimals="2" format="ixt:num-dot-decimal">1.81</ix:nonFraction></ix: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; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3471" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20231231" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3393" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3472" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20221231" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag2535" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 56.4145%;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Basic and diluted earnings per ADS (U.S. dollars per ADS) </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*</span></sup><sup><span style="font-family: 'Frutiger 45 Light';">*</span></sup><sup><span style="font-family: 'Frutiger 45 Light';">)</span></sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 7.97697%;">
<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; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_AmericanDepositarySharesMember" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3475" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20241231_AmericanDepositarySharesMember" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag840" decimals="2" format="ixt:num-dot-decimal">3.61</ix:nonFraction></ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.986842%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: 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="Tag3474" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20231231_AmericanDepositarySharesMember" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag2531" 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; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 9.95066%;">
<p style="margin: 0px; text-align: 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="Tag3473" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20221231_AmericanDepositarySharesMember" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3392" 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; margin: 0px; text-indent: 0px; height: 10px; width: 1.23355%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 4pt; margin: 0pt;"> <br/></p>
<p style="line-height: 4pt; margin: 0pt;"><br/></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 2%;"><span style="font-size: 8pt;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">)</span></sub></span></td>
<td style="width: 98%;"> <span><ix:footnote xml:lang="en-US" id="footnote52" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span 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; font-family: 'Frutiger 45 Light';">Number of outstanding shares as of December 31, 2024 and <span>2023</span> were </span><span 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; font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20241231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag3380" decimals="0" format="ixt:num-dot-decimal">1,084,272,191</ix:nonFraction> </span><span 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; font-family: 'Frutiger 45 Light';">and </span><span 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; font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag839" decimals="0" format="ixt:num-dot-decimal">1,167,888,739</ix:nonFraction></span><span 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; font-family: 'Frutiger 45 Light';">,</span> <span 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; font-family: 'Frutiger 45 Light';">respectively.</span></ix:footnote></span></td> </tr>
<tr>
<td><span style="font-size: 8pt;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">)</span></sub></span></td>
<td style="text-align: start; text-indent: 0px;"><span 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-transform: none; widows: 2; word-spacing: 0px; -webkit-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 xml:lang="en-US" id="footnote6" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span>Each ADS equals </span><span>two</span><span> shares</span></ix:footnote></span></span></td> </tr> </tbody> </table>
<p style="line-height: 4pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><br/></span></p>
<p style="margin: 0pt;"><br/></p>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <span style="color: #000000; font-family: 'Frutiger 45 Light'; 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;">The accompanying notes are an integral part of these Consolidated Financial Statements.</span></span></p>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; 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;"><br/></span></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>
<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="D3tbfiwxcbds5agqz733k3f" 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;">
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><br/></span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CONSOLIDATED STATEMENT</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">S</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> OF COMPREHENSIVE INCOME</span></p>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<div id="t_ft_3BXI27MDSG00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="height: 395px; 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 colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="8" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 34.6696%; border-bottom-width: 1px; border-bottom-style: solid; border-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: 17px; width: 1.22951%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 11px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; width: 63.9974%;">
<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 colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; width: 9.91554%; border-bottom-width: 1px; border-bottom-style: solid; border-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>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; width: 1.22951%; border-bottom-width: 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: 11px; width: 1.22951%; border-bottom-width: 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: 11px; width: 9.91803%; border-bottom-width: 1px; border-bottom-style: solid; border-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: 11px; width: 1.22951%; border-bottom-width: 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: 11px; width: 1.22951%; border-bottom-width: 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: 11px; width: 9.91803%; border-bottom-width: 1px; border-bottom-style: solid; border-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: 11px; width: 1.22951%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2578" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,076,773</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag3138" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,957,833</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2781" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,548,701</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2468" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">73,551</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2786" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,937</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag3142" 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; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 10px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 63.9974%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Reclassification of currency translation adjustment reserve </span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(*)</span></sup></span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" xsi:nil="true" id="Tag2644"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2784" 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; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag3141" 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; height: 10px; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ts:OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndChangesInFinancialInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2499" decimals="-3" scale="3" format="ixt:num-dot-decimal">171,658</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ts:OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndChangesInFinancialInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2783" 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ts:OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndChangesInFinancialInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag3154" 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; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag2641" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,395</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag3143" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,591</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag2799"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="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; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="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; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 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; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2639" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,840</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag3144" 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; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2797" 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; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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, net of income tax </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; 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="D20241231" name="ts:OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2667" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,690</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; 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: 17px; background-color: #cceeff; width: 1.22951%; border-bottom-width: 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; width: 9.91803%; 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" name="ts:OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2787" 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; border-bottom-width: 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; width: 9.91803%; 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" name="ts:OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag3132" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,435</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; 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 colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91554%; 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="D20241231" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2674" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,562</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; 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: 17px; width: 1.22951%; border-bottom-width: 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: 9.91803%; 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" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag3150" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">36,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%; border-bottom-width: 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: 9.91803%; 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" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag3152" 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; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px; 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 colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="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; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="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; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 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; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2491" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,022</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag3158" 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; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2785" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,577</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag2668" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,790</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag3137" 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag3157" 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; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 63.9974%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Remeasurements of post-employment benefit obligations of non-consolidated companies, net of income tax </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91554%; 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="D20241231" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2504" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">333</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%; border-bottom-width: 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: 9.91803%; 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" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag3146" 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; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%; border-bottom-width: 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: 9.91803%; 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" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2789" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,588</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; 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 colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; 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="D20241231" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2511" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,565</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; border-bottom-width: 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; width: 9.91803%; 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" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2798" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,695</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; border-bottom-width: 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; width: 9.91803%; 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" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2788" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,492</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; 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 colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other comprehensive income (loss) for the year </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91554%; 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="D20241231" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2643" decimals="-3" scale="3" format="ixt:num-dot-decimal">67,997</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; 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: 17px; width: 1.22951%; border-bottom-width: 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: 9.91803%; 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" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag3151" 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: 17px; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%; border-bottom-width: 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: 9.91803%; 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" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2794" 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; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px; 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 colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; 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="D20241231" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2620" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,144,770</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; 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: 17px; background-color: #cceeff; width: 1.22951%; border-bottom-width: 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; width: 9.91803%; 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" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag3156" 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; height: 17px; background-color: #cceeff; width: 1.22951%; 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: 17px; background-color: #cceeff; width: 1.22951%; border-bottom-width: 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; width: 9.91803%; 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" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag3136" 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; height: 17px; background-color: #cceeff; width: 1.22951%; 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 colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91554%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; 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; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; 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; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; width: 9.91554%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag2466" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,105,829</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag3139" 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; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.22951%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91803%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag3135" 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; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 63.9974%;">
<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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.91554%; 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="D20241231" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" unitRef="USD" id="Tag2642" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,941</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.22951%; 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: 17px; background-color: #cceeff; width: 1.22951%; border-bottom-width: 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; width: 9.91803%; 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" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" unitRef="USD" id="Tag3155" 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; height: 17px; background-color: #cceeff; width: 1.22951%; 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: 17px; background-color: #cceeff; width: 1.22951%; border-bottom-width: 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; width: 9.91803%; 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" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" unitRef="USD" id="Tag3134" 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; height: 17px; background-color: #cceeff; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63.9974%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> </span><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.91554%; 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;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2455" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,144,770</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.22951%; 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: 17px; width: 1.22951%; 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; width: 9.91803%; 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;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2795" 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; height: 17px; width: 1.22951%; 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: 17px; width: 1.22951%; 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; width: 9.91803%; 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;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag3153" 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; height: 17px; width: 1.22951%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<div id="t_ft_04X9H2WW5C00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="margin: 0px; text-indent: 0px; width: 2%; vertical-align: top;" valign="top"><sup><span style="color: #000000; font-family: 'Frutiger 45 Light'; 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;">(*)</span></sup></td>
<td style="width: 98%; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote50" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span 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: 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';">During <span>202</span></span><span 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: 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';"><span>2</span> a</span><span 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: 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';">s</span><span 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: 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';"> a</span><span 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: 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';"> result of NKKTubes&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </span><span 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: 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';">was</span><span 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: 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';"> reclassified </span><span 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: 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';">with impact in</span><span 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: 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';"> the</span><span 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: 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';"> income statement</span><span 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: 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';">.</span></ix:footnote></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0px; text-align: justify; 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;">The accompanying notes are an integral part of these Consolidated Financial Statements.</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;"><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-6</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 style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_0426P1SLKW00000000000000000000b">
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/><br/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">Consolidated</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> STATEMENT</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">S</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> OF FINANCIAL POSITION</span></p>
<p style="margin: 0pt;"> <br/></p>
<div id="t_ft_9ZYC9FE3HC00000000000000000000b">
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<p style="margin: 0pt;"><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: 20px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; 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, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; 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: 20px; 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><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; 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, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; 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;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: center; height: 17px;"><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-indent: 0px; text-transform: none; widows: 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></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<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; font-weight: bold;"> 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: 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; background-color: #cceeff;">
<p style="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; 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><br/></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; 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><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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Non-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;"> </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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, 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;"> <span>11</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="I20241231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag3113" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,121,471</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag3110" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag3089" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,357,749</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag3065" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Right-of-use assets, 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;"> <span>13</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="I20241231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag3104" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,868</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag3102" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag3081" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,543,657</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag3082" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <span>20</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="I20241231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag3072" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,005,300</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag3116" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag3071" decimals="-3" scale="3" format="ixt:num-dot-decimal">831,298</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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="Tag3103" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables, 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;"> <span>15</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:NoncurrentReceivables" unitRef="USD" id="Tag3066" decimals="-3" scale="3" format="ixt:num-dot-decimal">205,602</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>
<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="I20241231" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag3073" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,213,945</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; 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><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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:NoncurrentReceivables" unitRef="USD" id="Tag3057" 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; 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;"><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="I20231231" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag3127" 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; 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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 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;"> </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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <span>16</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="I20241231" name="ifrs-full:Inventories" unitRef="USD" id="Tag3123" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,709,942</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:Inventories" unitRef="USD" id="Tag3114" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" unitRef="USD" id="Tag3105" decimals="-3" scale="3" format="ixt:num-dot-decimal">179,614</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:CurrentPrepaymentsAndOtherCurrentAssets" unitRef="USD" id="Tag3126" decimals="-3" scale="3" format="ixt:num-dot-decimal">181,368</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;"> </span><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; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <span>18</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="I20241231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="USD" id="Tag3094" decimals="-3" scale="3" format="ixt:num-dot-decimal">332,621</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="USD" id="Tag3109" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Contract 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;"> <span>1</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="I20241231" name="ifrs-full:CurrentContractAssets" unitRef="USD" id="Tag3130" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,757</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:CurrentContractAssets" unitRef="USD" id="Tag3090" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,451</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;"> </span><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; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, 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;"> <span>19</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="I20241231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag3059" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,907,507</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag3084" 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; 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><br/></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-indent: 12pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:CurrentDerivativeFinancialAssets" unitRef="USD" id="Tag3108" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,484</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:CurrentDerivativeFinancialAssets" unitRef="USD" id="Tag3111" 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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <span>20</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="I20241231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3093" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,372,999</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3107" 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; 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><br/></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-indent: 12pt;"><span style="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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag3120" decimals="-3" scale="3" format="ixt:num-dot-decimal">675,256</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag3096" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,236,180</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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="Tag3121" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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:CurrentAssets" unitRef="USD" id="Tag3106" 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; 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; font-weight: bold;"> Total 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: 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; background-color: #cceeff;">
<p style="margin: 0px; text-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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:Assets" unitRef="USD" id="Tag837" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,450,125</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>
<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; 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; background-color: #cceeff;">
<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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:Assets" unitRef="USD" id="Tag3078" 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; 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>
<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;"> 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;"> </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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; 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-indent: 12pt;"><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-indent: 12pt;"><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; background-color: #cceeff;">
<p style="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; 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="I20241231" name="ifrs-full:EquityAttributableToOwnersOfParent" unitRef="USD" id="Tag3075" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,593,257</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; 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><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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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="I20231231" name="ifrs-full:EquityAttributableToOwnersOfParent" unitRef="USD" id="Tag3128" 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; 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-indent: 12pt;"><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-indent: 12pt;"><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;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag3097" decimals="-3" scale="3" format="ixt:num-dot-decimal">220,578</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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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:NoncontrollingInterests" unitRef="USD" id="Tag3076" 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; 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; font-weight: bold;"> Total 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;"> </span><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;"> </span><br/></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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:Equity" unitRef="USD" id="Tag3061" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,813,835</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>
<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; 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; background-color: #cceeff;">
<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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:Equity" unitRef="USD" id="Tag3070" 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; 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>
<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;"> 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;"> </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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; 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; font-weight: bold;"> Non-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;"> </span><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;"> </span><br/></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><br/></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; 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><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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag3068" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,399</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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:LongtermBorrowings" unitRef="USD" id="Tag3092" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Lease 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;"> <span>13</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="I20241231" name="ifrs-full:NoncurrentLeaseLiabilities" unitRef="USD" id="Tag3091" decimals="-3" scale="3" format="ixt:num-dot-decimal">100,436</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:NoncurrentLeaseLiabilities" unitRef="USD" id="Tag3062" 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; 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><br/></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-indent: 12pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <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;"><ix:nonFraction contextRef="I20241231" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag3112"></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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:NoncurrentDerivativeFinancialLiabilities" unitRef="USD" id="Tag3077" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Deferred 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;"> <span>22</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="I20241231" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag3122" decimals="-3" scale="3" format="ixt:num-dot-decimal">503,941</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag3087" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <span>23</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="I20241231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="USD" id="Tag3083" decimals="-3" scale="3" format="ixt:num-dot-decimal">301,751</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:OtherNoncurrentLiabilities" unitRef="USD" id="Tag3115" 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <span>24</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:NoncurrentProvisions" unitRef="USD" id="Tag3118" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,106</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>
<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="I20241231" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag3099" decimals="-3" scale="3" format="ixt:num-dot-decimal">999,633</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; 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><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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:NoncurrentProvisions" unitRef="USD" id="Tag3067" 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; 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;"><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="I20231231" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag3079" 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; 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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 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;"> </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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; 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: 45%; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<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; height: 17px; margin: 0px; text-indent: 0px; 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="I20241231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag3129" decimals="-3" scale="3" format="ixt:num-dot-decimal">425,999</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; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><br/></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; height: 17px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">
<p style="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; 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="I20231231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag3098" 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; 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; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><br/></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; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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="I20241231" name="ifrs-full:CurrentLeaseLiabilities" unitRef="USD" id="Tag3060" decimals="-3" scale="3" format="ixt:num-dot-decimal">44,490</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:CurrentLeaseLiabilities" unitRef="USD" id="Tag3095" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Derivative financial instruments</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>26</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="I20241231" name="ifrs-full:CurrentDerivativeFinancialLiabilities" unitRef="USD" id="Tag3124" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:CurrentDerivativeFinancialLiabilities" unitRef="USD" id="Tag3085" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Current 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;"> <span>18</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="I20241231" name="ifrs-full:CurrentTaxLiabilitiesCurrent" unitRef="USD" id="Tag838" decimals="-3" scale="3" format="ixt:num-dot-decimal">366,292</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:CurrentTaxLiabilitiesCurrent" unitRef="USD" id="Tag3119" 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:OtherCurrentLiabilities" unitRef="USD" id="Tag3213" decimals="-3" scale="3" format="ixt:num-dot-decimal">585,775</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:OtherCurrentLiabilities" unitRef="USD" id="Tag3100" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <span>25</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="I20241231" name="ifrs-full:CurrentProvisions" unitRef="USD" id="Tag3074" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,344</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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;">
<p style="margin: 0px; text-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:CurrentProvisions" unitRef="USD" id="Tag3064" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; 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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Customer advances </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>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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:CurrentAdvances" unitRef="USD" id="Tag3088" decimals="-3" scale="3" format="ixt:num-dot-decimal">206,196</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;"> </span><br/></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; 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><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="I20231231" name="ifrs-full:CurrentAdvances" unitRef="USD" id="Tag3125" 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; 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><br/></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-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade payables </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;"> </span><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="I20241231" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag3063" decimals="-3" scale="3" format="ixt:num-dot-decimal">880,261</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag3086" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,636,657</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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag3214" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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:CurrentLiabilities" unitRef="USD" id="Tag3080" 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; 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; font-weight: bold;"> Total 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;"> </span><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; font-weight: bold;"> </span><br/></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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:Liabilities" unitRef="USD" id="Tag3058" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,636,290</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>
<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; 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; background-color: #cceeff;">
<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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:Liabilities" unitRef="USD" id="Tag3117" 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; 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>
<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;"> Total equity and liabilities </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;"><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;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><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="I20241231" name="ifrs-full:EquityAndLiabilities" unitRef="USD" id="Tag3069" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,450,125</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; border-bottom-width: 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;">
<p style="margin: 0px; text-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;">
<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; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><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="I20231231" name="ifrs-full:EquityAndLiabilities" unitRef="USD" id="Tag3101" 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; margin: 0px; text-indent: 0px; height: 18px; 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>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Contingencies, commitments and restrictions </span><span style="font-family: 'Frutiger 45 Light';">on</span><span style="font-family: 'Frutiger 45 Light';"> the distribution of profits are </span><span style="font-family: 'Frutiger 45 Light';">disclosed in n</span><span style="font-family: 'Frutiger 45 Light';">ote </span><span style="font-family: 'Frutiger 45 Light';"><span>27</span></span><span style="font-family: 'Frutiger 45 Light';"> to these</span><span style="font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">The accompanying notes are an integral part of these </span><span style="font-family: 'Frutiger 45 Light';">C</span><span style="font-family: 'Frutiger 45 Light';">onsolidated </span><span style="font-family: 'Frutiger 45 Light';">F</span><span style="font-family: 'Frutiger 45 Light';">inancial </span><span style="font-family: 'Frutiger 45 Light';">S</span><span style="font-family: 'Frutiger 45 Light';">tatements.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><br/></p>
<div>
<div id="t_ft_63MSQV1EVK00000000000000000000b">
<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-7</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 id="D18dxsf96kiasgesypwemp" style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="line-height: 1.2;">
<table style="width: 100%; margin-left: 0.1px; height: 23px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">
<tbody>
<tr style="height: 13px;">
<td style="width: 80%; height: 13px;"><span style="font-size: 8pt; line-height: inherit;"><i style="color: #000000; font-family: 'times new roman'; 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;"><span style="color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span></i></span></td>
<td style="width: 20%; height: 23px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><i style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; 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;"><span style="font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br/></span></p>
<p style="margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Consolidated statement</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">S</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"> of changes in equity</span></p>
<p style="margin: 0pt;"> <br/></p>
<div id="t_ft_8MJEK6SSOW00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 231px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 18px;">
<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: 9pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="22" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; border-top-width: 1px; border-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: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-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: bottom; height: 18px; border-top-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: 18px; 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: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; 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: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-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: 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; 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-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Share Capital </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>1</span>)</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-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Treasury Shares </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>2</span>)</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;"> 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; 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: 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-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Other Reserves </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>5</span>)</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-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Retained Earnings </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>6</span>)</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: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 31%; 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, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2981" 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; 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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_TreasurySharesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3220" 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: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><span style="font-weight: bold; font-size: 9pt;">)</span></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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2862" 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: 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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2927" 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: 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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3039" 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: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2978" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">603,978</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;"><span style="font-size: 9pt; font-weight: bold;">)</span></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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2971" 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: 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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2914" 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; 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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3010" 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; 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: 5%; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Equity" unitRef="USD" id="Tag3029" 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; 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: 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: 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </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: 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: 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </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: 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: 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </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: 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: 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_RetainedEarningsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2905" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,036,445</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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2925" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,036,445</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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_NoncontrollingInterestsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2903" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,328</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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag3052" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,076,773</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: 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: 9pt; 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; background-color: #cceeff;">
<p style="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; 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: 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; 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: 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; 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: 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; 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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag828" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">72,792</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;"><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; 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: 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; 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: 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; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2974" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">72,792</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;"><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; 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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_NoncontrollingInterestsMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2963" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">759</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;"><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; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag3024" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">73,551</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;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-indent: 12pt;"><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; margin: 0px; text-indent: 0px;">
<p style="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="D20241231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2995" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,604</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="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2953" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,604</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;"> (<ix:nonFraction contextRef="D20241231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2922" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">628</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; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag3054" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,232</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: 28px; background-color: #cceeff;">
<td style="padding: 0px 18px 0px 7px; vertical-align: bottom; height: 28px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><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; height: 28px; 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: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2907" decimals="-3" scale="3" format="ixt:num-dot-decimal">149,263</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag3055" decimals="-3" scale="3" format="ixt:num-dot-decimal">149,263</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2970" decimals="-3" scale="3" format="ixt:num-dot-decimal">149,263</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 28px; 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; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Other comprehensive income of non-consolidated companies </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="D20241231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2986" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">47,840</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;"> <ix:nonFraction contextRef="D20241231_OtherReservesMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2516" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,357</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; 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="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2870" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,483</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="D20241231" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2859" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,483</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-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: 9pt; font-weight: bold; line-height: inherit;"> Other comprehensive income (loss) for the year </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: 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; 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: 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;"><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: 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; 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: 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;"><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: 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; 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: 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;"><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: 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; 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: 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;"><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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2876" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">120,632</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-top-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; 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;"><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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2881" decimals="-3" scale="3" format="ixt:num-dot-decimal">190,016</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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;"><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: 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; 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: 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;"><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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2931" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,384</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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;"><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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag3003" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,387</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-top-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; 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;"><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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2975" decimals="-3" scale="3" format="ixt:num-dot-decimal">67,997</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-top-width: 1px; 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: bottom; height: 10px;">
<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; 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="D20241231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2987" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">120,632</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;"> <ix:nonFraction contextRef="D20241231_OtherReservesMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2916" decimals="-3" scale="3" format="ixt:num-dot-decimal">190,016</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="D20241231_RetainedEarningsMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2958" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,036,445</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="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2896" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,105,829</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="D20241231_NoncontrollingInterestsMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2884" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,941</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="D20241231" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2993" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,144,770</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: 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-indent: 12pt;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Repurchase of own shares <span style="font-size: 8pt;"><sup>(2)</sup></span></span></span></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;"><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: 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_TreasurySharesMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag825" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,441,843</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><span style="font-size: 9pt;">)</span></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;"><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: 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;"><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: 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;"><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: 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;"><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: 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;"><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: 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag3042" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,441,843</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></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;"><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: 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag2857" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,441,843</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><span style="font-size: 9pt; 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-indent: 12pt;"><span style="font-size: 9pt; line-height: inherit; margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Cancellation of own shares</span><span style="vertical-align: super; font-size: smaller; font-family: 'Frutiger 45 Light';"><sup><span> (<span>3</span>)</span></sup></span></span></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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IssuedCapitalMember" name="ifrs-full:CancellationOfTreasuryShares" unitRef="USD" id="Tag3046" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17,779</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">)</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: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_TreasurySharesMember" name="ifrs-full:CancellationOfTreasuryShares" unitRef="USD" id="Tag3019" decimals="-3" scale="3" format="ixt:num-dot-decimal">299,931</ix:nonFraction> </span></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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_StatutoryReserveMember" name="ifrs-full:CancellationOfTreasuryShares" unitRef="USD" id="Tag3056" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,778</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></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: 9pt; line-height: inherit;"><span> - </span></span></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: 9pt; line-height: inherit;"><span> - </span></span></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: 9pt; line-height: inherit;"><span> - </span></span></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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_RetainedEarningsMember" name="ifrs-full:CancellationOfTreasuryShares" unitRef="USD" id="Tag2936" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">280,374</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></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: 9pt; line-height: inherit;"><span> - </span></span></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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></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: 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-size: 9pt; line-height: inherit; margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes in share buyback program liability</span><span style="vertical-align: super; font-size: smaller; font-family: 'Frutiger 45 Light';"><sup><span> (<span>4</span>)</span></sup></span></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: 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; 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: 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; 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: 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; 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: 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; 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: 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; 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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_OtherReservesMember" name="ts:ChangesInShareBuybackProgramLiability" unitRef="USD" id="Tag2874" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">157,024</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;"><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; 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: 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; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_EquityAttributableToOwnersOfParentMember" name="ts:ChangesInShareBuybackProgramLiability" unitRef="USD" id="Tag3013" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">157,024</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;"><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; 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: 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; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:ChangesInShareBuybackProgramLiability" unitRef="USD" id="Tag2917" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">157,024</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;"><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; text-indent: 12pt;"><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; 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="D20241231_RetainedEarningsMember" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2973" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,109</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="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag3016" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,109</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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_NoncontrollingInterestsMember" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2909" 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; 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="D20241231" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2548" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,143</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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><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: 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: 9pt; line-height: inherit;"><span> - </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;"><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: 9pt; line-height: inherit;"><span> - </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;"><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: 9pt; line-height: inherit;"><span> - </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;"><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: 9pt; line-height: inherit;"><span> - </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;"><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: 9pt; line-height: inherit;"><span> - </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;"><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: 9pt; line-height: inherit;"><span> - </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;"><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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_RetainedEarningsMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2892" decimals="-3" scale="3" format="ixt:num-dot-decimal">757,786</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;"><span style="font-size: 9pt;">)</span></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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2877" decimals="-3" scale="3" format="ixt:num-dot-decimal">757,786</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;"><span style="font-size: 9pt; font-weight: bold;">)</span></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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_NoncontrollingInterestsMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2901" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,862</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;"><span style="font-size: 9pt;">)</span></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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2962" decimals="-3" scale="3" format="ixt:num-dot-decimal">763,648</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;"><span style="font-size: 9pt; 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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Balance at December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2926" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,162,758</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_TreasurySharesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2954" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,355,651</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-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; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2924" decimals="-3" scale="3" format="ixt:num-dot-decimal">116,276</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3219" 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: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2983" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,110,803</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-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; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2898" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">570,986</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-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; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2989" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,741,930</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2961" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,593,257</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2929" decimals="-3" scale="3" format="ixt:num-dot-decimal">220,578</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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="I20241231" name="ifrs-full:Equity" unitRef="USD" id="Tag2969" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,813,835</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">
<tbody>
<tr>
<td style="width: 2%; vertical-align: top;" valign="top"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(<span>1</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="width: 98%; text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote11" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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="I20241231" name="ifrs-full:NumberOfSharesAuthorised" unitRef="Shares" id="Tag2887" 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="I20241231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2946" 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>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>4</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><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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="I20241231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag3017" decimals="0" format="ixt:num-dot-decimal">1,162,757,528</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 issued. All issued shares are fully paid.</span></span></ix:footnote></span></td> </tr>
<tr>
<td valign="top" style="vertical-align: top;"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote43" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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, 202</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>4</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;">, 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="I20241231_TreasurySharesMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2878" decimals="0" format="ixt:num-dot-decimal">78,485,337</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;">, and there </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">wer</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">e</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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="I20241231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag3021" decimals="0" format="ixt:num-dot-decimal">1,084,272,191</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;">outs</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">tanding 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;">.</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>35</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>
<td valign="top" style="vertical-align: top;">
<p style="margin: 0pt; 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-indent: 0px; text-transform: none; widows: 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: 10pt; text-align: justify;"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></p> </td>
<td style="text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote57" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 April 30, 2024, the extraordinary general meeting of shareholders approved the cancellation 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="D20240430_TreasurySharesMember" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" unitRef="Shares" id="Tag2996" decimals="0" format="ixt:num-dot-decimal" sign="-">17,779,302</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;"> ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced.</span></span></ix:footnote></span></td> </tr>
<tr>
<td valign="top" style="vertical-align: top;"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote44" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>35</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>
<td valign="top" style="vertical-align: top;"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote58" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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'; line-height: inherit;">eserves 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 style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the changes in the share buyback program liability</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>
<td valign="top" style="vertical-align: top;"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>6</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote45" 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-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>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> </tbody> </table>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><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><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">tatements</span>.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><br/></span></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>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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="line-height: 10pt; margin: 0pt;"><br/></p>
<div id="t_ft_3Z6MF5778000000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 242px; 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: 'Times New Roman'; font-size: 9pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="22" 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: 9pt; font-weight: bold; line-height: inherit;"> Shareholders' equity </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;"><br/></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;"><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;">
<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; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;"><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;">
<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; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-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: 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;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Share Capital </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>1</span>)</span></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;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Treasury Shares </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>2</span>)</span></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;"><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;"><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;"><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;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Other Reserves </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>3</span>)</span></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;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Retained Earnings </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>4</span>)</span></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;"><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;"><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: 14px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; width: 30%; background-color: #cceeff; height: 14px;">
<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; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag3034" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag3040" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2944" decimals="-3" scale="3" format="ixt:num-dot-decimal">609,733</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2860" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2947" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2912" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2979" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 5%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2982" decimals="-3" scale="3" format="ixt:num-dot-decimal">128,728</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 6%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag3023" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 14px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px;">
<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; margin: 0px; text-indent: 0px; height: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_RetainedEarningsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2941" 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; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2949" 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; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2882" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,768</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; 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: 14px; 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: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag3007" 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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 20px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2960" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,587</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2918" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,587</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2900" decimals="-3" scale="3" format="ixt:num-dot-decimal">350</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2930" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,937</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 14px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt;"><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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag3006" decimals="-3" scale="3" format="ixt:num-dot-decimal">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag3020" decimals="-3" scale="3" format="ixt:num-dot-decimal">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2966" decimals="-3" scale="3" format="ixt:num-dot-decimal">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag826" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2933" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2928" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2976" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">320</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2911" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td> </tr>
<tr style="height: 29px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 29px;">
<p style="margin: 0pt; text-indent: 0pt;"><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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag3028" 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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag3049" 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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag3035" 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; margin: 0px; text-indent: 0px; height: 29px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></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; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Other comprehensive income of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2921" decimals="-3" scale="3" format="ixt:num-dot-decimal">110,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2893" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2869" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,755</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag3004" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,755</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 14px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px;">
<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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2985" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2956" 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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_RetainedEarningsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2856" 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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2890" 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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2915" decimals="-3" scale="3" format="ixt:num-dot-decimal">30</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 14px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2863" 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; margin: 0px; text-indent: 0px; height: 14px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag3012" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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:ComprehensiveIncome" unitRef="USD" id="Tag3011" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2972" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2534" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2867" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,798</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2883" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.1;"><span style="font-size: 9pt; line-height: inherit; margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Repurchase of own shares </span><span style="font-size: smaller; font-family: 'Frutiger 45 Light';"><sup><span>(<span>2</span>)</span></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: 9pt; line-height: inherit;"><span> - </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: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_TreasurySharesMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag3022" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,739</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"><span style="font-size: 9pt; line-height: inherit;">)</span></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: 9pt; line-height: inherit;"><span> - </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: 9pt; line-height: inherit;"><span> - </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: 9pt; line-height: inherit;"><span> - </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: 9pt; line-height: inherit;"><span> - </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: 9pt; line-height: inherit;"><span> - </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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag2965" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,739</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"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></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: 9pt; line-height: inherit;"><span> - </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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag2888" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,739</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"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Changes in share buyback program liability </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="ts:ChangesInShareBuybackProgramLiability" unitRef="USD" id="Tag2939" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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="ts:ChangesInShareBuybackProgramLiability" unitRef="USD" id="Tag2942" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ts:ChangesInShareBuybackProgramLiability" unitRef="USD" id="Tag3015" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td> </tr>
<tr style="height: 20px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-indent: 0pt;"><span style="font-size: 9pt; line-height: inherit; margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Acquisition and other changes in non-controlling interests </span><span style="font-size: smaller; font-family: 'Frutiger 45 Light';"><sup><span>(<span>5</span>)</span></sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2530" decimals="-3" scale="3" format="ixt:num-dot-decimal">540</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2864" decimals="-3" scale="3" format="ixt:num-dot-decimal">540</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2950" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,906</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2968" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,446</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-indent: 0pt;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2894" decimals="-3" scale="3" format="ixt:num-dot-decimal">636,511</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2910" decimals="-3" scale="3" format="ixt:num-dot-decimal">636,511</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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="Tag2879" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,967</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom">
<p style="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" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2991" decimals="-3" scale="3" format="ixt:num-dot-decimal">655,478</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; vertical-align: bottom;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td> </tr>
<tr style="height: 15px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><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; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag827" 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; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_TreasurySharesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3225" 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; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2992" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2934" decimals="-3" scale="3" format="ixt:num-dot-decimal">609,733</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag835" 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; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2940" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">603,978</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-size: 9pt; line-height: inherit; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3000" 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; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2865" 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; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2885" decimals="-3" scale="3" format="ixt:num-dot-decimal">187,465</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 15px; vertical-align: bottom; border-top-width: 1px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Equity" unitRef="USD" id="Tag3033" 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; margin: 0px; text-indent: 0px; height: 15px; vertical-align: bottom; border-top-width: 1px; 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> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt;"> <br/></p>
<table style="width: 100%; margin-left: 0.1px; height: 73px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">
<tbody>
<tr style="height: 14px;">
<td style="width: 2%; height: 14px; vertical-align: top;" valign="top"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(<span>1</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="width: 98%; height: 14px;"><span><ix:footnote xml:lang="en-US" id="footnote46" 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;">The Company ha</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;">d</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;"> an authorized share capital of a single class of <ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesAuthorised" unitRef="Shares" id="Tag2943" decimals="-8" scale="9" format="ixt:num-dot-decimal">2.5</ix:nonFraction> 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-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 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;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag3202" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction> 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-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;">December</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;"> 3</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>1</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 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>20</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>2</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>3</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;">there were <ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag2546" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction> shares issued. All issued shares </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;">we</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;">re fully paid.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 14px;">
<td style="height: 14px; vertical-align: top;" valign="top"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="height: 14px;"><span><ix:footnote xml:lang="en-US" id="footnote47" 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;">As of December 31, 202</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>3</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;">, the Company </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;">held</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;"><ix:nonFraction contextRef="I20231231_TreasurySharesMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2980" 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-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;">s</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;">hares</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;"> 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-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;">, and there were</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;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2994" decimals="0" format="ixt:num-dot-decimal">1,167,888,739</ix:nonFraction></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;">outstanding shares.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="height: 17px;">
<p style="margin: 0pt; 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-indent: 0px; text-transform: none; widows: 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: 1.1; text-align: justify;"><span><ix:footnote xml:lang="en-US" id="footnote59" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Other </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">R</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">eserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement 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 style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and the changes in the share buyback program liability</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></p> </td> </tr>
<tr style="height: 14px;">
<td style="height: 14px; vertical-align: top;" valign="top"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="height: 14px;"><span><ix:footnote xml:lang="en-US" id="footnote48" 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;">The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in 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>27</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;">(iii) to these Consolidated Financial Statements.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 14px;">
<td style="height: 14px; vertical-align: top;" valign="top"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="height: 14px;"><span><ix:footnote xml:lang="en-US" id="footnote49" 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: 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; line-height: inherit;">Mainly related to Global Pipe Company (&#8220;GPC&#8221;) acquisition.</span></ix:footnote></span></td> </tr> </tbody> </table>
<p style="line-height: 10pt; margin: 0pt;"><br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The accompanying notes are an integral part of these Consolidated Financial Statements.</span> <br/></p>
<p style="line-height: 10pt; margin: 0pt;"> <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>F-9</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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="line-height: 10pt; margin: 0pt;"><br/></p>
<div id="t_ft_DG69GY0IOG00000000000000000000b">
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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: 'Times New Roman'; font-size: 9pt; 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; 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: 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; 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-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; height: 17px; 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; border-top-width: 1px; border-top-style: solid; height: 17px; 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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-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; height: 17px; border-top-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; height: 17px; border-top-color: #000000 !important;" colspan="2">
<p 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; border-top-width: 1px; border-top-style: solid; height: 17px; 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: 0px; padding-right: 0px; vertical-align: bottom; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Share Capital </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>1</span>)</span></sup></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; 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;"> Legal Reserves </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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; 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;"> Share Premium </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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; 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;"> Currency Translation Adjustment </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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Other Reserves </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>2</span>)</span></sup></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Retained Earnings </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">(<span>3</span>)</span></sup></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; 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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; 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;"> Non-controlling interests </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; height: 10px; border-bottom-color: #000000 !important;"><br/></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; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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: 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; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 14px; width: 28%;">
<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; background-color: #cceeff; height: 14px; width: 6%;">
<p style="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="Tag3045" 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 6%;">
<p style="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="Tag3005" 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 6%;">
<p style="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="Tag3036" 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 6%;">
<p style="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_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2540" 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; background-color: #cceeff; height: 14px; 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 6%;">
<p style="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_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2932" 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; background-color: #cceeff; height: 14px; 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 6%;">
<p style="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="Tag2984" 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 6%;">
<p style="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="Tag2902" 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 6%;">
<p style="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="Tag2945" 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 1%;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px; width: 7%;">
<p style="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="Tag3018" 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; background-color: #cceeff; height: 14px; width: 1%;"><br/></td> </tr>
<tr style="height: 14px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px;">
<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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;">
<p style="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="Tag2886" 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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;">
<p style="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="Tag2935" 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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;"><br/></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; height: 14px; border-bottom-color: #000000 !important;">
<p style="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="Tag2951" 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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;">
<p style="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" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2923" 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; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt;"><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; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag3048" 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; background-color: #cceeff; height: 14px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag3008" 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; background-color: #cceeff; height: 14px;"><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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2537" 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; background-color: #cceeff; height: 14px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2948" 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; background-color: #cceeff; height: 14px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 18px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-indent: 0pt;"><span style="font-size: 9pt; margin: 0pt; text-indent: 12pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Reclassification of currency translation adjustment reserve </span><span style="font-size: smaller; font-family: 'Frutiger 45 Light';"><sup><span>(<span>4</span>)</span></sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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="Tag2875" 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: 18px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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="Tag2938" 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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2997" 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: 18px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt; font-family: 'Frutiger 45 Light'; font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"><span>Remeasurements</span> 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; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2545" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2955" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag3030" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2895" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2855" 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; background-color: #cceeff; height: 14px;"><br/></td> </tr>
<tr style="height: 27px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 27px;">
<p style="margin: 0pt; text-indent: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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="Tag2967" 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: 27px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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="Tag2957" 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: 27px;"><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: 27px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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="Tag2977" 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: 27px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 27px;">
<p style="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" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2872" 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: 27px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> 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; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2906" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2853" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2990" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2919" 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; background-color: #cceeff; height: 14px;"><br/></td> </tr>
<tr style="height: 14px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px;">
<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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="D20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag3026" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="D20221231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2952" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="D20221231_RetainedEarningsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2868" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2556" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="D20221231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2858" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" 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; height: 14px; 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="D20221231" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2913" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<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; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2871" 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; background-color: #cceeff; height: 14px;"><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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag3032" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2904" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2959" 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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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:ComprehensiveIncome" unitRef="USD" id="Tag3031" 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; background-color: #cceeff; height: 14px;"><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; background-color: #cceeff; height: 14px;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2891" 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; background-color: #cceeff; height: 14px;"><br/></td> </tr>
<tr style="height: 14px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt;"><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: 14px;">
<p style="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: 14px;"><br/></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; margin: 0px; text-indent: 0px; height: 14px;">
<p style="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: 14px;"><br/></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; margin: 0px; text-indent: 0px; height: 14px;">
<p style="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: 14px;"><br/></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; margin: 0px; text-indent: 0px; height: 14px;">
<p style="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: 14px;"><br/></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; margin: 0px; text-indent: 0px; height: 14px;">
<p style="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: 14px;"><br/></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; margin: 0px; text-indent: 0px; height: 14px;">
<p style="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: 14px;"><br/></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; margin: 0px; text-indent: 0px; height: 14px;">
<p style="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: 14px;"><br/></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; margin: 0px; text-indent: 0px; height: 14px;">
<p style="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="Tag2964" 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: 14px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;">
<p style="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" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2999" 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: 14px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt; text-indent: 0pt;"><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; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag3025" 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; background-color: #cceeff; height: 14px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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="Tag2873" 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; background-color: #cceeff; height: 14px;"><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; background-color: #cceeff; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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; background-color: #cceeff; height: 14px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;"><br/></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 14px;">
<p style="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" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2562" 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; background-color: #cceeff; height: 14px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 14px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px;">
<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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="I20221231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3037" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="I20221231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3027" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="I20221231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2889" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="I20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3009" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="I20221231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2920" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="I20221231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3215" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="I20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2854" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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="I20221231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3043" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="2" 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; height: 14px; 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: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Equity" unitRef="USD" id="Tag2897" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 14px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt;"> <br/></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; height: 72px;">
<tbody>
<tr style="height: 18px;">
<td valign="top" style="vertical-align: top; height: 18px;"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(<span>1</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="height: 18px;"><span><ix:footnote xml:lang="en-US" id="footnote10" 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;">The Company had an authorized share capital of a single class of <ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesAuthorised" unitRef="Shares" id="Tag2866" decimals="-8" scale="9" format="ixt:num-dot-decimal">2.5</ix:nonFraction> billion shares having a nominal value of $<ix:nonFraction contextRef="I20221231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2899" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction> per share. As of December 31, 202</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>2</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;"> there were <ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag2937" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction> shares issued. All issued shares were fully paid.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 18px;">
<td valign="top" style="vertical-align: top; height: 18px;"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(<span>2</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="text-align: justify; height: 18px;"><span><ix:footnote xml:lang="en-US" id="footnote56" 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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'; line-height: inherit;">eserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement 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: 18px;">
<td valign="top" style="vertical-align: top; height: 18px;"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="height: 18px;"><span><ix:footnote xml:lang="en-US" id="footnote42" 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;">The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in 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>27</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;">(iii) to these Consolidated Financial Statements.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 18px;">
<td style="width: 2%; vertical-align: top; height: 18px;" valign="top"><span style="font-size: 9pt; line-height: inherit;"><sub><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(<span>4</span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">)</span></sub></span></td>
<td style="width: 98%; height: 18px;"><span><ix:footnote xml:lang="en-US" id="footnote41" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt; line-height: inherit; text-align: justify; 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-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; line-height: inherit; display: inline !important;">Related t<span style="color: #000000; 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: 9pt;">o </span></span><span style="color: #000000; 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: 9pt;">NKKTubes</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-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; line-height: inherit; display: inline !important;"><span style="color: #000000; 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: 9pt;">&#8217; cease of ope</span>rations.</span></span></ix:footnote></span></td> </tr> </tbody> </table>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">The accompanyin</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">g</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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;">on</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">solidated </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 style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><br/></span></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>F-10</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 style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">CONSOLIDATED STATEMENT</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">S</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> OF CASH FLOWS</span></p>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
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<table cellspacing="0" cellpadding="0" style="height: 689px; 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </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; line-height: inherit;"> </span><br/></p> </td>
<td colspan="7" 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;">
<p style="margin: 0px; text-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; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> </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; line-height: inherit;"> Notes </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;">
<p style="margin: 0px; text-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>2024</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; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><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;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; font-weight: bold; line-height: inherit;"> Cash flows from operating activities </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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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-align: justify;"><span style="font-family: 'Frutiger 45 Light'; 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: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2438" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,076,773</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2417" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2367" 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;"><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; line-height: inherit;"> Adjustments for: </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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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;">
<p style="margin: 0px; text-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><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;">
<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;"> </span><br/></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; line-height: inherit;"> 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">11</span>, <span style="border-left: none; border-right: none;">12</span> &amp; <span style="border-left: none; border-right: none;">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="D20241231" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" unitRef="USD" id="Tag2715" decimals="-3" scale="3" format="ixt:num-dot-decimal">632,854</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="D20231231" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" unitRef="USD" id="Tag2730" 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" unitRef="USD" id="Tag2739" 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> </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; line-height: inherit;"> 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag2442"></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="D20231231" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag834"></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="D20221231" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2737" 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; 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; line-height: inherit;"> Bargain purchase gain </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 style="border-left: none; border-right: none;">6</span>, <span style="border-left: none; border-right: none;">8</span> &amp; <span style="border-left: none; border-right: none;">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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:AdjustmentsForBargainPurchaseGain" unitRef="USD" id="Tag2768" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,211</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ts:AdjustmentsForBargainPurchaseGain" unitRef="USD" id="Tag2726" 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; 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; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ts:AdjustmentsForBargainPurchaseGain" unitRef="USD" xsi:nil="true" id="Tag2748"></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; line-height: inherit;"> Income tax accruals less payments </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 style="border-left: none; border-right: none;">30</span>(ii) </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="D20241231" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag2376" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">222,510</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag2728" 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag2703" 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; 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; 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: 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 style="border-left: none; border-right: none;">8</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="D20241231" name="ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates" unitRef="USD" id="Tag2762" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,548</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates" unitRef="USD" id="Tag2722" 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: 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates" unitRef="USD" id="Tag2755" decimals="-3" scale="3" format="ixt:num-dot-decimal">208,702</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> Interest accruals less payments, 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 style="border-left: none; border-right: none;">30</span>(iii) </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="D20241231" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag3412" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,067</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag2422" 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag2372" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,480</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> Provision for the ongoing litigation related to the acquisition of participation in Usiminas </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; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="line-height: inherit; border-left: none; border-right: none;">6</span>, <span style="line-height: inherit; border-left: none; border-right: none;">25</span>(ii) &amp; <span style="line-height: inherit; border-left: none; border-right: none;">27</span>(i) </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="D20241231" name="ts:AdjustmentsForLitigationProvisionRelatedToAcquisition" unitRef="USD" id="Tag2734" decimals="-3" scale="3" format="ixt:num-dot-decimal">89,371</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; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ts:AdjustmentsForLitigationProvisionRelatedToAcquisition" unitRef="USD" xsi:nil="true" id="Tag2713"></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; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ts:AdjustmentsForLitigationProvisionRelatedToAcquisition" unitRef="USD" xsi:nil="true" id="Tag2681"></ix:nonFraction> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: left; 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; line-height: inherit;"> Changes in 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 style="border-left: none; border-right: none;">24</span> &amp; <span style="border-left: none; border-right: none;">25</span>(ii) </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="D20241231" name="ifrs-full:AdjustmentsForProvisions" unitRef="USD" id="Tag2777" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,155</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:AdjustmentsForProvisions" unitRef="USD" id="Tag2696" 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; 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="D20221231" name="ifrs-full:AdjustmentsForProvisions" unitRef="USD" id="Tag2680" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,433</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Reclassification of currency translation adjustment reserve </span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt; 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; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">6</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="D20241231" name="ts:AdjustmentsForReclassificationOfForeignExchangeReserve" unitRef="USD" xsi:nil="true" id="Tag2415"></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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ts:AdjustmentsForReclassificationOfForeignExchangeReserve" unitRef="USD" id="Tag2692" 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: 10px; margin: 0px; text-indent: 0px;">)</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;"> (<ix:nonFraction contextRef="D20221231" name="ts:AdjustmentsForReclassificationOfForeignExchangeReserve" unitRef="USD" id="Tag831" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,252</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: left; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes in working capital </span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt; line-height: inherit;">(**)</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 22px; 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 style="border-left: none; border-right: none;">30</span>(i) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; 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="D20241231" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag2723" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">286,917</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; 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="D20231231" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag2685" 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: 22px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; 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="D20221231" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag3002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,131,245</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 22px; text-align: left; background-color: #cceeff; 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; line-height: inherit;"> Others, including net foreign exchange differences </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; line-height: inherit;"> </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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherAdjustmentsForNoncashItems" unitRef="USD" id="Tag2443" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,794</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="D20231231" name="ifrs-full:OtherAdjustmentsForNoncashItems" unitRef="USD" id="Tag2704" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,667</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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:OtherAdjustmentsForNoncashItems" unitRef="USD" id="Tag2686" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,703</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"> Net cash provided by operating activities </span></p> </td>
<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; line-height: inherit;"> </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; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="USD" id="Tag2374" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,866,218</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="USD" id="Tag2766" 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="USD" id="Tag2363" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,167,217</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> </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; line-height: inherit;"> </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; line-height: inherit;"> </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; line-height: inherit;"> </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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"> Cash flows from investing activities </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;"> </span><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; line-height: inherit;"> </span><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;">
<p style="margin: 0px; text-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><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;">
<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;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> Capital expenditures </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 style="border-left: none; border-right: none;">11</span> &amp; <span style="border-left: none; border-right: none;">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="D20241231" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2375" decimals="-3" scale="3" format="ixt:num-dot-decimal">693,956</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2754" 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2708" decimals="-3" scale="3" format="ixt:num-dot-decimal">378,446</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> 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; 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 style="border-left: none; border-right: none;">15</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" unitRef="USD" id="Tag3413" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,391</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ts:CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2689" 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; 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="D20221231" name="ts:CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2702" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,901</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 22px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 22px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Acquisition of subsidiaries, net of cash acquired </span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt; line-height: inherit;">(***)</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 22px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">34</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2721" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">31,446</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2760" 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: 22px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 22px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2736" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,082</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 22px; text-align: left; 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; line-height: inherit;"> Other investments at fair value </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; line-height: inherit;"> </span><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; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:PurchaseOfOtherInvestmentsAtFairValue" unitRef="USD" xsi:nil="true" id="Tag2770"></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="D20231231" name="ts:PurchaseOfOtherInvestmentsAtFairValue" unitRef="USD" id="Tag3397" 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; 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; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ts:PurchaseOfOtherInvestmentsAtFairValue" unitRef="USD" xsi:nil="true" id="Tag2775"></ix:nonFraction> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:PurchaseOfInterestsInAssociates" unitRef="USD" xsi:nil="true" id="Tag2377"></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="D20231231" name="ifrs-full:PurchaseOfInterestsInAssociates" unitRef="USD" id="Tag2697" 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; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ifrs-full:PurchaseOfInterestsInAssociates" unitRef="USD" xsi:nil="true" id="Tag2434"></ix:nonFraction> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> Loan to joint ventures </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 style="border-left: none; border-right: none;">14</span> (c) </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="D20241231" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" unitRef="USD" id="Tag2362" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,551</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" unitRef="USD" id="Tag2749" 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; 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; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" unitRef="USD" xsi:nil="true" id="Tag2738"></ix:nonFraction> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></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: 10pt; line-height: inherit;"> 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: 13px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2758" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,963</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2693" 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: 13px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2717" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,458</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; text-align: left; 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;"> Dividends received from non-consolidated companies </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 style="border-left: none; border-right: none;">14</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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2725" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,810</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="D20231231" name="ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2753" 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; 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="D20221231" name="ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2745" decimals="-3" scale="3" format="ixt:num-dot-decimal">66,162</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> 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; line-height: inherit;"> </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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" unitRef="USD" id="Tag2371" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">821,478</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" unitRef="USD" id="Tag2679" 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" unitRef="USD" id="Tag2764" decimals="-3" scale="3" format="ixt:num-dot-decimal">123,254</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"> Net cash used in investing activities </span></p> </td>
<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; line-height: inherit;"> </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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="USD" id="Tag2714" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,397,157</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;"><span style="font-weight: bold;">)</span></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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="USD" id="Tag2360" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,686,517</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;"><span style="font-weight: bold;">)</span></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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="USD" id="Tag833" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">163,555</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> </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; line-height: inherit;"> </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; line-height: inherit;"> </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; line-height: inherit;"> </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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"> Cash flows from financing activities </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;"> </span><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; line-height: inherit;"> </span><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;">
<p style="margin: 0px; text-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><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;">
<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;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" unitRef="USD" id="Tag2741" decimals="-3" scale="3" format="ixt:num-dot-decimal">757,786</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" unitRef="USD" id="Tag2778" 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" unitRef="USD" id="Tag2771" decimals="-3" scale="3" format="ixt:num-dot-decimal">531,242</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Dividends paid to non-controlling interest in subsidiaries </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; line-height: inherit;"> </span><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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2428" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,862</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2750" 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2757" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,432</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; 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;"> 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; line-height: inherit;"> </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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2772" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,143</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ts:ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2448" 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ts:ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2742" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,407</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Acquisition of treasury shares </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><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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="USD" id="Tag2691" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,439,589</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="USD" id="Tag2776" 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: 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; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="USD" xsi:nil="true" id="Tag2403"></ix:nonFraction> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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="D20241231" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="USD" id="Tag2769" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,574</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="USD" id="Tag2740" 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="USD" id="Tag2695" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,396</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Proceeds from 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 style="border-left: none; border-right: none;">21</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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2361" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,870,666</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="D20231231" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2451" 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; 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="D20221231" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2767" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,511,503</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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; line-height: inherit;"> 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; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">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="D20241231" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2729" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,999,427</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2378" 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2436" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,094,370</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; 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; 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;"> </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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="USD" id="Tag2752" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,399,429</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;"><span style="font-weight: bold;">)</span></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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="USD" id="Tag829" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,125,007</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;"><span style="font-weight: bold;">)</span></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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="USD" id="Tag2780" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">178,344</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> </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; line-height: inherit;"> </span><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; font-weight: bold; line-height: inherit;"> </span><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;"><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; font-weight: bold; line-height: inherit;"> </span><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;"><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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; font-weight: bold; line-height: inherit;"> (Decrease) increase in 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag325" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">930,368</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;"><span style="font-weight: bold;">)</span></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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2720" 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; 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; 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="D20221231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2724" decimals="-3" scale="3" format="ixt:num-dot-decimal">825,318</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div id="t_ft_XWMLAA9BPS00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; height: 88px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 17px;">
<td style="width: 2%; height: 17px;"><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: 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; line-height: inherit; display: inline !important;">(*)</span></td>
<td style="width: 98%; text-align: justify; height: 17px;"><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote38" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 year </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>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'; line-height: inherit;"><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'; line-height: inherit;">, 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'; line-height: inherit;">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'; line-height: inherit;">NKKTubes&#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'; line-height: inherit;">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'; line-height: inherit;">operations.</span></span></ix:footnote></span></span></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px; 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: 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; line-height: inherit; display: inline !important;">(**)</span></td>
<td style="text-align: justify; height: 17px;"><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote39" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:CurrencyTranslationAdjustmentWorkingCapital" unitRef="USD" id="Tag277" decimals="-5" scale="6" format="ixt:num-dot-decimal">30.3</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;"> 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'; line-height: inherit;"><span>4</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><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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="D20231231" name="ts:CurrencyTranslationAdjustmentWorkingCapital" unitRef="USD" id="Tag2393" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">16.7</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;"> 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'; line-height: inherit;"><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'; line-height: inherit;"> 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'; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ts:CurrencyTranslationAdjustmentWorkingCapital" unitRef="USD" id="Tag2705" 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'; line-height: inherit;"> 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'; line-height: inherit;"><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'; line-height: inherit;">.</span></span></ix:footnote></span></span></td> </tr>
<tr style="height: 20px;">
<td style="height: 20px;"><span style="font-size: 8pt;"><sup><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'; vertical-align: super; line-height: inherit;">(***)</span></sup></span></td>
<td style="text-align: justify; height: 20px;"><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote40" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 year </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>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'; line-height: inherit;"><span>4</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;">, 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'; line-height: inherit;">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'; 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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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'; line-height: inherit;">acquisition</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>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'; line-height: inherit;">.</span></span></ix:footnote></span></span></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br/></td>
<td style="text-align: justify; height: 17px;">
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; 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; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 10pt;"><span style="color: #000000; 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: 9pt;"> For the year <span>2023</span>, related to the GPC, Isoplus anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions. </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br/></td>
<td style="text-align: justify; height: 17px;"><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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">th</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">e year </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>2022</span>, related to Parques E&#243;licos de la Buena Ventura S.A. acquisition.</span></span></td> </tr> </tbody> </table> </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;"><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 accompanying notes are an integral part of these Consolidated Financial Statements.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="line-height: 1.2;">
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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-11</span></span></td> </tr> </tbody> </table> </div>
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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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<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'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="7" 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: '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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></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: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<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: 10pt; font-weight: bold; line-height: inherit;"> Notes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></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; width: 57%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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; width: 8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; line-height: inherit;"> </span><br/></p> </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: 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; line-height: inherit;"> </span><br/></p> </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: 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></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: justify;"><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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2716" 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; 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" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2355" 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; 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="I20211231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2380" 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; margin: 0px; text-indent: 0px;"><br/></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; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; 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;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="D20241231" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" unitRef="USD" id="Tag2711" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,431</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="D20231231" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" unitRef="USD" id="Tag2733" 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="D20221231" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" unitRef="USD" id="Tag2751" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,952</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</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: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (Decrease) increase in cash and cash equivalents </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: 10pt; line-height: inherit;"> </span><br/></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="D20241231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2694" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">930,368</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">)</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="D20231231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag285" 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; 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="D20221231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2719" decimals="-3" scale="3" format="ixt:num-dot-decimal">825,318</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 12.5pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> At December 31, </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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2366" decimals="-3" scale="3" format="ixt:num-dot-decimal">660,798</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; 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; 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2356" 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; 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; 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; 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; 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:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2706" 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div> <br/>
<div id="t_ft_72RXWKBCWW00000000000000000000b">
<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: 85px;" 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: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </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; line-height: inherit;"> </span><br/></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; font-weight: bold; line-height: inherit;"> At December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; width: 57%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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; width: 8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px; 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; font-weight: bold; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px; width: 1%; 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; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px; width: 1%; 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; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px; 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; font-weight: bold; line-height: inherit;"> <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; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px; width: 1%; 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; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px; width: 1%; 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; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px; 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; font-weight: bold; line-height: inherit;"> <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; background-color: #cceeff; border-bottom-color: #000000 !important; height: 17px; 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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> <span>20</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="I20241231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag2402" decimals="-3" scale="3" format="ixt:num-dot-decimal">675,256</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="I20231231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag2759" 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: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag2682" 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> </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; line-height: inherit;"> 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; line-height: inherit;"> <span>21</span> </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="I20241231" name="ifrs-full:BankOverdraftsClassifiedAsCashEquivalents" unitRef="USD" id="Tag2688" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,458</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;">)</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="I20231231" name="ifrs-full:BankOverdraftsClassifiedAsCashEquivalents" unitRef="USD" id="Tag2405" 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; background-color: #cceeff; height: 17px;">)</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="ifrs-full:BankOverdraftsClassifiedAsCashEquivalents" unitRef="USD" id="Tag2747" decimals="-3" scale="3" format="ixt:num-dot-decimal">94</ix:nonFraction> </span></p> </td>
<td style="padding: 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: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; line-height: inherit;"> </span><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-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="I20241231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2365" decimals="-3" scale="3" format="ixt:num-dot-decimal">660,798</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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2773" 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; 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; 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:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2687" 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; border-top-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; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The accompanying notes are an integral part of these Consolidated Financial Statements.</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;"><br/></span></p> </div> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt;" id="MasterDiv">
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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-12</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="Dubt2q5138jwq3kuklrw7" 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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px; text-align: justify; text-indent: 0px;" valign="top"><span style="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; float: none; display: inline !important; font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="margin: 0pt;"><br/></p> </div>
<div>
<p style="margin: 0pt; text-align: justify;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">In</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">dex </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></p>
<p style="margin: 0pt; text-align: justify;"><br/></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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
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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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">1</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<p style="margin: 0pt;"><span style="color: #cc0066; 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: middle; width: 243.4pt; height: 17px;">
<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ACCOUNTING POLICIES</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">3</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Group accounting</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">4</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">D</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">F</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 243.4pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Intangible assets</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">8</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">G</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 243.4pt; height: 17px;">
<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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">9</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">H</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">10</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><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; vertical-align: middle; width: 18.85pt; height: 10px;">
<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; vertical-align: middle; width: 243.4pt; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><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; vertical-align: middle; width: 25.2pt; height: 10px;">
<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; vertical-align: middle; width: 237.05pt; height: 10px;">
<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; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">D</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 243.4pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Accounting for derivative financial instruments and hedging activities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">31</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">32</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 237.05pt; height: 17px;">
<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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 18.85pt; height: 17px;">
<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; vertical-align: middle; width: 243.4pt; height: 17px;">
<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; vertical-align: middle; width: 25.2pt; height: 17px;">
<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: 10pt;">&#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: 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>
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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;">Share buyback programs</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;">&#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="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: 10pt;">&#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;">Events after the reporting period</span></p> </td> </tr> </tbody> </table> <br/>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-13</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="D7uqjqrp4tdkxllsmqj3j1" style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
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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; line-height: inherit;">I.</span> <span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">GENERAL INFORMATION</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;">Tenaris S.A. (the &#8220;Company&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) was established as a public limited liability company (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">oci</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">t&#233; </span><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;">nonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) 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; line-height: inherit;">Tenaris&#8221; refer to </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;"> and its consolidated subsidiaries. A list of the Company&#8217;s </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 is included 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;">33</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></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&#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; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s American Depositary Securities (&#8220;ADS&#8221;) trade on the New York Stock Exchange.</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;">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; line-height: inherit;"> February </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;">, 202</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;"> The Board of Directors has the power to amend and reissue the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">se</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Consolidated Financial Statements.</span></p> </ix:nonNumeric>
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<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">II</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">. </span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">A</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">CCOUNTING POLICIES</span> </p>
<p style="font-size: 10pt; 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; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 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>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Basis of presentation</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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 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; 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;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS Accounting Standards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) 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;"> as adopted by the European Union,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under the historical cost convention, as modified by the revaluation of </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;">financial assets</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Whenever necessary, c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ertain comparative amounts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been reclassified to conform to changes in presentation in the current year.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;"> The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> main</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> areas involving </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;"> estimates or judgements are: </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;">mpairment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">testing </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;">long-lived assets (not</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;">s </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;">H</span><span style="font-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 in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investments in associates (note II.B)</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;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">axes </span><span style="font-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 recoverability of deferred tax 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;">(note 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;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">obsolescence of inventory (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">II.J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">); contingencies (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Q</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allowance for trade receivables (note II.K)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">post-employment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and other long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (note II.</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;">);</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(notes II.B); u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seful lives of property, plant and equipment</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;"> other long-lived assets (notes II.E, II.F</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;">H</span><span style="font-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 value estimation of certain financial instruments (note III.B)</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;">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;"> (note </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;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>28</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;">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;"> there were no </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;"> changes in the </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;"> accounting estimates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and judgements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;">(<span>1</span>)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Accounting pronouncements applicable as from J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">anuary <span>1</span>, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>4</span></span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><br/></p>
<p style="font-size: 10pt; 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;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ccounting pronouncements that became effective during <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;"> have no material effect on the Company&#8217;s financial condition or results of operations.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 following amendments became effective as at 1 January 2024:</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 7.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS <span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Lease Liability in a Sale and Leaseback&#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;">-</span> Amendments to IFRS <span>16</span>.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disclosures: Supplier Finance Arrangements -&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Amendments to IAS <span>7</span> and IFRS <span>7</span>.</span></li> </ul>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">New ac</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">counting pronouncements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">applicable as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of December 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>1</span>, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>4</span></span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Amendments to IAS <span>21</span> &#8211; Lack of Exchangeability</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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;">In</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> August, 2023, the IASB published </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;">Lack of Exchangeability (Amendments to IAS <span>21</span>)</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;">with new</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> guidance to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">determine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> when a currency is exchangeable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or not,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and how to determine the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to apply </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;">a currency </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exchangeable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The amendments also require the disclosure of additional information when a currency is not exchangeable.</span></p>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; 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;">&#160;</span></p> </ix:exclude> </div> </div>
<p style="font-size: 10pt; 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 amendments are effective for annual periods beginning on or after January 1, 2025 with early adoption permitted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and without </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">retrospective</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> application</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">does not expect these amendments to have a material impact on its operations or</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial statements.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">IFRS <span>18</span> - Presentation and Disclosures in Financial Statements</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In April 202</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;">, the IASB published </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS <span>18</span></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;">will replace IAS <span>1</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;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">resentation of financial 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;"> IFRS <span>18</span> introduces</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> new requirements</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that will help to achieve comparability of the financial performance of similar entities and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provide more relevant information and transparency to users. Even though IFRS <span>18</span> will not</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impact the recognition or measurement of items in the financial statements, its impacts on</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">presentation and disclosure are expected to be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">extensive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in particular those related to the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">income statement, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">statement of financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">position, statement of cash flows </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 inclusion of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management-defined performance measures</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">within the financial statements.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: Arial; font-size: 9pt; line-height: inherit;">&#160;</span></p>
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<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" id="Tag3368" escape="true">
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<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">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="D20241231" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag2518" 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; line-height: inherit;">Subsidiaries are fully consolidated from the date on which control is </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;"> by the Company and are no longer consolidated from the date control ceases.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 </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;"> method is used to account for the acquisition of subsidiaries 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;">. 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; line-height: inherit;">transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, equity instruments issued and liabilities incurred or assumed at the date of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exchange</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Acquisition-related costs are expensed as incurred.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Identifiable assets acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> liabilities and contingent liabilities assumed in a business combination 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;">measured initially at their fair values at the acquisition date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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; line-height: inherit;">identifiable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The excess of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> aggregate of the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consideration transferred</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 amount of any non-controlling interest in the acquiree</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">this</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> Consolidated</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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as bargain purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Contingent consideration is classified either as equity or a</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial liability. Amounts classified as a financial liability are subsequently remeasured </span><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;"> fair value </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;">profit or loss.</span> <br/></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ransactions with non-controlling interests </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that do not result in a loss of control</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are accounted</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value</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 change in carrying amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, net of consideration received (if any),</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Material intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">balances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and unrealized gains (losses) on transactions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">between Tenaris subsidiaries have been eliminated in consolidation. However, </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;"> the functional currency of some subsidiaries </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;">i</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 respective local currency, some financial gains (losses) arising from intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are generated. These</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are included 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 under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">inancial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Non-consolidated companies</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Investments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding of between <ix:nonFraction contextRef="I20241231_BottomOfRangeMember" name="ts:PercentageOfVotingRightsHeldInUnconsolidatedEntities" unitRef="Pure" id="Tag2433" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>% and <ix:nonFraction contextRef="I20241231_TopOfRangeMember" name="ts:PercentageOfVotingRightsHeldInUnconsolidatedEntities" unitRef="Pure" id="Tag2465" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of the voting rights, are accounted for by the equity method and are initially recognized at cost (as defined by IAS <span>28</span>, &#8220;Investments in Associates and Joint Ventures&#8221;). The Company&#8217;s investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Associated companies are those entities in which Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exerts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> significant influence</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;">, but </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">have </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">control.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Joint arrangements are combinations in which there are contractual agreements by virtue of which <span>two</span> or more </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">partner </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">companies hold an interest in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>one</span> or more </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">companies that undertake operations or hold assets in such a way that any financial or operating decision is subject to the unanimous consent of the partners</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (as defined by IFRS <span>11</span> &#8220;Joint Arrangements&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A joint arrangement is classed as a joint operation if the parties hold rights to its assets and have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's net assets.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Under the equity method</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> adjusted where necessary to ensure consistency with IFRS.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;">Equity in earnings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">. 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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; font-style: normal; line-height: inherit;">The main investments in non-consolidated companies are:</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">a)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Ternium</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; 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;">At December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">ld </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><ix:nonFraction contextRef="D20241231_TerniumSAMember_4" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag2411" 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; line-height: inherit;">%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> share capital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Ternium S.A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> representing <ix:nonFraction contextRef="I20241231_TerniumSAMember_3" name="ts:PercentageOfOutstandingSharesInAssociate" unitRef="Pure" id="Tag2453" decimals="4" scale="-2" format="ixt:num-dot-decimal">11.70</ix:nonFraction>% of its outstanding shares</span><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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">:</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; 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&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>eight</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> members of Ternium&#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 (including Ternium&#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;">hairman) are also members of t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he 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;">;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">both the Company and Ternium are under the indirect common control of San Faustin S.A. (&#8220;San Faustin&#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;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nder the shareholders</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;"> agreement by and between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company and Techint Holdings S.&#224;r.l</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;">, a wholly owned subsidiary of San Faustin </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">controlling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholder, dated January 9, 2006</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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is required to take actions within its power to cause</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (a) <span>one</span> of the members of Ternium&#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 to be nominated by </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;"> and (b) any director nominated by </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 be removed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from Ternium&#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;">only </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pursuant to previous written instructions of </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;">.</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>F-16</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><br/></p> </ix:exclude>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">b)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Usiminas</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt 0pt; text-indent: 0pt;"><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;"><span>4</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 he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), </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="I20241231_OrdinarySharesMember_UsiminasMember" name="ts:NumberOfSharesSubscribedTo" unitRef="Shares" id="Tag2444" decimals="-5" scale="6" format="ixt:num-dot-decimal">47.5</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;million ordinary shares and <ix:nonFraction contextRef="I20241231_PreferenceSharesMember_UsiminasMember" name="ts:NumberOfSharesSubscribedTo" unitRef="Shares" id="Tag2430" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.3</ix:nonFraction> million preferred shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. - Usiminas (&#8220;Usiminas&#8221;), representing <ix:nonFraction contextRef="D20241231_UsiminasMember_4" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" unitRef="Pure" id="Tag2467" decimals="4" scale="-2" format="ixt:num-dot-decimal">6.76</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of its shares with voting rights and <ix:nonFraction contextRef="D20241231_UsiminasMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag2452" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.96</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of its total share capital.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"><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 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;">performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#8217; existing control group. Subsequently, in <span>2016</span>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</span> </p>
<p style="font-size: 10pt; 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;">On</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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;">agreed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquire an additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230330_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:NumberOfSharesToBePurchasedUnderAgreement" unitRef="Shares" id="Tag2475" decimals="-5" scale="6" format="ixt:num-dot-decimal">68.7</ix:nonFraction> million ordinary shares of Usiminas at a price of BRL<ix:nonFraction contextRef="I20230330_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:SharesSubscribedToPricePerShare" unitRef="BRLPerShare" id="Tag2421" decimals="0" format="ixt:num-dot-decimal">10</ix:nonFraction> 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 BRL<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:SharesSubscribedToValue" unitRef="BRL" id="Tag2488" 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="Tag2478" 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; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:NumberOfSharesSubscribedTo" unitRef="Shares" id="Tag2454" decimals="-6" scale="6" format="ixt:num-dot-decimal">11</ix:nonFraction> million ordinary shares, increasing its participation in the Usiminas control group to <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TTGroupMember" name="ts:PercentageOfVotingCapitalIncreasedInControlGroup" unitRef="Pure" id="Tag2861" decimals="3" scale="-2" format="ixt:num-dot-decimal">9.8</ix:nonFraction>%.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas&#8217; employee pension fund, Previd&#234;ncia Usiminas. At December 31, 202</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;">, the Usiminas control group held, in the aggregate, <ix:nonFraction contextRef="I20241231_UsiminasMember_TheNewSHAMember" name="ts:SharesBoundToSHA" unitRef="Shares" id="Tag2435" decimals="-5" scale="6" format="ixt:num-dot-decimal">483.6</ix:nonFraction> million ordinary shares, representing approximately <ix:nonFraction contextRef="I20241231_UsiminasMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag2419" decimals="3" scale="-2" format="ixt:num-dot-decimal">68.6</ix:nonFraction>% of Usiminas&#8217; voting capital and the T/T Group held an aggregate participation of <ix:nonFraction contextRef="I20241231_TTGroupMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag2447" decimals="3" scale="-2" format="ixt:num-dot-decimal">61.3</ix:nonFraction>% in the control group (with <ix:nonFraction contextRef="I20241231_TerniumEntititesMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag2484" 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="I20241231_ConfabMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag3251" decimals="3" scale="-2" format="ixt:num-dot-decimal">9.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% corresponding to Confab); the NSC Group and Previd&#234;ncia Usiminas held <ix:nonFraction contextRef="I20241231_NSSMCMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag2439" decimals="3" scale="-2" format="ixt:num-dot-decimal">31.7</ix:nonFraction>% and <ix:nonFraction contextRef="I20241231_PrevidenciaUsiminasMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag2483" decimals="2" scale="-2" format="ixt:num-dot-decimal">7</ix:nonFraction>%, respectively, in the control group.</span></p>
<p style="font-size: 10pt; 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;">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 Usiminas 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 Previd&#234;ncia 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 Usiminas. 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 Usiminas board of directors, the chief executive officer and <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TTGroupMember_TheNewSHAMember" name="ts:NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" unitRef="Officers" id="Tag2880" decimals="0" format="ixt-sec:numwordsen">four</ix:nonFraction> other members of the Usiminas 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="Tag2792" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction> member of the Usiminas board of directors and <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TenarisMember_TheNewSHAMember" name="ts:NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" unitRef="Officers" id="Tag2408" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction> member of the Usiminas board of officers. Ordinary decisions may be approved with a <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TheNewSHAMember" name="ts:MajorityPercentageOfControlGroupShares" unitRef="Pure" id="Tag2414" decimals="2" scale="-2" format="ixt:num-dot-decimal">55</ix:nonFraction>% majority of Usiminas&#8217; control group shares. </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">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 Usiminas&#8217; control group (<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_NSSMCMember_TheNewSHAMember_FromTwoYearsAnniversaryRightToBuyMember" name="ts:NumberOfSharesRightPurchaseUnderAgreement" unitRef="Shares" id="Tag2477" decimals="-5" scale="6" format="ixt:num-dot-decimal">153.1</ix:nonFraction> million ordinary shares) at the higher of $<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember_FromTwoYearsAnniversaryRightToBuyMember" name="ts:SharesSubscribedToPricePerShare" unitRef="USDPerShare" id="Tag2423" decimals="4" format="ixt:num-dot-decimal">2.0584</ix:nonFraction> per share and the equivalent in U.S. dollars of the <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" unitRef="Day" id="Tag2908" 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&#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;">equivalent in U.S. dollars of the</span> <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_NSSMCMember_TheNewSHAMember" name="ts:NumberOfTradingDaysToCalculateMovingAverageSharePrice" unitRef="Day" id="Tag2426" decimals="0" format="ixt:num-dot-decimal">40</ix:nonFraction>-trading day average price per share immediately prior to the NSC group<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;">&#8217;</span>s notice of withdrawal, 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 $<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_NSSMCMember_TheNewSHAMember_FromTwoYearsAnniversaryRightToSellMember" name="ts:SharesSubscribedToPricePerShare" unitRef="USDPerShare" id="Tag2461" decimals="4" format="ixt:num-dot-decimal">2.0584</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="font-size: 10pt; 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;">Confab and the Ternium entities party to the Usiminas 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 Usiminas, 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 Usiminas&#8217; officers and directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Those circumstances evidence that Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continues having </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 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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">c)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Techgen</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Techgen S.A. de C.V. (&#8220;Techgen&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which operates an electric power plant in Mexico,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a joint venture company owned <ix:nonFraction contextRef="D20241231_TechgenSAMember_TerniumSAMember_1" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag3001" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction>% by Ternium, <ix:nonFraction contextRef="D20241231_TechgenSAMember_TecpetrolInternationalSAMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag2486" decimals="2" scale="-2" format="ixt:num-dot-decimal">30</ix:nonFraction>% by Tecpetrol International S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;Tecpetrol&#8221;)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and <ix:nonFraction contextRef="D20241231_TechgenSAMember_TenarisMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag2432" 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;"> by Tenaris. </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;">, Ternium and Tecpetrol are parties to a shareholders&#8217; agreement relating to the governa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nce of Techgen and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are under the indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mon control of San Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Based on the facts stated above, the Company has determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that it has significant influence over this entity.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris carries its investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s in non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidated companies</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;">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; line-height: inherit;">For more information </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 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>14</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> </ix:nonNumeric>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory" id="Tag14" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Segment information</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company is organized in <ix:nonFraction contextRef="I20241231" name="ts:NumberOfMajorBusinessSegments" unitRef="Pure" id="Tag2409" 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; line-height: inherit;">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; line-height: inherit;">disclosed in the Other segment.</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>F-17</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; 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;">&#160;</span></p> </ix:exclude> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Tubes segment includes the production and sale of 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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> worldwide</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Other segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> includ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">es</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">all business activities related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the production and selling of sucker rods, coiled tubing, tubes used for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plumbing and construction</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">applications, oilfield / hydraulic fracturing services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and others as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> energy and raw materials that exceed internal requirements.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">During <span>2024</span> and following the acquisition of Mattr&#8217;s pipe coating business unit on November 30, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the management</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> performed a review of the new business structure to decide on the allocation of resources and the assessment of performance, and decided to integrate the coating activities to its Tubes segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Chief Operating Decision Maker </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;">CODM</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;">reviews </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operating and financial performance information </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with senior management on a monthly basis</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;">information 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;"> 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 -18.42pt; padding-left: 8.27pt; text-align: justify; 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 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 -18.42pt; padding-left: 8.27pt; text-align: justify; 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 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; line-height: inherit;">, mainly on a FIFO basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; 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 currency translation adjustment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">classification</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; 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;">ther timing differences, if any.</span></li> </ul>
<p style="font-size: 10pt; 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;">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;"> presents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its geographical information in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>four</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> areas:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> North America,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> South America, Europe</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;">Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Middle East and Afri</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For purposes of reporting geographical information, net sales are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to geographical areas based on the customer&#8217;s location;</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;"> allocation of assets </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 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;">geographical</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> location</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p> </ix:nonNumeric>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" id="Tag4" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign </span><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;">urrency </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">t</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ranslation</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;">(<span>1</span>)&#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Functional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and presentation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> currency</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">IAS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>21</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;The effects of changes in foreign exchange rates&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">entity operates.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 functional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and presentation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">curren</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;">y of </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;">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;">. The U.S. </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> global operations. </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xcept f</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;"> the 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 <ix:nonFraction contextRef="I20241231" name="ts:NumberOfSubsidiariesAcquired" unitRef="Subsidiaries" id="Tag3245" decimals="0" format="ixt-sec:numwordsen">two</ix:nonFraction> 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</span><span style="font-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 determined that the functional currency of its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> other subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">:</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">ales are mainly negotiated, denominated 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;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> settled in 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;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. If priced in a currency other than the U.S. dollar, the </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;">price </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may consider</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exposure to fluctuation in the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">against</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the U.S. dollar;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">rices of </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;">critical raw materials and inputs are priced 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;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">ransaction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and operational</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> environment and the cash flow </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operations 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;"> 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;"> as reference currency;</span> </li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">there is a s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ignificant level of integration of the l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ocal operations within </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;">international </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">global distribution network</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>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">et financial assets and liabilities are mainly received and maintained in U.S. dollars</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>F-18</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; 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;">&#160;</span></p> </ix:exclude> </div> </div>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Transactions in currencies other than the functional currency</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;">on where items are re-measured.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;"> the fair value was determined.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;">Other financial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">alifying net investment hedges.</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Translation of financial information in currencies other than the functional currency</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-end exchange rates. Translation differences are recognized in a separate component of equity as </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;">urrency </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ranslation </span><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;">djustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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; line-height: inherit;">the Consolidated Income Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as a gain or loss from the sale</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> following IAS <span>21</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">exchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rate.</span></p> </ix:nonNumeric>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" id="Tag7" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">E&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Property, plant and equipment</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Property, plant and equipment are recognized at historical acquisition or construction cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> less accumulated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and impairment losses</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;">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; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </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;">lant</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;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quipment acquired through</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquisitions accounted for as </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;">combination</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 been valued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">initially </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fair </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;">value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquired.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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 </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;"> replaced part</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;"> 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Cost may also include transfers fro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m equity of any gains or losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> IAS <span>23</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;Borrowing 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;">&#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;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</span> <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; </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">epreciation method is reviewed at each year end. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Depreciation</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is calculated using the straight-line method to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">depreciate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">, as follows:</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;"> No Depreciation </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Buildings and improvements</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20241231_BuildingsAndImprovementsMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2418" format="ixt-sec:duryear">30</ix:nonNumeric>-<ix:nonNumeric contextRef="D20241231_BuildingsAndImprovementsMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2793" format="ixt-sec:duryear">50</ix:nonNumeric> years </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Plant and production equipment&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> <ix:nonNumeric contextRef="D20241231_PlantAndProductionEquipmentMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag3133" format="ixt-sec:duryear">10</ix:nonNumeric>-<ix:nonNumeric contextRef="D20241231_PlantAndProductionEquipmentMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2464" format="ixt-sec:duryear">40</ix:nonNumeric> years </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; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Vehicles, furniture and fixtures, and other equipment </span></p> </td>
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<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; line-height: inherit;"> <ix:nonNumeric contextRef="D20241231_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2456" format="ixt-sec:duryear">4</ix:nonNumeric>-<ix:nonNumeric contextRef="D20241231_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2998" format="ixt-sec:duryear">10</ix:nonNumeric> years </span></p> </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-19</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> assets</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#8217;</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">residual values and useful lives of significant plant and </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">production </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">equipment are reviewed</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and adjusted</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> if appropriate, at each year-end</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">date. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">An asset&#8217;s carrying amount is written down to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</span></div> </div>
<p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Management&#8217;s re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">estimation of asset</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;"> useful </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, performed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with IAS <span>16</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;Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Plant and E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quipment&#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;">resulted in additional depreciation expenses </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;">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="D20241231" name="ts:AdditionalDepreciationExpenses" unitRef="USD" id="Tag2502" decimals="-5" scale="6" format="ixt:num-dot-decimal">25.2</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;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span>,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">did not materially affect depreciation expenses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in <span>2023</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and resulted in additional depreciation expenses of 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="D20221231" name="ts:AdditionalDepreciationExpenses" unitRef="USD" id="Tag2407" decimals="-5" scale="6" format="ixt:num-dot-decimal">39.1</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;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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;"> depreciates each significant part of an item of property, plant and equipment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for its different production facilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Other operating income </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; font-style: italic; line-height: inherit;">Other operating expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.</span></p> </ix:nonNumeric>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" id="Tag8" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">F&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Intangible assets</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Goodwill </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Goodwill represents the excess of the acquisition cost </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">over the fair value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> 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; line-height: inherit;">at least </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">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; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> the Consolidated Statement of Financial Position under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Intangible assets, net.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">For the purpose of impairment testing, g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">oodwill is allocated to a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">cash generating unit (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> or group of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">CGUs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> that&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">are expected to benefit from the business combination which generated the goodwill being tested. </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Information systems projects</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">&#8220;Intangible Assets&#8221;.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">not exceeding a period of <ix:nonNumeric contextRef="D20241231_TopOfRangeMember_InformationSystemProjectsMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2485" format="ixt-sec:duryear">3</ix:nonNumeric> years. Amortization charges 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;">classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the</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;">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.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">did not materially affect </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the years </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>4</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;"><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><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;">.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Licenses, patents, trademarks and proprietary technology </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Licenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the acquisition date in case of a business combination.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">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; line-height: inherit;">which are in the range between <ix:nonNumeric contextRef="D20241231_BottomOfRangeMember_LicensesPatentsTrademarksAndProprietaryTechnologyMember" name="ts:FinitelivedIntangibleAssetResidualUsefulLife" id="Tag2458" format="ixt-sec:duryear">3</ix:nonNumeric> and <ix:nonNumeric contextRef="D20241231_LicensesPatentsTrademarksAndProprietaryTechnologyMember_TopOfRangeMember" name="ts:FinitelivedIntangibleAssetResidualUsefulLife" id="Tag2412" format="ixt-sec:duryear">20</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;years.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charges are mainly classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Cost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 balance of acquired t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rademarks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that have indefinite useful lives according to external appraisal</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;">s</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="I20241231_LicensesPatentsTrademarksAndProprietaryTechnologyMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2440" decimals="-5" scale="6" format="ixt:num-dot-decimal">86.7</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;"> at December 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>4</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>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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included in Hydril CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Main factors considered in the determination of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> indefinite useful lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> include the years that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">they have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> been in service and </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;">recognition among customers in the industry.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> did no</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t materially affect amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the years </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>24</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>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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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p> </ix:exclude> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;">(<span>4</span>)&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;">Research and development</span></div> </div>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Research expenditures as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the years </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>4</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;"><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;"> totaled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:ResearchAndDevelopmentExpense" unitRef="USD" id="Tag2513" decimals="-5" scale="6" format="ixt:num-dot-decimal">74.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ifrs-full:ResearchAndDevelopmentExpense" unitRef="USD" id="Tag2427" decimals="-5" scale="6" format="ixt:num-dot-decimal">60.0</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;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ifrs-full:ResearchAndDevelopmentExpense" unitRef="USD" id="Tag2460" decimals="-5" scale="6" format="ixt:num-dot-decimal">50.7</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;">, respectively.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Capitalized costs were not material for the years <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>4</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>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="font-size: 10pt; font-family: 'times new roman', times; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">(<span>5</span>)&#160; &#160; &#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Customer relationship</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">s</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;"> Tube Corpora</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">tion (&#8220;Maverick&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Company (&#8220;Hydril&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> groups, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Saudi Steel Pipe Co. (&#8220;</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;">SPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</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;"> Ipsco Tubulars Inc. (&#8220;IPSCO&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the more recent acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Mattr&#8217;s pipe coating business unit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">e</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;">which were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">approximately <ix:nonNumeric contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_MaverickTubeCorporationMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2459" format="ixt-sec:duryear">14</ix:nonNumeric> years for Maverick, <ix:nonNumeric contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_HydrilCompanyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2814" format="ixt-sec:duryear">10</ix:nonNumeric> y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ears for Hydril</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;"> <ix:nonNumeric contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2406" format="ixt-sec:duryear">9</ix:nonNumeric> years for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">C</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;"><ix:nonNumeric contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_IpscoTubularsIncMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2410" format="ixt-sec:duryear">3</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> year</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;"> for IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><ix:nonNumeric contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_MattrsPipeCoatingBusinessUnitMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2471" format="ixt-sec:durmonth">4</ix:nonNumeric> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> for Mattr&#8217;s pipe coating business unit.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Management&#8217;s re-estimation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">customer relationships</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">the years </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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">In <span>2022</span>,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> from <ix:nonNumeric contextRef="D20211231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2449" format="ixt-sec:duryear">5</ix:nonNumeric> years to <ix:nonNumeric contextRef="D20221231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2446" 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; line-height: inherit;"><ix:nonFraction contextRef="D20221231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2469" 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; line-height: inherit;">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; line-height: inherit;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> for the year ended December 31, 2022.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">f 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> the net book</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8217;s customer relationship amoun</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:FinitelivedIntangibleAssetResidualValue" unitRef="USD" id="Tag2487" decimals="-5" scale="6" format="ixt:num-dot-decimal">11.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> million, with a residual useful life of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><ix:nonNumeric contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:FinitelivedIntangibleAssetResidualUsefulLife" id="Tag2424" format="ixt-sec:durmonth">9</ix:nonNumeric> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">hile </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the other</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> customer relationships </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> fully amortized.</span></p> </ix:nonNumeric>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory" id="Tag71" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">G&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Right-of-use assets and lease liabilities</span></p>
<p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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 </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;"> 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; line-height: inherit;"> term on a straight-line basis.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;">h similar terms and conditions.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> or early termination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, or not </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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Payments associated with short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and leases of low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="D20241231" name="ts:MaximumPeriodOfLeaseTermOfShortTermLeases" id="Tag2543" format="ixt-sec:durmonth">12</ix:nonNumeric> months or less.</span></p> </ix:nonNumeric>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> <br/> </div> </ix:exclude>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" id="Tag19" escape="true">
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<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">H&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Impairment of non-financial assets</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">, or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CGU. 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> are tested</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">situations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">events and circumstances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which could materially alter the recoverable amount of the CGU, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the current period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">For purposes of assessing key assumptions, the Company uses external sources of information and management judgment based on past experience and expectations. 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, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; font-family: 'times new roman', times; 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;">Management has determined the value of each of the key assumptions as follows:</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; 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; line-height: inherit;">-&#160;</span>Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&#8217;s expected market penetration.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Oil and gas prices: based on industry analysts&#8217; reports 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;">management&#8217;s expectations of market development.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Rig count: based on information published by Baker Hughes and management&#8217;s expectations.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Raw material costs: based on industry analysts&#8217; reports and management&#8217;s expectations.</span></p>
<p style="font-size: 10pt; 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;">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.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; <span style="font-style: italic;">and</span></span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Value </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;">use is calculated by discounting the estimated cash flows over a <span style="-sec-ix-hidden:Tag3440"><span style="border-right: none; border-left: none;">five&#160;</span>year</span> period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the <span>five</span>-year period, a terminal value is calculated based on perpetuity considering a nominal growth rate of <ix:nonFraction contextRef="I20241231" name="ts:DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" unitRef="Pure" id="Tag2482" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% taking into account among others, mainly the historical inflation rate.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</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></p> </ix:nonNumeric> </div> </div> </div> </div> </div>
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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-22</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
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<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">I&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Other </span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">i</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">nvestments</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ther investments consist primarily of investments in financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and time deposits with a maturity of more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>three</span> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at the date of purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Certain non-derivative financ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ial assets that the Company held not for trading</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have been categorized as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial assets </span><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;">fair value through other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;FV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">OCI</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;">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; line-height: inherit;">. They are carried at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fair value</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;">interest income from these financial assets is included in finance income using the effective interest rate method. 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<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Purchases and sales of financial investments are recognized as of 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;">settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories" id="Tag89" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">J&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Inventories</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">, freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">The a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">llocation of fixed production costs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including depreciation and amortization charges,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is based on</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;"> normal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> level of production capacity. </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;"> cost is mainly based on </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;">FIFO method. Tenaris estimates </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;">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; line-height: inherit;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oods in transit </span><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;"> year-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">end are valued based on </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;">supplier&#8217;s invoice cost.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, 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>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">K&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trade </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">and other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">receivables</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Trade and other receivables are recognized initially at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> fair value that corresponds to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">omponents. The Company holds</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">res them subsequently at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ed cost using the effective interest method. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Tenaris applies the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> IFRS <span>9</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#8220;Financial Instruments&#8221;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">simplified approach to measure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> expected credit losses</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;"> 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="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span style="border-right: none; border-left: none;"><ix:nonNumeric contextRef="D20241231" name="ts:ForecastPeriodOfRevenueProjections" id="Tag97" format="ixt-sec:durwordsen">three years</ix:nonNumeric></span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;and the corresponding historical credit losses exp</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">erienced within this period. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">The expected loss allowance also reflects current and forward-looking information on macroeconomic factors affecting the ability of each customer to settle the receivables.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">A credit account is typically considered in default when the customer has failed to make the required minimum payments for an extended period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> of time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. Management considerations, including customer-specific analyses, are carried out to determine if an allowance has to be allocated to the credit. Following impairment, collection is monitored and reversed in case of receipt of the payment.</span></p> </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-23</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
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<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">L&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Cash and cash equivalents</span></div> </div>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Cash and cash equi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">valents are comprised of cash at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">which are subject to an insignificant risk of changes in value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. 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; line-height: inherit;">approximates fair market value.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">Borrowings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> in current liabilities.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">For the purposes of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Consolidated Statement of C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">low</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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">ash and cash equivalents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">overdrafts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span></p> </ix:nonNumeric> </div> </div>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" id="Tag66" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">M&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">quity</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> components</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 </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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </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;">hanges in </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;">quity 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;">:</span></p>
<ul style="font-size: 10pt;">
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; 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 value of share capital, legal reserve</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;">share premium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and other distributable reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with Luxembourg l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aw;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; 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 currency translation adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">treasury shares, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other reserves,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> retained earnings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">non-controlling</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;">calculated in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> IFRS.</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>2</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share cap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">al</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company has an authorized share capital of a single </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">class of <ix:nonFraction contextRef="I20241231" name="ifrs-full:NumberOfSharesAuthorised" unitRef="Shares" id="Tag2431" 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; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2473" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction> per share. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares issued as 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;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span> were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag3250" decimals="0" format="ixt:num-dot-decimal">1,162,757,528</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a par value of $<ix:nonFraction contextRef="I20241231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2425" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction> per share with <ix:nonFraction contextRef="I20241231" name="ts:NumberOfVotesPerShare" unitRef="Pure" id="Tag3252" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction> vote each</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares issued as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of December 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;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag3446" decimals="0" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag2413" 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; line-height: inherit;">with a par value of $<ix:nonFraction contextRef="I20221231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag3445" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20231231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2457" 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="Tag3447" decimals="0" format="ixt-sec:numwordsen"><ix:nonFraction contextRef="I20231231" name="ts:NumberOfVotesPerShare" unitRef="Pure" id="Tag2437" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction></ix:nonFraction> vote each.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares outstanding as of December 31, 202</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;">, </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;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2420" decimals="0" format="ixt:num-dot-decimal">1,084,272,191</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;">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;">were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2474" decimals="0" format="ixt:num-dot-decimal">1,167,888,739</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;">as of December 31, </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;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2441" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with a par value of $<ix:nonFraction contextRef="I20231231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag3448" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20241231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2470" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction></ix:nonFraction> per share with <ix:nonFraction contextRef="I20231231" name="ts:NumberOfVotesPerShare" unitRef="Pure" id="Tag3449" decimals="0" format="ixt-sec:numwordsen"><ix:nonFraction contextRef="I20241231" name="ts:NumberOfVotesPerShare" unitRef="Pure" id="Tag2489" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction></ix:nonFraction> vote each. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Outstanding shares do not include treasury shares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All issued shares are fully paid.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>3</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Treasury Shares</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or cancellation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any potential</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> gains </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;"> losses on disposal of treasury shares </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;"> 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Changes in 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;"> Treasury shares as of December 31, 202</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;">, </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;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_TreasurySharesMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2416" decimals="0" format="ixt:num-dot-decimal">78,485,337</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and as of December 31, 2023 were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TreasurySharesMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2462" decimals="0" format="ixt:num-dot-decimal">12,648,091</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></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; line-height: inherit;">(<span>4</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Dividends distribution by the Company to shareholders </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; 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>27</span></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;"> 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> </ix:nonNumeric>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory" id="Tag3238" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">N&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Borrowings</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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></p> </ix:nonNumeric>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory" id="Tag9" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">O&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Current and d</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">eferred income tax</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 income tax expense or credit for the period is the tax payable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or recoverable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Both c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">urrent and deferred t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ax </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;"> recognized in the Consolidated Income Statement</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;">Income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ax</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, except </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to the extent that it relates to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">items recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other comprehensive income or directly in equity.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 current income tax charge is calculated </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 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>
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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-24</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">e</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">mainly </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">from </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">net operating loss carry-forwards</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">post-employment benefits and other long-term employee benefits</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">fair value adjustments of assets acquired in business combinations. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Deferred tax assets and liabilities are measured at the tax rates that are expected to apply </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">to the</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">by the end of the </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">reporting </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">period</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax assets are recognized to the extent</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;"> it is probable that 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;"> will be available</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> against which the te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and losses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">can be utiliz</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 the end of each reporting period, </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;"> reassesses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> deferred tax assets. 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;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a previously </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> will allow the deferred tax asset to be recovered.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets</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;">liabilities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are not recognized for temporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">arising from the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">carrying amount and t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ax basi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s of investments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">subsidiaries, branches and associates, and interests in joint ventures, </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;"> 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 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and liabilities are re-measured</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> if tax rates change. These amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ther co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">mprehensive income </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 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Comprehensive I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncome, depending on the account to which the original </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amount was charged or credited.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">On December 20, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pillar <span>Two</span> legislation was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adopted in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Luxembourg</span><span style="font-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;">nd </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">me into effect </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;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">January 1, 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 group</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;">within the scope of these rules</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;">herefore, is required to calculate its GloBe effective tax rate for each jurisdiction </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in which it is present</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and is liable to pay a top-up tax for the difference between its Globe effective tax rate per jurisdiction and the <ix:nonFraction contextRef="D20241231" name="ts:MinimumApplicableTaxRate" unitRef="Pure" id="Tag2517" decimals="2" scale="-2" format="ixt:num-dot-decimal">15</ix:nonFraction>% minimum rate.&#160;<ix:nonNumeric contextRef="D20241231" name="ifrs-full:StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" id="Tag22" escape="true">The group applies the IAS 12 exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.</ix:nonNumeric></span></p> </ix:nonNumeric>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" id="Tag2498" escape="true">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">P&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Employee benefits</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Short-term obligations</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 22.5pt; break-after: avoid; 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; line-height: inherit;">(<span>2</span>)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Post</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;">employment benefits</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 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.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">For defined benefit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">funded </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plans, net interest income</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">/</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">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></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 benefits based on years of service and final average salary</span><span style="font-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 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for this plan amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag2463" decimals="-5" scale="6" format="ixt:num-dot-decimal">59.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Employees&#8217; service rescission indemnity</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;">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="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">crued for employees at </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;"> 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="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;"> 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 limited to the contributions of <span>2007</span> onwards.&#160;</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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for this plan amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_IT" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag2481" decimals="-5" scale="6" format="ixt:num-dot-decimal">10.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Funded retirement benefit plan held in 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;"> for the benefit of some employees hir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed prior a certain date,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">funds. Additionally, an unfunded post</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">retirement health and life plan</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;"> in place</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that offers limited medical and life insurance benefits to the retirees, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">frozen to new participants</span><span style="font-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;">s 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plan</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;"> amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_US" name="ts:NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" unitRef="USD" id="Tag2445" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 primarily of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">annuities purchased from an insurance company for the benefit of current and future retiree</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;"> as well as investments in debt instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In <span>2022</span>, the plant at which all members of the hourly plan were employed was decommissioned and all members ceased to accrue benefits under the plan. </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 style="border-left: none; border-right: none;">4&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the plan</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s&#160;</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;"> overfunded and the net assets related to th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ese</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plan</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;"> amounted to $</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="I20241231_CA" name="ts:NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" unitRef="USD" id="Tag2472" decimals="-5" scale="6" format="ixt:num-dot-decimal">9.0</ix:nonFraction>&#160;</span></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></li> </ul>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">By their design, the defined benefit plans expose the Company to the typical risks faced by defined benefit plans such as investment performance, changes to discount rates used to value the obligations, rate of compensation increase (including inflation rates) and longevity of plan members . Pension and benefit risks are managed by regular monitoring of the plans, applicable regulations and other factors that may impact the Company&#8217;s expenses and cash flows. </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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 unfunded defined benefit plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are met as they fall due and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are managed directly by the Company, which is entirely responsible for the plans. The funded defined benefit pension plans are governed and administered in accordance with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The defined benefit plans are monitored on an ongoing basis to assess the funding and investment policies, financial status, and funding requirements. Significant changes to a plan or policy would be subject to approval by the board of directors of each subsidiary of the Company. </span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ther long-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">term benefits </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">During <span>2007</span>, Tenaris launched an</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">employee retention and long</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;">term incentive 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;">&#8220;</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;">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; line-height: inherit;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nits throughout the duration of the Program. The value of each of these </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;">nits is based 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;"> shareholders&#8217; equity (excluding non-cont</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rolling interest). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Until </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the end of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2017</span></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;"> u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nits </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;">vest</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;"> ratably over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a period of <span style="border-left: none; border-right: none;"><span style="border-right: none; border-left: none;"><ix:nonNumeric contextRef="D20171231" name="ts:EmployeeBenefitsUnitVestingPeriod" id="Tag2490" format="ixt-sec:durwordsen">four years</ix:nonNumeric></span></span>&#160;and were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mandatorily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> redeemed by the Company <span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><ix:nonNumeric contextRef="D20171231" name="ts:EmployeeBenefitsCompanyRedemptionPeriod" id="Tag2479" format="ixt-sec:durwordsen">ten years</ix:nonNumeric></span></span>&#160;after grant date, with the option of an early redemption at <span style="border-right: none; border-left: none;"><ix:nonNumeric contextRef="D20171231" name="ts:EmployeeBenefitsEarlyRedemptionPeriod" id="Tag2404" format="ixt-sec:durwordsen">seven years</ix:nonNumeric></span>&#160;after</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;"> grant date.</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;"><span>2018</span></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;">units </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;">vest</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;"> ratably over the same period and </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;">mandatorily redeemed by the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Company <span style="border-right: none; border-left: none;"><ix:nonNumeric contextRef="D20241231" name="ts:EmployeeBenefitsCompanyRedemptionPeriod" id="Tag2492" format="ixt-sec:durwordsen">seven years</ix:nonNumeric></span>&#160;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-26</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">T</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">he beneficiaries of the Program are</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The payment of the benefit is tied to the book value of the shares, and not to their market value.</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris valued this long-term incentive program as a long</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">-</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">term benefit plan as classified in IAS <span>19</span></span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> &#8220;Employee Benefits&#8221;</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the outstanding liability corresponding to the Program </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;"><ix:nonFraction contextRef="I20241231" name="ts:OtherCurrentNoncurrentBenefits" unitRef="USD" id="Tag2480" decimals="-5" scale="6" format="ixt:num-dot-decimal">148.0</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="I20231231" name="ts:OtherCurrentNoncurrentBenefits" unitRef="USD" id="Tag2476" decimals="-5" scale="6" format="ixt:num-dot-decimal">119.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, respectively. The total value of the units granted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(vested and unvested) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">er share 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>4</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>3</span></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="I20241231" name="ts:CarryingValueOfUnitsGranted" unitRef="USD" id="Tag2450" decimals="-5" scale="6" format="ixt:num-dot-decimal">175.0</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="I20231231" name="ts:CarryingValueOfUnitsGranted" unitRef="USD" id="Tag2429" decimals="-5" scale="6" format="ixt:num-dot-decimal">144.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, respectively.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 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;">(<span>4</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Termination benefits</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>5</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other compensation obligations</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Employ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ee entitlements to annual leave, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-service leave</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, sick leave and other bonuses and compensations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> obligations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are accrued as earned.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">Q&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Provisions </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">, as a result of past events, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">reliably</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> estimated, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">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; line-height: inherit;">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; line-height: inherit;">cash flows.<br/></span></p>
<p style="font-size: 10pt; 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;"><br/></span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">This note should be read in conjunction with </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>27</span></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;"> these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p> </ix:nonNumeric>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">&#160;</span></p>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">R&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trade and other payables </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">subsequently measured at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed cost. They are presented as current liabilities unl</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ess payment is not due within <span>twelve</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> months after the reporting period.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Due to 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;"> short-term nature </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;">heir carrying amount</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;"> considered to be the same as their fair value.</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-27</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
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<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">S&#160; &#160; &#160;&#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Revenue recognition</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> rendering of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Revenue is recognized at a point in time or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">The control </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;"> transfer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">red</span> <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;"> delivery.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">These conditions are determined and ana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lyzed on a contract by contract</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> basis to ensure that all performance obligations are fulfilled</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 particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">For bill and hold transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">does not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">) the usual payment terms apply.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company&#8217;s contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of return</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are based o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n expected value considering past experience</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and contract conditions.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris provides services</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;"> 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; line-height: inherit;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">include:</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">anagement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ervices</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 comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Field </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ervices</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;">Comprises</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;">field technical support and running assistance.</span></p>
<p style="font-size: 10pt; 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;"><br/></span></p>
<p style="font-size: 10pt; 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;">These services</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;">rendered in connection to the sales of goods and</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he following in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">puts and outputs methods are applied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to recognize revenue</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> considering the nature</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of service</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span> </p>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Storage 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;"> the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;"> to be invoiced. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">his fe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">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>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Freights</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;">the revenue </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is recognized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on a pro rata basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> considering the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">units delivered and time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> elapsed.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Field 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;"> the revenue i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s recognized considering output</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> method</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 particular surveys of service comple</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tion provided by the customer.</span></p>
<p style="font-size: 10pt; 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-28</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">T</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">he Company </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">also </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">provide</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">other services, such as </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">hydraulic fracturing</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> coiled tubing </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">and coating </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">services</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">. Regarding these services, the </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">inputs and outputs methods</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> to recognize the revenue are the following:</span></div> </div>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Coating services:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company provides coating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on third-party tubes which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are performed under specific contracts and recognized by reference to the stage of completion. Stage of completion is determined based on surveys of work performed as measured by units of production to date multiplied by contractually agreed-upon rates.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Hydraulic fracturing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> 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;"> the revenue is recognized considering output methods, in particular surveys of service completion provided by the customer.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;"> considering that the contracts do not include any significant financing component,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company does not adjust any of the transaction pric</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Other revenues earned by Tenaris are recognized on the following basis:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Interest income: on the effective yield basis. </span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net income from other sales: when control is transferred to the customer.</span></li> </ul> </ix:nonNumeric> </div> </div>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory" id="Tag3407" escape="true">
<h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">T&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost of sales and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">other selling expenses</span></h4>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Cost of sales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other selling</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">expenses are recognized in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Consolidated 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 on the accrual basis of accounting.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Commissions, freight</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 other selling expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including shipping and handling costs, </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;">recorded</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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">elling, general and administrative expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consolidated 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p> </ix:nonNumeric>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" id="Tag3254" escape="true">
<h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">U&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Earnings per share</span></h4>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Earnings per share are calculated by dividing the income attributable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the shareholders&#8217; equity</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">monthly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">weighted average number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">common</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;">outstanding</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;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">There are <ix:nonFraction contextRef="D20241231" name="ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" unitRef="Shares" id="Tag2525" decimals="0" format="ixt-sec:numwordsen">no</ix:nonFraction> dilutive potential ordinary shares.</span></p> </ix:nonNumeric>
<h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></h4>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" id="Tag5" escape="true">
<h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">V&#160; &#160; &#160;&#160;</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;">inancial instruments</span> </h4>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contract assets, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">trade and other receivables, cash and cash equivalents, borrowing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s and trade and other payables.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company classifies its financial instruments according to the following measurement categories:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -6.15pt; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 -6.15pt; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">those to be measured at amortised cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="font-size: 10pt; 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 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-29</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">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. Th<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e<span>re are </span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>three</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"> measurement categories into which the Company classifies its debt instruments:</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Amortized Cost</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">tatement.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Fair value through oth</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">er comprehensive income</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;"> 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. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Fai</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">r value through profit and loss</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quity instruments are subsequently measured at fair value.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Accounting for derivative financial instruments and hedging act</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ivities is included within the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ection III, Financial Risk Management.</span></p> </ix:nonNumeric> </ix:nonNumeric>
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<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>
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<td style="height: 12px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
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<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></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'; color: #cc0066; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">iii</span><span style="font-family: 'Frutiger 45 Light'; color: #cc0066; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">. Financial risk management</span><span> </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; 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>
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<p style="font-family: 'times new roman', times; 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>
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<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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="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;">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="Tag3437" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20241231" name="ts:DebtToEquityRatio" unitRef="Pure" id="Tag345" decimals="2" format="ixt:num-dot-decimal">0.03</ix:nonFraction></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>4</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>3</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>
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<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: 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>
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<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;">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="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;">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="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;">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="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;">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="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 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" id="Tag3263" 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: 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; line-height: inherit;"> As of 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; line-height: inherit;"> Currency Exposure / 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: 10pt; font-weight: bold; line-height: inherit;"> <span>2024</span> </span></p> </td>
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<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>
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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; margin: 0px; text-indent: 0px; 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;"><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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="I20241231_EuroUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag675" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">183,985</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_EuroUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag119" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">203,608</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;"> Saudi Arabian Riyal / U.S. dollar </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="I20241231_SaudiArabianRiyalUsDollarExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag231" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">173,233</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_SaudiArabianRiyalUsDollarExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag363" 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; 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;"> Argentine Peso / U.S. dollar </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="I20241231_ArgentinePesoUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag391" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40,565</ix: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_ArgentinePesoUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag630" 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; 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;"> Brazilian Real / U.S. dollar </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="I20241231_BrazilianRealUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag720" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">41,591</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; 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="I20231231_BrazilianRealUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag418" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,680</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> </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-31</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude> </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>
<ul style="padding-inline-start: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 1.2; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Euro / U.S. dollar</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 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>4</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>3</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="I20241231_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag386" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.8</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;"><ix:nonFraction contextRef="I20231231_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag385" 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 as of December 31, 202</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;"> and <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;">, 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="padding-inline-start: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Saudi Arabian Riyal / U. S. d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ollar</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 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>4</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>3</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>
<ul style="padding-inline-start: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentine Peso / U.S. dollar</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 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, 2024 and <span>2023</span> 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="I20241231_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag712" 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 and $</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="Tag107" 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, 2024 and <span>2023</span> respectively.</span></p>
<ul style="padding-inline-start: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brazilian Real / U.S. dollar</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 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, 2024 and <span>2023</span> consisting primarily of Brazilian Real-denominated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at certain Brazilian subsidiaries whose functional currency is the U.S. dollar. A change of <span>1</span>% in the BRL/USD exchange rate would have generated a pre</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">/</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-tax gain / loss of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag239" 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 and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag574" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million as of December 31, 2024 and <span>2023</span> respectively.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Considering the balances held as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous <span>1</span>% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">favorable / unfavorable movement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d be a pre-tax gain / loss of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag495" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.8</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;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_ForeignExchangeDerivativesContractsMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag565" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million due to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange derivative contracts), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which would be partially offset by changes to Tenaris&#8217;s net equity position of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:CTAForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag3232" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.4</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;">.</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>3</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="I20231231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag661" 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;"><ix:nonFraction contextRef="I20231231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_ForeignExchangeDerivativesContractsMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag570" 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 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="D20231231" name="ts:CTAForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag187" 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></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="D20241231_CurrencyRiskMember" name="ts:PercentageOfVariance" unitRef="Pure" id="Tag366" 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; 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>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" id="Tag70" 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;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="10" 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;">
<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; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2024</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;"><br/></td>
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<td colspan="4" 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;">
<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-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: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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;">
<p style="margin: 0pt; text-align: center;"><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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-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></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;"><br/></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;"><br/></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;">
<p style="margin: 0pt; text-align: center;"><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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-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></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;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 53%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Fixed rate</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: 0px; padding-right: 0px; vertical-align: bottom; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_FixedInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag657" decimals="-3" scale="3" format="ixt:num-dot-decimal">172,018</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_FixedInterestRateMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag251" decimals="2" scale="-2" format="ixt:num-dot-decimal">39</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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="Tag401" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag640" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;"> Variable rate </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; 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="I20241231_FloatingInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag240" decimals="-3" scale="3" format="ixt:num-dot-decimal">265,380</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: top; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_FloatingInterestRateMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag721" decimals="2" scale="-2" format="ixt:num-dot-decimal">61</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; 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="I20231231_FloatingInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag668" 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; 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: top; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag638" 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; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; 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; 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; border-top-width: 1px; border-top-style: solid; border-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="I20241231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag491" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,398</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; 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; font-weight: bold; line-height: inherit;"> </span><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-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="I20231231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag421" 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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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; 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; font-weight: bold; line-height: inherit;"> </span><br/></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> </div>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote2" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt; line-height: inherit;"><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="I20241231_FixedInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag408" decimals="-5" scale="6" format="ixt:num-dot-decimal">172.0</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="I20241231_FixedInterestRateMember" name="ifrs-full:ShorttermBorrowings" unitRef="USD" id="Tag658" decimals="-5" scale="6" format="ixt:num-dot-decimal">162.1</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></span></ix:footnote></span></span></p> </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-32</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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
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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 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: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> b<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">een <span><span>100</span> basis points higher</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">then t</span>he 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 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="D20241231" name="ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher" unitRef="USD" id="Tag3233" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.5</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;">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>4</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="D20231231" name="ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher" unitRef="USD" id="Tag3255" 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;">.</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;">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> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">basis </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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>
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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;">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures </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;"> 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: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">There is no concentration of credit risk and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="-sec-ix-hidden:Tag3435">no</span> single customer comprised more than <ix:nonFraction contextRef="D20221231" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3477" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20231231" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3438" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20241231" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3210" 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>4</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>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="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;">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 Petr&#243;leos 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 its 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately <ix:nonFraction contextRef="I20241231_CounterpartyRiskMember_PetroleosMexicanosMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag707" decimals="2" scale="-2" format="ixt:num-dot-decimal">17</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, 202</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;">,</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;">approximately <ix:nonFraction contextRef="I20231231_CounterpartyRiskMember_PetroleosMexicanosMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag413" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>% of the Company&#8217;s overall credit exposure as of December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</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;">In December 2024, Pemex issued senior guaranteed floating rate notes due in <span>2025</span> that a financial institution purchased on the issue date, with Pemex agreeing to use a portion of the proceeds from the sale of such notes to pay off outstanding debt with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>one</span> of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Company&#8217;s Mexican subsidiar</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;"> for approximately $<ix:nonFraction contextRef="D20241231_PetroleosMexicanosMember" name="ts:CollectionFromThirdParty" unitRef="USD" id="Tag392" decimals="-6" scale="6" format="ixt:num-dot-decimal">200</ix:nonFraction> million. The fee related to this transaction, amounting</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to approximately to $<ix:nonFraction contextRef="D20241231_PetroleosMexicanosMember" name="ts:CollectionTransactionFee" unitRef="USD" id="Tag642" decimals="-6" scale="6" format="ixt:num-dot-decimal">16</ix:nonFraction> million, was borne by the Company and included in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other financial results</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-align: justify; text-indent: 0px;"> <br/></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;">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: 0px; text-align: justify; 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;"><span>4</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="I20241231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag165" decimals="-5" scale="6" format="ixt:num-dot-decimal">1,907.5</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="I20241231_GuaranteesUnderCreditInsuranceMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag487" decimals="-5" scale="6" format="ixt:num-dot-decimal">208.5</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="I20241231_LetterOfCreditAndOtherBankGuaranteesMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag577" decimals="-5" scale="6" format="ixt:num-dot-decimal">79.8</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="I20241231_PastDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag644" decimals="-5" scale="6" format="ixt:num-dot-decimal">395.5</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="I20241231_FinancialGuaranteeContractsMember_PastDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag672" decimals="-5" scale="6" format="ixt:num-dot-decimal">33.6</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 $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag118" decimals="-5" scale="6" format="ixt:num-dot-decimal">48.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. </span></p>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> trade receivables amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag236" 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 </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="I20231231_GuaranteesUnderCreditInsuranceMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag237" 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="Tag460" 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="Tag627" 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="Tag398" 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="Tag153" 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>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">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>
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<p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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>
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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;">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>
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<p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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="I20241231" name="ts:ExposureInvestmentGradeRatedInstruments" unitRef="Pure" id="Tag252" decimals="3" scale="-2" format="ixt:num-dot-decimal">91.4</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>4</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="I20231231" name="ts:ExposureInvestmentGradeRatedInstruments" unitRef="Pure" id="Tag673" decimals="3" scale="-2" format="ixt:num-dot-decimal">90.8</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>3</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="height: 20px; text-align: right; vertical-align: top; width: 20%; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
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<p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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>4</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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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) were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231" name="ts:LiquidFinancialAssetsPercentage" unitRef="Pure" id="Tag659" 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;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ts:LiquidFinancialAssetsPercentage" unitRef="Pure" id="Tag233" 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;"> 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>4</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>3</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: 0px; text-align: justify; text-indent: 0px;"><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: 1.2; margin: 0px; text-align: justify; text-indent: 0px;">maturity of l<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ess than</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;<ix:nonNumeric contextRef="D20241231_LiquidityRiskMember" name="ts:MaximumMaturityPeriodOfCashAndCashEquivalents" id="Tag714" format="ixt-sec:durwordsen">three months</ix:nonNumeric>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at the</span> 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><br/></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;">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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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>4</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>3</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="I20241231_OtherCurrenciesHedgedToUSDollarMember" name="ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" unitRef="Pure" id="Tag618" decimals="2" scale="-2" format="ixt:num-dot-decimal">93</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="I20231231_OtherCurrenciesHedgedToUSDollarMember" name="ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" unitRef="Pure" id="Tag481" 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;">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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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>
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<p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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&#160;<ix:nonNumeric contextRef="D20241231_CommodityPriceRiskMember" name="ts:MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" id="Tag3243" format="ixt-sec:durwordsen">one year</ix:nonNumeric>, 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><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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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).</span></p>
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<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></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 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>4</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>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: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory" continuedAt="c6a61f0f6-cb1f-41cf-b606-27e89f985d04" id="Tag3349" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 553px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 20px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 23.9291%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle">
<p style="margin: 0px; text-align: center; 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;"> Carrying amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" rowspan="2" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" rowspan="2" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 23.9291%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; width: 23.9291%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.47275%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag695" decimals="-3" scale="3" format="ixt:num-dot-decimal">675,256</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag146" decimals="-3" scale="3" format="ixt:num-dot-decimal">320,212</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag428"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag134" decimals="-3" scale="3" format="ixt:num-dot-decimal">355,044</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag694" decimals="-3" scale="3" format="ixt:num-dot-decimal">355,044</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag583"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag567"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3247" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,372,999</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag98" decimals="-3" scale="3" format="ixt:num-dot-decimal">722,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag365" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,273,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag132" decimals="-3" scale="3" format="ixt:num-dot-decimal">376,998</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag698" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,650,671</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag126"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag92"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<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; line-height: 1.1;"><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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag145" decimals="-3" scale="3" format="ixt:num-dot-decimal">722,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_FinancialAssetsAtAmortisedCostCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag563" decimals="-3" scale="3" format="ixt:num-dot-decimal">722,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag114"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag254"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20241231_Level1OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag576"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20241231_Level2OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag357"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20241231_Level3OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag103"></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; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag693" decimals="-3" scale="3" format="ixt:num-dot-decimal">582,142</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CertificatesOfDepositsMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag209" decimals="-3" scale="3" format="ixt:num-dot-decimal">582,142</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CertificatesOfDepositsMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag458"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CertificatesOfDepositsMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag586"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CertificatesOfDepositsMember_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag104"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CertificatesOfDepositsMember_Level2OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag581"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CertificatesOfDepositsMember_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag434"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag203" decimals="-3" scale="3" format="ixt:num-dot-decimal">130,034</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CommercialPapersMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag166" decimals="-3" scale="3" format="ixt:num-dot-decimal">130,034</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CommercialPapersMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag472"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CommercialPapersMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag692"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CommercialPapersMember_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag677"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CommercialPapersMember_Level2OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag121"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CommercialPapersMember_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag159"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag130" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag358" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag680"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag455"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_Level1OfFairValueHierarchyMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag444"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_Level2OfFairValueHierarchyMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag183"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_Level3OfFairValueHierarchyMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag598"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 7px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit; margin: 0pt 0pt 0pt 8.7pt;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3431" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,273,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag257"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag614" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,273,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag127" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,273,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag664"></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; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3424" decimals="-3" scale="3" format="ixt:num-dot-decimal">645,841</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_UsGovernmentSecuritiesMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag135"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_UsGovernmentSecuritiesMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag440" decimals="-3" scale="3" format="ixt:num-dot-decimal">645,841</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_UsGovernmentSecuritiesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag711" decimals="-3" scale="3" format="ixt:num-dot-decimal">645,841</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag697" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,383</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_NonUsGovernmentSecuritiesMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag404"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_NonUsGovernmentSecuritiesMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag113" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,383</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_NonUsGovernmentSecuritiesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag273" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,383</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag155" decimals="-3" scale="3" format="ixt:num-dot-decimal">586,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CorporatesSecuritiesMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag681"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CorporatesSecuritiesMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag349" decimals="-3" scale="3" format="ixt:num-dot-decimal">586,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_CorporatesSecuritiesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag685" decimals="-3" scale="3" format="ixt:num-dot-decimal">586,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag217" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherNotesMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag493" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherNotesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3365" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 7px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag645" decimals="-3" scale="3" format="ixt:num-dot-decimal">376,998</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_MutualFundFinancialInstrumentMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag378"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_MutualFundFinancialInstrumentMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag617"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_MutualFundFinancialInstrumentMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag124" decimals="-3" scale="3" format="ixt:num-dot-decimal">376,998</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_MutualFundFinancialInstrumentMember_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag117" decimals="-3" scale="3" format="ixt:num-dot-decimal">376,998</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag247" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,484</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_DerivativesMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag3246"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_DerivativesMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag202"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_DerivativesMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag662" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,484</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_DerivativesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag381"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_DerivativesMember_Level2OfFairValueHierarchyMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag149" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,484</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_DerivativesMember_Level3OfFairValueHierarchyMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag142"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag613" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,005,300</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag131" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,292</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag175" decimals="-3" scale="3" format="ixt:num-dot-decimal">857,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag150" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,049</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag128" decimals="-3" scale="3" format="ixt:num-dot-decimal">857,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag501" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,049</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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag230" decimals="-3" scale="3" format="ixt:num-dot-decimal">857,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag188"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag561" decimals="-3" scale="3" format="ixt:num-dot-decimal">857,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag626"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_Level1OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag609" decimals="-3" scale="3" format="ixt:num-dot-decimal">857,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_Level2OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag494"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_BondsAndOtherFixedIncomeMember_Level3OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag3422"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt; line-height: 1.1;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag182" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,292</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag111" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,292</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag480"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag572"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_Level1OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag120"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_Level2OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag243"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_Level3OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag713"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag377" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,049</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherInvestments1Member_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag631"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherInvestments1Member_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag571"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherInvestments1Member_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag687" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,049</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherInvestments1Member_Level1OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag438"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherInvestments1Member_Level2OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag177"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherInvestments1Member_Level3OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag504" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,049</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag139" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,907,507</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag196" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,907,507</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag585"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag179"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag443"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag628"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag500"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag623" decimals="-3" scale="3" format="ixt:num-dot-decimal">435,973</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag380" decimals="-3" scale="3" format="ixt:num-dot-decimal">191,058</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag463"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag204"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag194"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag395"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag703"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag171" decimals="-3" scale="3" format="ixt:num-dot-decimal">191,058</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherReceivablesMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag352" decimals="-3" scale="3" format="ixt:num-dot-decimal">191,058</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherReceivablesMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag490"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherReceivablesMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag399"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherReceivablesMember_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag688"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherReceivablesMember_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag115"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherReceivablesMember_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag562"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<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;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag223" decimals="-3" scale="3" format="ixt:num-dot-decimal">244,915</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherReceivablesNonfinancialMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag163"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherReceivablesNonfinancialMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag116"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherReceivablesNonfinancialMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag684"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherReceivablesNonfinancialMember_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag452"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherReceivablesNonfinancialMember_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag110"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherReceivablesNonfinancialMember_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag459"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag669" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,281,397</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag222" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,131,632</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag379" decimals="-3" scale="3" format="ixt:num-dot-decimal">746,575</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag105" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,863,674</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag683" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,484</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag497" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,049</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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag201" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,398</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag704" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,398</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag498"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag624"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag717"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag439"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag454"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag479" decimals="-3" scale="3" format="ixt:num-dot-decimal">880,261</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag813" decimals="-3" scale="3" format="ixt:num-dot-decimal">880,261</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag430"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag272"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag214"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag686"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag157"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag192" decimals="-3" scale="3" format="ixt:num-dot-decimal">887,526</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag665" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,985</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag370"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag205" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,264</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag394"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag133"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag190" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,264</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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;">Other liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesFinancialMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag122" decimals="-3" scale="3" format="ixt:num-dot-decimal">275,249</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesFinancialMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag621" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,985</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesFinancialMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag465"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesFinancialMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag671" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,264</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherLiabilitiesFinancialMember_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag482"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherLiabilitiesFinancialMember_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag632"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesFinancialMember_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag218" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,264</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesNonfinancialMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag195" decimals="-3" scale="3" format="ixt:num-dot-decimal">612,277</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag169"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag390"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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="I20241231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag432"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherLiabilitiesNonfinancialMember_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag410"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherLiabilitiesNonfinancialMember_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag406"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_OtherLiabilitiesNonfinancialMember_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag396"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag350" decimals="-3" scale="3" format="ixt:num-dot-decimal">144,926</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag271" decimals="-3" scale="3" format="ixt:num-dot-decimal">144,926</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag442"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag143"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag211"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag462"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag242"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag478" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag407"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag484"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag208" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level1OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag615"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level2OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag719" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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="I20241231_Level3OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag112"></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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag691" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,494,570</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag361"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag612" decimals="-3" scale="3" format="ixt:num-dot-decimal">251,564</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag108"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_Level2OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag451" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag467" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,264</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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<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-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 9pt;">(*)</span><span><ix:footnote xml:lang="en-US" id="footnote3" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Includes liability related to share buyback program. See note </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 Financial Statements.</span></span></ix:footnote></span></span></p> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Certain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Due to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (including contract assets)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, other financial liabilities and other investments are considered to be similar to their fair values.</span></span></p>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 1.2; 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>F-35</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 xmlns="http://www.w3.org/1999/xhtml" id="t_ft_Z5LC91QZSG00000000000000000000b">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;">
<div style="border-right: none; border-left: none;">
<ix:continuation id="c6a61f0f6-cb1f-41cf-b606-27e89f985d04">
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 550px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 20px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 23.9291%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle">
<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: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" rowspan="2" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" rowspan="2" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0488%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 23.9291%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag227" 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; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag437" 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; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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="Tag446"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag641" decimals="-3" scale="3" format="ixt:num-dot-decimal">223,424</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag373" decimals="-3" scale="3" format="ixt:num-dot-decimal">223,424</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.47275%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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="Tag485"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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="Tag468"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag710" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag168" decimals="-3" scale="3" format="ixt:num-dot-decimal">896,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag384" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag393" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag151" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag256"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag342"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<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; line-height: 1.1;"><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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag210" decimals="-3" scale="3" format="ixt:num-dot-decimal">896,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag269" decimals="-3" scale="3" format="ixt:num-dot-decimal">896,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag93"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag360"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag488"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag449"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag167"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag141" decimals="-3" scale="3" format="ixt:num-dot-decimal">282,225</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag224" decimals="-3" scale="3" format="ixt:num-dot-decimal">282,225</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag213"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag136"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag461"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag639"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag629"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag708" decimals="-3" scale="3" format="ixt:num-dot-decimal">334,637</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag568" decimals="-3" scale="3" format="ixt:num-dot-decimal">334,637</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag445"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag706"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag620"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag125"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag610"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag670" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,708</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag109" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,708</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag172"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag148"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag94"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag690"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag250"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag473" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,596</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag599" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,596</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag138"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag225"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag221"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag633"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_OtherNotesFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag679"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 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;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag359" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag716"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag636" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag715"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag397" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag253"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag100"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag486" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag255"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag216" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag180"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag346" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag466"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag178"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag637" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,943</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag176"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag676" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,943</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag666"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag450" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,943</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag414"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag558"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag447" decimals="-3" scale="3" format="ixt:num-dot-decimal">696,939</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag3423"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag575" decimals="-3" scale="3" format="ixt:num-dot-decimal">696,939</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_CorporatesSecuritiesMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag616"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag232" decimals="-3" scale="3" format="ixt:num-dot-decimal">696,939</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag181"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag573"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag383" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag219"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag245"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag348" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag436" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag409"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag367"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag667" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag412"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag499"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag569" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag441"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag476" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag705"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag164" decimals="-3" scale="3" format="ixt:num-dot-decimal">405,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag579"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag375" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag226" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag364" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag140"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag206" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag611" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag174"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag643" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag426"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag368" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag496"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag403"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag470" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag689"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag96"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag3367" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag420"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag228"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag144" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag234" 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag422" 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag560"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag424"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag343"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag492"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag427"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag417" decimals="-3" scale="3" format="ixt:num-dot-decimal">414,778</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag212" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,144</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag186"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag185"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag102"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag158"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag152"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag90" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,144</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag448" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,144</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag471"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag678"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag191"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag137"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag274"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 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;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag388" decimals="-3" scale="3" format="ixt:num-dot-decimal">321,634</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag475"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag101"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag674"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag200"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag634"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag220"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag129" 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag347" 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag246" decimals="-3" scale="3" format="ixt:num-dot-decimal">479,820</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag276" 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag199" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag457" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag456" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag173" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag162"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag184"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag584"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag566"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag244"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other liabilties C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag229" decimals="-3" scale="3" format="ixt:num-dot-decimal">693,913</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag474"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag341"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag503" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag578"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag464"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag340" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;">Other liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag453" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag483"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag154"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag660" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag362"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag170"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag376" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag415" decimals="-3" scale="3" format="ixt:num-dot-decimal">607,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag248"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag718"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag619"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag625"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag477"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag709"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag402" 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag502" 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag587"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag416"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag635"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag241"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag389"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag431" decimals="-3" scale="3" format="ixt:num-dot-decimal">134,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag156" decimals="-3" scale="3" format="ixt:num-dot-decimal">134,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag435"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag147"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag270"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag91"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag559"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag505" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag238"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag622"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag207" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag372"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag249" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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="Tag696"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag197" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag423"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag369" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,390</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag235"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag582" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag489" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<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-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote4" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes liability related to share buyback program. See note </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 Financial Statements.</span></span></ix:footnote></span></span></p> </ix:continuation> </div>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Certain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Due to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (including contract assets)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, other financial liabilities and other investments are considered to be similar to their fair values.</span></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-36</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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
<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;">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: 0px; text-indent: 0px;"> <br/></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 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: 0px; text-indent: 0px;"> <br/></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 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;">&#160;<ix:nonNumeric contextRef="D20241231" name="ts:MinimumMaturityPeriodOfCertificatesOfDeposits" id="Tag3234" format="ixt-sec:durwordsen">three months</ix:nonNumeric></span><span style="font-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: 0px; text-indent: 0px;"><br/></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;">If <span>one</span> or more of the significant inputs are not based on observable market data, the instruments are included in Level <span>3</span>. The Company values its assets and liabilities in this level using 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 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, main balances in this level included a liability related to the shares to be settled under the share buyback program. Unobservable inputs related to this balance include assumptions regarding average purchase prices of previous periods, and management's past experience related to the conclusion of the share buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability materially. </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>35</span></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-align: justify; text-indent: 0px;"> <br/></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 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: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory" id="Tag69" escape="true">
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<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; line-height: inherit;"> <span>2024</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; 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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0px; text-indent: 0px;"><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%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag95" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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="Tag400" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 19px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Decrease </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: 0px; padding-right: 0px; vertical-align: bottom; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets" unitRef="USD" id="Tag215" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets" unitRef="USD" id="Tag189" 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; height: 19px;">)</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; 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="D20241231_Level3OfFairValueHierarchyMember" name="ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" unitRef="USD" id="Tag387" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">177</ix: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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_Level3OfFairValueHierarchyMember" name="ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" unitRef="USD" id="Tag161" 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; height: 17px;">)</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; 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="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag429" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,049</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="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag433" 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> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span> <span><ix:footnote xml:lang="en-US" id="footnote5" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">sale of Venezuela awards. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>6</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></span></p> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></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 presents the changes in Level <span>3</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabilities</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-align: justify; text-indent: 0px;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory" id="Tag3265" 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 style="margin: 0px; text-indent: 0px;">
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; width: 22.1566%;">
<p style="margin: 0px; text-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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; width: 1.03397%;"><br/></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; width: 1.03397%;"><br/></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; width: 10.0443%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; 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;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag405" 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; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag160"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Settlement of share buy back program liability </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="D20241231_Level3OfFairValueHierarchyMember" name="ts:SettlementOfShareBuyBackProgramLiability" unitRef="USD" id="Tag700" 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; margin: 0px; text-indent: 0px; width: 1.03397%;">)</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="D20231231_Level3OfFairValueHierarchyMember" name="ts:SettlementOfShareBuyBackProgramLiability" unitRef="USD" xsi:nil="true" id="Tag344"></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; 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; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Increase in share buyback program liability </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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="D20241231_Level3OfFairValueHierarchyMember" name="ts:IncreaseDecreaseInShareBuybackProgramLiability" unitRef="USD" id="Tag469" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,264</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: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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_Level3OfFairValueHierarchyMember" name="ts:IncreaseDecreaseInShareBuybackProgramLiability" unitRef="USD" id="Tag106" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><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; border-top-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: 10.0443%;">
<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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag374" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,264</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; width: 1.03397%;"><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; width: 1.03397%;"><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; 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag99" 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; 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; width: 1.4771%;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0px; text-align: justify; 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-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;"><a href="#TOC"></a><br/></div> </div>
<div xmlns="http://www.w3.org/1999/xhtml" id="t_ft_NUACHIMP4W00000000000000000000b">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px; margin: 0px; text-indent: 0px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">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: 0px; text-align: justify; text-indent: 0px;"> <br/></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 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: 0px; text-align: justify; text-indent: 0px;"> <br/></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 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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">Borrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (level <span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of its main </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;"> 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="I20241231" name="ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" unitRef="Pure" id="Tag193" decimals="3" scale="-2" format="ixt:num-dot-decimal">98.3</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="I20231231" name="ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" unitRef="Pure" id="Tag411" 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;"> of its carrying amount (including interests accrued) in <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;"> and <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;"> respectively. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting cash flows.</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></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 carrying amount of investments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at amortized cost approximates its fair value.</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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;"> uses derivative financial instruments principally to manage its exposure to fluctuations in exchange rates</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;"> prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities based on their maturity dates. </span><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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </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;">enaris uses market prices or spec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ific tools for calculation of each instrument&#8217;s fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, these tools are tested </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Gains or losses arising from changes in fair value of derivatives are recognized </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;">Financial Results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, except for derivatives that are designated and qualify for hedge accounting.</span> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></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;">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="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></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;">For transactions designated and qualifying for hedge accounting, Tenaris 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 undertaking various hedge transactions. 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 the fair value or cash flow of hedged items. At December 31, 202</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;"> and <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 effective portion of designated cash flow hedges 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 amounted 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="I20241231" name="ifrs-full:ReserveOfCashFlowHedges" unitRef="USD" id="Tag699" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">0.6</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;">debit</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" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag123" 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;"> respectively.</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></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 fair values of various derivative instruments used for hedging purposes 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 are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disclosed in note</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></p> </div> </ix:nonNumeric> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
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<p style="margin: 0pt; line-height: 1.2;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">I</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">V. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</span></p>
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<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>1</span></span><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: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span>Segment information</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: 1.2; margin: 0pt; text-align: justify;">As mentione<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d in sectio</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>n II.</span><span>C</span><span>, the </span><span>S</span><span>egment </span><span>I</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nformation is disclo</span>sed as follow</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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<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;">Reportable operating segments</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: 8pt; line-height: inherit;">(All amounts in millions of U.S. dollars</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">)</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </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;"> Tubes </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;"> Other </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;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; 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="D20241231_TubesMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag3359" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,391</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-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: 1%; 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; width: 10%; 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="D20241231_AllOtherSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag1679" decimals="-6" scale="6" format="ixt:num-dot-decimal">143</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-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: 1%; 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; width: 10%; 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="D20241231_ReportableSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag3350" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,534</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; border-top-width: 1px; 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: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Difference in cost of sales </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><br/></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><br/></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="D20241231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInCostOfSales" unitRef="USD" id="Tag2848" decimals="-6" scale="6" format="ixt:num-dot-decimal">115</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in selling, general and administrative 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; line-height: inherit;"> </span><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" unitRef="USD" id="Tag2847" decimals="-6" scale="6" 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; background-color: #cceeff; 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;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" unitRef="USD" id="Tag516" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">3</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; border-top-width: 1px; border-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; line-height: inherit;"> IFRS - operating income </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; line-height: inherit;"> </span><br/></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; 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;"> </span><br/></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; 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="D20241231_ReportableSegmentsMember" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag3226" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,419</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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_ReportableSegmentsMember" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag3224" 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; 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; line-height: inherit;"> 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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="D20241231_ReportableSegmentsMember" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag3223" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,548</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; line-height: inherit;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_ReportableSegmentsMember" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag3222" 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; 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-top-width: 1px; border-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; line-height: inherit;"> Income before income tax </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; line-height: inherit;"> </span><br/></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; 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;"> </span><br/></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; 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="D20241231_ReportableSegmentsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag3216" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,557</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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag3053" decimals="-6" scale="6" format="ixt:num-dot-decimal">11,907</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-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_AllOtherSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2852" decimals="-6" scale="6" format="ixt:num-dot-decimal">617</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-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_ReportableSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2849" decimals="-6" scale="6" format="ixt:num-dot-decimal">12,524</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-style: italic; line-height: inherit;"> Depreciation and amortization </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-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_TubesMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag3051" decimals="-6" scale="6" format="ixt:num-dot-decimal">580</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_AllOtherSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2851" decimals="-6" scale="6" format="ixt:num-dot-decimal">53</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_ReportableSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2850" decimals="-6" scale="6" format="ixt:num-dot-decimal">633</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;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_ZRZXZXZIVK00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 200px; width: 100.04%; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.881%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_TubesMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2846" 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; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_AllOtherSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2845" 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; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2844" 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; margin: 0px; text-indent: 0px; width: 1.4881%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInCostOfSales" unitRef="USD" id="Tag509" 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; height: 17px; width: 1.4881%;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" unitRef="USD" id="Tag1675" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" unitRef="USD" id="Tag2808" 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; height: 17px; width: 1.4881%;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> IFRS - operating income </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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag2843" 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; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag2842" 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; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; 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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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; 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: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2841" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2840" 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; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Income before income tax </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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2839" 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; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2834" 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: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AllOtherSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2836" 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; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2838" 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: 10px; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TubesMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2833" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AllOtherSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2835" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2837" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_8XIR2VUGS000000000000000000000b">
<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; margin-left: 0.1px;" 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; line-height: inherit;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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;"> Tubes </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: 0px; padding-right: 0px; vertical-align: middle; 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;"> Other </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: 0px; padding-right: 0px; vertical-align: middle; 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;"> 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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_TubesMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2832" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_AllOtherSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag534" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2830" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><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;"> Difference in cost of sales </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;"><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: 'Times New Roman'; font-size: 10pt; 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;"><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_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInCostOfSales" unitRef="USD" id="Tag510" 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: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInDepreciationAndAmortization" unitRef="USD" id="Tag511" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> Differences in selling, general and administrative 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" unitRef="USD" id="Tag1673" 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;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" unitRef="USD" id="Tag1674" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><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; line-height: inherit;"> IFRS - operating income </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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag2829" 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; border-top-width: 1px; 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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag2828" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</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; line-height: inherit;"> 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; 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; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2827" 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>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2826" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><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; line-height: inherit;"> Income before income tax </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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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_ReportableSegmentsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag531" 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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2820" 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AllOtherSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2822" 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2824" 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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TubesMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2819" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AllOtherSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2821" 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; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag1682" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table> </div> </div> </ix:nonNumeric>
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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> </div>
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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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></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> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">There are no material differences between IFRS and management view in total revenues.</span></div> </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The differences between operating income under IFRS and the management view</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 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; line-height: inherit;"> minor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> timing differences.</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 main difference in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other operating income (expenses)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">, net</span><span style="font-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 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;"> ended </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>2022</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is attributable to t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he main differences in net income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under the IFRS and management views </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">arise from the impact of functional currencies on financial result, deferred income taxes as well as the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equity in earnings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of non-consolidated companies.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></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;">Following the integration of </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;"> activities into its Tubes segment, the Company re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">presented</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year-to-date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> segment information amounts accordingly.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <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;">Geographical information</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfGeographicalAreasExplanatory" id="Tag1" escape="true">
<div id="t_ft_23VT8ZAKK000000000000000000000b">
<table cellspacing="0" cellpadding="0" style="height: 343px; 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 style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 40.9684%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> North America </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> South America </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> Europe </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;">Asia Pacific, Middle East and Africa <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; 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; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;">Unallocated <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; 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; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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; margin: 0px; text-indent: 0px; 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; width: 0.979325%;"><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: 40.9684%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; 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: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_NorthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag506" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,558,769</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_SouthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2817" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,621,581</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_EuropeMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2816" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,262,458</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2815" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,081,126</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_UnallocatedRegionMember" name="ifrs-full:Revenue" unitRef="USD" xsi:nil="true" id="Tag335"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:Revenue" unitRef="USD" id="Tag2800" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,523,934</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_NorthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2514" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,578,293</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_SouthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2813" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,257,345</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_EuropeMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2812" decimals="-3" scale="3" format="ixt:num-dot-decimal">832,443</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2811" decimals="-3" scale="3" format="ixt:num-dot-decimal">453,390</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UnallocatedRegionMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag1683"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2810" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,121,471</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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_NorthAmericaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag545" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,117,314</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_SouthAmericaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag544" decimals="-3" scale="3" format="ixt:num-dot-decimal">177,934</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_EuropeMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag549" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,899</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag542" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,602</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UnallocatedRegionMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag524"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag548" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,357,749</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_NorthAmericaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag541" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,105</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_SouthAmericaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag546" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,255</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_EuropeMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag539" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,242</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag538" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,266</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UnallocatedRegionMember" name="ifrs-full:RightofuseAssets" unitRef="USD" xsi:nil="true" id="Tag382"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag547" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,868</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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_NorthAmericaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag356"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_SouthAmericaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag521"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_EuropeMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag292"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag291"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_UnallocatedRegionMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag543" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,543,657</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag552" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,543,657</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </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: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_NorthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2807" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2805" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1686" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2801" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:Revenue" unitRef="USD" xsi:nil="true" id="Tag1714"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:Revenue" unitRef="USD" id="Tag2818" 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; background-color: #cceeff; width: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_NorthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2806" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag512" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2802" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1715" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag1711"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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="Tag1678" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </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: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_NorthAmericaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag536" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,126,774</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag535" decimals="-3" scale="3" format="ixt:num-dot-decimal">166,450</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag540" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,580</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag533" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,306</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2809"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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="Tag1677" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_NorthAmericaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag532" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,128</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag537" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,241</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag2803" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,832</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag529" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,937</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:RightofuseAssets" unitRef="USD" xsi:nil="true" id="Tag1684"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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="Tag1676" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_NorthAmericaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag290"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag1687"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag2804"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag1691"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag528" 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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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="Tag520" 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; background-color: #cceeff; width: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </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: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_NorthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1710" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1708" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1706" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1704" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:Revenue" unitRef="USD" xsi:nil="true" id="Tag1702"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:Revenue" unitRef="USD" id="Tag354" 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; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_NorthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1709" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1707" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1705" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1703" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag355"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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="Tag339" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NorthAmericaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1701" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,102,265</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag526" decimals="-3" scale="3" format="ixt:num-dot-decimal">147,102</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag525" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,598</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag530" decimals="-3" scale="3" format="ixt:num-dot-decimal">75,543</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1689"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag338" 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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NorthAmericaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag523" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,022</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag522" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,141</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag527" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,208</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag514" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,370</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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:RightofuseAssets" unitRef="USD" xsi:nil="true" id="Tag1690"></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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag337" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_NorthAmericaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag2823"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_SouthAmericaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag1693"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_EuropeMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag1692"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag3229"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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_UnallocatedRegionMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag513" 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; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-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="Tag336" 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; height: 17px; width: 0.979325%;"><br/></td> </tr> </tbody> </table> </div>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">(*) </span></sup><span><ix:footnote xml:lang="en-US" id="footnote29" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Starting on January 1, 2023, Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Middle East and Africa </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">areas</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> were merged in a single geographical </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">area</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">(*</span></sup><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">*</span></sup><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">) </span></sup><span><ix:footnote xml:lang="en-US" id="footnote28" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the years </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </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;">3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and <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;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Investment</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">s in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">See 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>14</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> t</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">o these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></p> </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;">There are no revenues from external customers attributable to the Company&#8217;s country of incorporation (Luxembourg).&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The principal countries from which the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ompany derives its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">revenues are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USA</span><span style="font-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="D20241231_US" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag1700" decimals="2" scale="-2" format="ixt:num-dot-decimal">32</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;">, </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;"><ix:nonFraction contextRef="D20241231_AR" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag1699" decimals="2" scale="-2" format="ixt:num-dot-decimal">12</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;">, </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;">Canada, </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;">and</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;"> (each less than <ix:nonFraction contextRef="D20241231_LessThan10PercentMember_BR" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3459" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20241231_LessThan10PercentMember_MX" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3458" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20241231_LessThan10PercentMember_CA" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3457" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20241231_SA_LessThan10PercentMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag1688" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction>%)</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-40</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></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> <span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">As of December 31, 2024, <span style="border-left: none; border-right: none;">2023</span> and <span style="border-left: none; border-right: none;">2022</span> non-current assets comprising property, plant and equipment, intangible assets and right of use assets attributable to the Company&#8217;s country of incorporation (Luxembourg) amounted to $</span><span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20241231_LU" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag519" decimals="-5" scale="6" format="ixt:num-dot-decimal">15.6</ix:nonFraction></span> <span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">million, $</span><span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20231231_LU" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag518" decimals="-5" scale="6" format="ixt:num-dot-decimal">10.7</ix:nonFraction></span> <span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">million and $</span><span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LU" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag517" decimals="-5" scale="6" format="ixt:num-dot-decimal">2.9</ix:nonFraction></span><span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> million, respectively.</span></div> </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_TenarisMember_GovernmentCustomersMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag1698" decimals="2" scale="-2" format="ixt:num-dot-decimal">30</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="D20231231_TenarisMember_GovernmentCustomersMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag1697" decimals="2" scale="-2" format="ixt:num-dot-decimal">26</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="D20221231_TenarisMember_GovernmentCustomersMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag1696" 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;"> in</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>4</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>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="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;">Tubes segment revenues by market:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></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;">(All amounts in millions of U.S. dollars)</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></p>
<ix:nonNumeric contextRef="D20241231_TubesMember" name="ts:SegmentRevenuesByMarketExplanatory" id="Tag3343" escape="true">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Revenues Tubes </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: 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>2024</span> </span></p> </td>
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<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;"><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: 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><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: 10px;"><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: 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Oil &amp; gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_TubesMember_OilAndNaturalGasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag57" decimals="-6" scale="6" format="ixt:num-dot-decimal">10,689</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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TubesMember_OilAndNaturalGasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag56" 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; 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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TubesMember_OilAndNaturalGasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag55" 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; margin: 0px; text-indent: 0px; width: 1%; 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; line-height: inherit;"> Oil &amp; gas processing plants </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="D20241231_TubesMember_OilAndGasProcessingPlantsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag557" decimals="-6" scale="6" format="ixt:num-dot-decimal">548</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="D20231231_OilAndGasProcessingPlantsMember_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag556" 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_TubesMember_OilAndGasProcessingPlantsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag555" 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: 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; line-height: inherit;"> Industrial, power and others </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="D20241231_TubesMember_IndustrialAndOtherMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag554" decimals="-6" scale="6" format="ixt:num-dot-decimal">670</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TubesMember_IndustrialAndOtherMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag553" 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TubesMember_IndustrialAndOtherMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2831" 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; 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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="D20241231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag551" decimals="-6" scale="6" format="ixt:num-dot-decimal">11,907</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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag550" 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; border-top-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-top-width: 1px; border-top-style: solid; border-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="D20221231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2825" 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; border-top-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> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></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;">The table above i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nclude</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;"> revenues from services performed on third party tubes of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_TubesMember_ServicesToThirdPartiesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag508" decimals="-5" scale="6" format="ixt:num-dot-decimal">483.5</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="D20231231_TubesMember_ServicesToThirdPartiesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag507" decimals="-5" scale="6" format="ixt:num-dot-decimal">164.8</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;"><ix:nonFraction contextRef="D20221231_TubesMember_ServicesToThirdPartiesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag515" decimals="-5" scale="6" format="ixt:num-dot-decimal">108.3</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;">the years </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span>, <span>2023</span> and <span>2022</span>, respectively.</span><br/></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;">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 </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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company recognized contract liabilities related to customer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> advances in the 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;"><ix:nonFraction contextRef="I20241231" name="ifrs-full:ContractLiabilities" unitRef="USD" id="Tag1695" decimals="-5" scale="6" format="ixt:num-dot-decimal">206.2</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;"> 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" name="ifrs-full:ContractLiabilities" unitRef="USD" id="Tag1694" decimals="-5" scale="6" format="ixt:num-dot-decimal">263.7</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;">, respectively. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Contract liabilities represent obligations to perform services or deliver products in the future for cash considerations that have been received from customers.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Each of 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;">se</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounts </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 rec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ognized as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> revenues during the subsequent 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;">. In these periods, no significant adjustment</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 revenues were performed related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">previously satisfied </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">performance obligations.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></p>
<p style="margin: 0pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 2024</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>2023</span>, the Company recognized contract assets related to unbilled revenues in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231" name="ifrs-full:ContractAssets" unitRef="USD" id="Tag1680" decimals="-5" scale="6" format="ixt:num-dot-decimal">50.8</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;">including $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_RelatedPartiesMember" name="ifrs-full:ContractAssets" unitRef="USD" id="Tag1685" decimals="-5" scale="6" format="ixt:num-dot-decimal">14.2</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 related parties)</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="I20231231" name="ifrs-full:ContractAssets" unitRef="USD" id="Tag1681" 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, respectively.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Contract assets arise from revenue earned for goods or services that is not yet billable 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;"> customer</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> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfCostOfSalesExplanatory" id="Tag3319" escape="true">
<p style="line-height: 1.2; 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; line-height: inherit;"><span style="border-left: none; border-right: none;">2<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost of sales</span></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"> <br/></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" id="Tag3320" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 271px; 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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="7" 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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%; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2678" 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; 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2699" 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; 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag3164" 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: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super; height: 10px; padding: 0px 7px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Change in inventory due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></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="D20241231" name="ts:IncreaseInInventoryDueToBusinessCombinations" unitRef="USD" id="Tag3169" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,792</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ts:IncreaseInInventoryDueToBusinessCombinations" unitRef="USD" id="Tag2675" 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; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ts:IncreaseInInventoryDueToBusinessCombinations" unitRef="USD" xsi:nil="true" id="Tag3176"></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: 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; line-height: inherit;"> 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; 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;"> </span><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;">
<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;"> </span><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;">
<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;"> </span><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Raw materials, energy, consumables and 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther" unitRef="USD" id="Tag3217" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,638,681</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="D20231231" name="ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther" unitRef="USD" id="Tag2677" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther" unitRef="USD" id="Tag3161" 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; 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; line-height: inherit;"> Services and fees </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="D20241231" name="ts:CostOfSalesServicesAndFees" unitRef="USD" id="Tag3159" decimals="-3" scale="3" format="ixt:num-dot-decimal">408,478</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="D20231231" name="ts:CostOfSalesServicesAndFees" unitRef="USD" id="Tag2707" 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; 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="D20221231" name="ts:CostOfSalesServicesAndFees" unitRef="USD" id="Tag3160" 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; 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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:CostOfSalesLaborCost" unitRef="USD" id="Tag3191" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,454,924</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="D20231231" name="ts:CostOfSalesLaborCost" unitRef="USD" id="Tag2690" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:CostOfSalesLaborCost" unitRef="USD" id="Tag3170" 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; 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; line-height: inherit;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag3172" decimals="-3" scale="3" format="ixt:num-dot-decimal">483,535</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="D20231231" name="ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2676" 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; 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="D20221231" name="ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2732" 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; 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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:CostOfSalesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag3193" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,193</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="D20231231" name="ts:CostOfSalesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2701" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:CostOfSalesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag3181" 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; 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; line-height: inherit;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:CostOfSalesDepreciationOfRightOfUseAssets" unitRef="USD" id="Tag3168" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,332</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="D20231231" name="ts:CostOfSalesDepreciationOfRightOfUseAssets" unitRef="USD" id="Tag3189" 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; 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="D20221231" name="ts:CostOfSalesDepreciationOfRightOfUseAssets" unitRef="USD" id="Tag3163" 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; 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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Maintenance 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:CostOfSalesMaintenanceExpenses" unitRef="USD" id="Tag3218" decimals="-3" scale="3" format="ixt:num-dot-decimal">443,498</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="D20231231" name="ts:CostOfSalesMaintenanceExpenses" unitRef="USD" id="Tag3186" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:CostOfSalesMaintenanceExpenses" unitRef="USD" id="Tag2684" 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; 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; line-height: inherit;"> Allowance for obsolescence </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="D20241231" name="ts:CostOfSalesAllowanceForObsolescence" unitRef="USD" id="Tag3166" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,240</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="D20231231" name="ts:CostOfSalesAllowanceForObsolescence" unitRef="USD" id="Tag3183" 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; 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="D20221231" name="ts:CostOfSalesAllowanceForObsolescence" unitRef="USD" id="Tag3179" 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; 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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Taxes </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="D20241231" name="ts:CostOfSalesTaxes" unitRef="USD" id="Tag3174" decimals="-3" scale="3" format="ixt:num-dot-decimal">124,500</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="D20231231" name="ts:CostOfSalesTaxes" unitRef="USD" id="Tag3180" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:CostOfSalesTaxes" unitRef="USD" id="Tag3188" 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; 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; 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:CostOfSalesOther" unitRef="USD" id="Tag3212" decimals="-3" scale="3" format="ixt:num-dot-decimal">230,161</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="D20231231" name="ts:CostOfSalesOther" unitRef="USD" id="Tag3178" 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; 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="D20221231" name="ts:CostOfSalesOther" unitRef="USD" id="Tag2700" 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; 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: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">
<p style="margin: 0px; text-align: right; padding-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="D20241231" name="ts:CostOfSalesIncludingDiscontinuedOperations" unitRef="USD" id="Tag3185" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,924,334</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-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: right; padding-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" name="ts:CostOfSalesIncludingDiscontinuedOperations" unitRef="USD" id="Tag3175" 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; 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: right; padding-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" name="ts:CostOfSalesIncludingDiscontinuedOperations" unitRef="USD" id="Tag3177" 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; height: 10px; border-top-width: 1px; border-top-style: solid; margin: 0px; text-indent: 0px; border-top-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;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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; 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="I20241231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2683" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,709,942</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;"><span style="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; 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="I20231231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag3173" 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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="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; 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="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2698" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,986,929</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><span style="font-size: 10pt; 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; line-height: inherit;"> </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="D20241231" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag3162" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,135,489</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="D20231231" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag3167" 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; 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="D20221231" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag3165" 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; border-top-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> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_MD6X74VEW000000000000000000000b">
<table style="height: 27px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 10px; text-align: center; width: 1%;"><span style="font-size: 8pt;"><sup><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; display: inline !important;">(*)</span></sup></span></td>
<td style="text-align: justify; height: 10px; width: 99%;"><span style="width: 98%; text-align: justify;"><sup> </sup><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote51" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year <span>2024</span>, related </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#8217;s pipe coating business unit acquisition. </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>34</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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></ix:footnote></span></span></span></td> </tr>
<tr style="height: 17px;">
<td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br/></td>
<td style="text-align: justify; height: 17px;"><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;">For the year <span>2023</span>, 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'; line-height: inherit;">elated </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus 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'; line-height: inherit;">and Mattr&#8217;s pipe coating business unit 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'; line-height: inherit;">.</span></span></td> </tr> </tbody> </table> </div> </ix:nonNumeric> </div> </ix:nonNumeric>
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<div><br/></div> </div> </div> </div>
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<div>
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<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>
<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="Dc6kc3rljgwszlwrro2hidj" style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_POJKH20VK000000000000000000000b">
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic;font-size: 8pt;color: #666666;font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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;float: none;display: inline !important;font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory" id="Tag77" 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;"><span style="border-left: none; border-right: none;">3<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span></span></span><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="D20241231" name="ts:DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" id="Tag76" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 193px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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;"> </span><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; 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;"><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; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: 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; 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: top; 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: 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; 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: 65%; background-color: #cceeff;">
<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; margin: 0px; text-indent: 0px; 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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesServicesAndFees" unitRef="USD" id="Tag2342" decimals="-3" scale="3" format="ixt:num-dot-decimal">183,659</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%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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" name="ts:SellingGeneralAndAdministrativeExpensesServicesAndFees" unitRef="USD" id="Tag2666" 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; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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" name="ts:SellingGeneralAndAdministrativeExpensesServicesAndFees" unitRef="USD" id="Tag2655" 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; margin: 0px; text-indent: 0px; height: 10px; width: 1%; 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-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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesLaborCost" unitRef="USD" id="Tag2338" decimals="-3" scale="3" format="ixt:num-dot-decimal">705,849</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="D20231231" name="ts:SellingGeneralAndAdministrativeExpensesLaborCost" unitRef="USD" id="Tag2665" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20221231" name="ts:SellingGeneralAndAdministrativeExpensesLaborCost" unitRef="USD" id="Tag2649" decimals="-3" scale="3" format="ixt:num-dot-decimal">518,500</ix:nonFraction></span> </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: 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; 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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag1924" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,668</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; 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" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2664" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; 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" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2648" 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; 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; 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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag1912" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,557</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="D20231231" name="ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2663" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2647" 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> </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; 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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" unitRef="USD" id="Tag1911" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,569</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; 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" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" unitRef="USD" id="Tag2662" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; 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" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" unitRef="USD" id="Tag2646" 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; 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; 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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" unitRef="USD" id="Tag1904" decimals="-3" scale="3" format="ixt:num-dot-decimal">624,113</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="D20231231" name="ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" unitRef="USD" id="Tag2661" 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" unitRef="USD" id="Tag2645" 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> </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; 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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" unitRef="USD" id="Tag2353" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,356</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; 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" name="ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" unitRef="USD" id="Tag2660" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; 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" name="ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" unitRef="USD" id="Tag2654" 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; 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; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowances 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;"> (<ix:nonFraction contextRef="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag2351" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,095</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="D20231231" name="ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag2659" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag2653" 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> </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; 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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesTaxes" unitRef="USD" id="Tag2349" decimals="-3" scale="3" format="ixt:num-dot-decimal">152,388</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; 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" name="ts:SellingGeneralAndAdministrativeExpensesTaxes" unitRef="USD" id="Tag2658" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; 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" name="ts:SellingGeneralAndAdministrativeExpensesTaxes" unitRef="USD" id="Tag2652" 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; 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; 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: 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="D20241231" name="ts:SellingGeneralAndAdministrativeExpensesOther" unitRef="USD" id="Tag2346" decimals="-3" scale="3" format="ixt:num-dot-decimal">106,764</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="D20231231" name="ts:SellingGeneralAndAdministrativeExpensesOther" unitRef="USD" id="Tag2657" 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; 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" name="ts:SellingGeneralAndAdministrativeExpensesOther" unitRef="USD" id="Tag2651" 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: 10px;"><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: right;"><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: 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="D20241231" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag1890" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,904,828</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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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-top-color: #000000 !important; border-bottom-width: 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="D20231231" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag2656" 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; margin: 0px; text-indent: 0px; height: 10px; 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: 10px; 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: 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; 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" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag2650" 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; margin: 0px; text-indent: 0px; height: 10px; 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> </tr> </tbody> </table> </ix:nonNumeric> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory" id="Tag3261" 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<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span></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;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutLaborCostsTextBlock" id="Tag3140" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 136px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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;"> </span><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; 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;"><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; 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>2024</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;"><br/></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;"><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>2023</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;"><br/></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;"><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; 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: 65%;">
<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; 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="D20241231" name="ifrs-full:ShorttermEmployeeBenefitsExpense" unitRef="USD" id="Tag1860" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,033,067</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%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="D20231231" name="ifrs-full:ShorttermEmployeeBenefitsExpense" unitRef="USD" id="Tag2634" 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; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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" name="ifrs-full:ShorttermEmployeeBenefitsExpense" unitRef="USD" id="Tag2626" 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; 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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:TerminationBenefitsExpense" unitRef="USD" id="Tag1803" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,608</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;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:TerminationBenefitsExpense" unitRef="USD" id="Tag2633" 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;"><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="D20221231" name="ifrs-full:TerminationBenefitsExpense" unitRef="USD" id="Tag2625" 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;"><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; 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="D20241231" name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" unitRef="USD" id="Tag1792" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,014</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="D20231231" name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" unitRef="USD" id="Tag2632" 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; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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" name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" unitRef="USD" id="Tag2624" 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; 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;"> Post-employment benefits - defined benefit plans </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="D20241231" name="ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans" unitRef="USD" id="Tag1791" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,259</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;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans" unitRef="USD" id="Tag2631" 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;"><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="D20221231" name="ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans" unitRef="USD" id="Tag2623" 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;"><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; 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="D20241231" name="ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses" unitRef="USD" id="Tag1788" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,825</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;"><br/></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;"><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="D20231231" name="ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses" unitRef="USD" id="Tag2630" 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; 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; 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: 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="D20221231" name="ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses" unitRef="USD" id="Tag2622" 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; background-color: #cceeff; 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;"> </span><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; font-weight: bold;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:EmployeeBenefitsExpense" unitRef="USD" id="Tag1756" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,160,773</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;"><br/></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>
<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="D20231231" name="ifrs-full:EmployeeBenefitsExpense" unitRef="USD" id="Tag2629" 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; border-bottom-width: 1px; border-bottom-style: 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-bottom-width: 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; 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" name="ifrs-full:EmployeeBenefitsExpense" unitRef="USD" id="Tag2621" 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; 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;">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;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory" id="Tag78" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100.001%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<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: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; 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>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; 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>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; 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: 65%;">
<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; 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="I20241231_MX" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2617" decimals="0" format="ixt:num-dot-decimal">6,042</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%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20231231_MX" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2605" 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; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20221231_MX" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2593" 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; background-color: #cceeff; width: 1%;"><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;"> Argentina </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="I20241231_AR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2616" decimals="0" format="ixt:num-dot-decimal">5,811</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="I20231231_AR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2604" 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;"><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_AR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2592" 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;"><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;"> USA </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231_US" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2615" decimals="0" format="ixt:num-dot-decimal">3,583</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_US" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2603" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_US" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2591" 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;"><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;"> Italy </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="I20241231_IT" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2614" decimals="0" format="ixt:num-dot-decimal">2,140</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="I20231231_IT" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2602" 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;"><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_IT" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2590" 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;"><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;"> Romania </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231_RO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2613" decimals="0" format="ixt:num-dot-decimal">1,885</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_RO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2601" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_RO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2589" 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;"><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;"> Brazil </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="I20241231_BR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2612" decimals="0" format="ixt:num-dot-decimal">1,406</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="I20231231_BR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2600" 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;"><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_BR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2588" 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;"><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;"> Canada </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231_CA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2611" decimals="0" format="ixt:num-dot-decimal">1,197</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_CA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2599" 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; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_CA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2587" 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; background-color: #cceeff;"><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;"> Indonesia </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="I20241231_ID" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2610" decimals="0" format="ixt:num-dot-decimal">911</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="I20231231_ID" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2598" 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;"><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_ID" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2586" 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;"><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;"> Colombia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231_CO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2609" decimals="0" format="ixt:num-dot-decimal">893</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_CO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2597" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_CO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2585" 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;"><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;"> Saudi Arabia </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="I20241231_SA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2608" decimals="0" format="ixt:num-dot-decimal">759</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="I20231231_SA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2596" decimals="0" format="ixt:num-dot-decimal">849</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_SA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2584" decimals="0" format="ixt:num-dot-decimal">427</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;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231_OtherGeographicalAreasMember" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2607" decimals="0" format="ixt:num-dot-decimal">1,247</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_OtherGeographicalAreasMember" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2595" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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_OtherGeographicalAreasMember" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2583" 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;"><br/></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: right;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2606" decimals="0" format="ixt:num-dot-decimal">25,874</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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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:NumberOfEmployees" unitRef="Employees" id="Tag2594" 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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; 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:NumberOfEmployees" unitRef="Employees" id="Tag2582" 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; border-top-width: 1px; 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>
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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>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic;font-size: 8pt;color: #666666;font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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;float: none;display: inline !important;font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory" id="Tag75" 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;">5<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Impairment charge</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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> conducts regular assessments of the carrying values of its assets. The recoverable value is based on the value in use. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive, economic and regulatory 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: 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;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n December 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">even</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">though the Company did not identify any </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impairment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">indicators, </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;">conducted impairment tests </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 the CGUs with goodwill in their carrying amounts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and no impairment charges were recorded.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The main discount rates used were in a range between <ix:nonFraction contextRef="I20241231_BottomOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2638" decimals="3" scale="-2" format="ixt:num-dot-decimal">13.4</ix:nonFraction>% and <ix:nonFraction contextRef="I20241231_TopOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2635" decimals="3" scale="-2" format="ixt:num-dot-decimal">18.2</ix:nonFraction>% and a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> nominal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> growth rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (which includes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mainly the inflation impact on prices and costs</span><span style="font-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 <ix:nonFraction contextRef="D20241231" name="ts:GrowthRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag1672" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% was considered.</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 the CGUs carrying goodwill, a reasonably possible change in key assumptions would not cause the carrying amount to exceed </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;">recoverable amount. </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;">In December 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;"> c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">onsidering 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CGU</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;"> 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 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;"> 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">wer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e still</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> valid</span><span style="font-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 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;"> 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="Tag2637" 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="Tag2628" 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;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In <span>2023</span>, a nominal growth rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (which include</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;"> mainly the inflation impact on prices and costs</span><span style="font-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 <ix:nonFraction contextRef="D20231231" name="ts:GrowthRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2619" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% was considered.</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">did not recognize any</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> impairment charge</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 the year <span>2023</span>.</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;">In December 2022, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the presence of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impairment indicator</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s, 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 conducted impairment tests</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and reviewed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the values </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;">certain idle assets in its subsidiaries. The aforementioned analysis resulted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in impairment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> charge</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</span><span style="font-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" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2581" decimals="-5" scale="6" format="ixt:num-dot-decimal">76.7</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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in $<ix:nonFraction contextRef="D20221231_TubesMember" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2579" decimals="-5" scale="6" format="ixt:num-dot-decimal">63.1</ix:nonFraction>.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million to the Tubes segment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and $<ix:nonFraction contextRef="D20221231_AllOtherSegmentsMember" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2580" 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; line-height: inherit;">egment</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 main discount rate</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;"> used were in a range between <ix:nonFraction contextRef="I20221231_BottomOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2636" 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="Tag2627" decimals="3" scale="-2" format="ixt:num-dot-decimal">20.2</ix:nonFraction>%.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In <span>2022</span>, a nominal growth rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(which include</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;"> mainly the inflation impact on prices and costs</span><span style="font-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 <ix:nonFraction contextRef="D20221231" name="ts:GrowthRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2618" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% was considered.</span></p> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><br/></p> </div><div id="Dqlrpxgyynkyo5qxsre58" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory" id="Tag17" escape="true">
<p style="line-height: 1.2; 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; line-height: inherit;"><span style="border-left: none; border-right: none;">6</span>&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Other operating income and expenses</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" id="Tag83" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 309px; 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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="7" 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;"> Year ended 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;"><br/></td> </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: 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>2024</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; 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 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; 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: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Other operating income </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; 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; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><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;"><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; 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; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><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;"><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; 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; background-color: #cceeff; width: 1%; 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;"> Results from sundry assets </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="D20241231" name="ts:OtherOperatingIncomeNetIncomeFromOtherSales" unitRef="USD" id="Tag1055" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,529</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ts:OtherOperatingIncomeNetIncomeFromOtherSales" unitRef="USD" id="Tag2563" 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; 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;"> <ix:nonFraction contextRef="D20221231" name="ts:OtherOperatingIncomeNetIncomeFromOtherSales" unitRef="USD" id="Tag2561" 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;"><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;"> Net rents </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="D20241231" name="ifrs-full:RentalIncome" unitRef="USD" id="Tag1300" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,417</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="D20231231" name="ifrs-full:RentalIncome" unitRef="USD" id="Tag2551" 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; height: 17px; margin: 0px; text-indent: 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="D20221231" name="ifrs-full:RentalIncome" unitRef="USD" id="Tag2552" 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> Reclassification of currency translation adjustment reserve </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="D20241231" name="ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" unitRef="USD" xsi:nil="true" id="Tag1329"></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="D20231231" name="ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" unitRef="USD" id="Tag823" 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: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" unitRef="USD" id="Tag2576" 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;"><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;"> Bargain purchase gain </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="D20241231" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag1438" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,212</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="D20231231" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag2565" 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; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 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="D20221231" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" xsi:nil="true" id="Tag2569"></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; line-height: inherit;"> Result on sale of Venezuela awards </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="D20241231" name="ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" unitRef="USD" xsi:nil="true" id="Tag1054"></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="D20231231" name="ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" unitRef="USD" id="Tag2547" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" unitRef="USD" xsi:nil="true" id="Tag2557"></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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other income </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="D20241231" name="ifrs-full:MiscellaneousOtherOperatingIncome" unitRef="USD" id="Tag198" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,492</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;"><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;"><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="D20231231" name="ifrs-full:MiscellaneousOtherOperatingIncome" unitRef="USD" xsi:nil="true" id="Tag2568"></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;"><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;"><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="D20221231" name="ifrs-full:MiscellaneousOtherOperatingIncome" unitRef="USD" xsi:nil="true" id="Tag2567"></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;"><br/></td> </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; 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="D20241231" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag1509" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,650</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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag819" 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; border-bottom-width: 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag2550" 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; 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; font-style: italic; line-height: inherit;"> Other operating expenses </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: 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: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><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: 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: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><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: 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: top; 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; line-height: inherit;"> Contributions to welfare projects and non-profit organizations </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="D20241231" name="ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" unitRef="USD" id="Tag1639" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,657</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" unitRef="USD" id="Tag2566" 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" unitRef="USD" id="Tag2553" 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;">)</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;"> Allowance for doubtful receivables </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="D20241231" name="ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables" unitRef="USD" id="Tag1391" decimals="-3" scale="3" format="ixt:num-dot-decimal">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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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="D20231231" name="ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables" unitRef="USD" id="Tag2544" 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; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables" unitRef="USD" id="Tag2564" 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;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> Securities Exchange Commission investigation settlement </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="D20241231" name="ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" unitRef="USD" xsi:nil="true" id="Tag1497"></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="D20231231" name="ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" unitRef="USD" xsi:nil="true" id="Tag2560"></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="D20221231" name="ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" unitRef="USD" id="Tag2549" 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;">)</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;"> Provision for the ongoing litigation related to the acquisition of participation in Usiminas </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="D20241231" name="ts:ProvisionForLitigationRelatedToAcquisition" unitRef="USD" id="Tag1454" decimals="-3" scale="3" format="ixt:num-dot-decimal">107,215</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:ProvisionForLitigationRelatedToAcquisition" unitRef="USD" xsi:nil="true" id="Tag2538"></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="D20221231" name="ts:ProvisionForLitigationRelatedToAcquisition" unitRef="USD" xsi:nil="true" id="Tag2577"></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; line-height: inherit;"> Other expense </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="D20241231" name="ifrs-full:MiscellaneousOtherOperatingExpense" unitRef="USD" xsi:nil="true" id="Tag264"></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="D20231231" name="ifrs-full:MiscellaneousOtherOperatingExpense" unitRef="USD" id="Tag2558" 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:MiscellaneousOtherOperatingExpense" unitRef="USD" id="Tag2555" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</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;"><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="D20241231" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag1374" decimals="-3" scale="3" format="ixt:num-dot-decimal">125,418</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;"><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-bottom-width: 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="D20231231" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag821" 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; 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;">)</span></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; 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="D20221231" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag2542" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; 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;">
<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; 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: '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; 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; 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; 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;"> Other operating income and expenses, net </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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="USD" id="Tag1292" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">64,768</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; border-top-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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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="D20231231" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="USD" id="Tag2541" 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="USD" id="Tag2988" 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; 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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><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;">Other operating income</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;">&#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; line-height: inherit;">Bargain purchase </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">gain:</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 year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span>, related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr&#8217;s pipe coating business unit 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="line-height: 1.2; margin: 0pt; text-align: justify;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span>, related</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;">Isoplus anticorrosion coating division acquisition. </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; line-height: inherit;">Result on sal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">e of Venezuela awards:</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 year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related to the transfer of the awards obtained in connection with the nationalizations of the Company&#8217;s interests in its majority-owned subsidiaries TAVSA &#8211; Tubos de Acero de Venezuela S.A., Matesi Materiales Sider&#250;rgicos S.A. and Complejo Sider&#250;rgico de Guayana, C.A.</span></p>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><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-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>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic;font-size: 8pt;color: #666666;font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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;float: none;display: inline !important;font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<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;">&#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; line-height: inherit;">Reclassification of currency translation adjustment reserve:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During <span>2022</span>, a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s result of NKKTubes&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the 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; font-style: italic; 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; line-height: inherit;">Other income:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For the year <span>2024</span>, includes mainly $<ix:nonFraction contextRef="D20241231_BR" name="ts:MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" unitRef="USD" id="Tag2539" decimals="-5" scale="6" format="ixt:num-dot-decimal">17.6</ix:nonFraction> million related to the recovery of various legal proceedings in Brazil and $<ix:nonFraction contextRef="D20241231" name="ts:MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" unitRef="USD" id="Tag1349" decimals="-6" scale="6" format="ixt:num-dot-decimal">7</ix:nonFraction> million related to an insurance recovery.</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;">&#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;">Other operating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">expens</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">e</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="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;">&#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; line-height: inherit;">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span>, related to the provision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">described in 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;">&#8220;Contingencies, commitments and restrictions to the distribution of profits - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Contingencies - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">CSN claims relating to the January 2012 acquisition of Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;, and does not include the net foreign exchange result.</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;">&#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; line-height: inherit;">Securities Exchange Commission investigation settlement</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 more information see 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;">&#8220;Contingencies, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">commitments and restrictions to the distribution of profits - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Contingencies - Petrobras-related proceedings and claims</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><div id="Dxr3z722s6mqwqsglmc4d8g" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory" id="Tag3317" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="font-size: 10pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">7</span></span><span style="font-variant: normal; font-size-adjust: none; 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';">&#160;&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Financial results</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutFinancialIncomeCost" id="Tag3211" 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%">
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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="7" style="border-bottom: 0.5pt solid #000000; 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; 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;"> &#160; </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; width: 65%; 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;"> &#160;&#160;&#160;&#160; Interest income </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:RevenueFromInterest" unitRef="USD" id="Tag2509" decimals="-3" scale="3" format="ixt:num-dot-decimal">229,835</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;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:RevenueFromInterest" unitRef="USD" id="Tag1036" 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; 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: 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:RevenueFromInterest" unitRef="USD" id="Tag2522" 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; width: 1%; 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; line-height: inherit;"> &#160;&#160;&#160;&#160; Net result on changes in FV of financial assets at FVPL </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" unitRef="USD" id="Tag1039" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,484</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" unitRef="USD" id="Tag2500" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,622</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" unitRef="USD" id="Tag3409" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,092</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding: 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; 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; line-height: inherit;"> Finance income </span></p> </td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag816" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,319</ix:nonFraction> </span></p> </td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag2526" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,474</ix:nonFraction> </span></p> </td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag2510" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,020</ix:nonFraction> </span></p> </td>
<td style="border-top: 0.5pt solid #000000; 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: top; 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;"> 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag2512" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,212</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-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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag2501" 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;"><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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag2520" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,940</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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: top; 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;"> &#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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" unitRef="USD" id="Tag2503" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,395</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="D20231231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" unitRef="USD" id="Tag2528" 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;"><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="D20221231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" unitRef="USD" id="Tag817" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,654</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-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; line-height: inherit;"> &#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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:ForeignExchangeDerivativesContractsResults" unitRef="USD" id="Tag2519" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">12,727</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="D20231231" name="ts:ForeignExchangeDerivativesContractsResults" unitRef="USD" id="Tag1040" 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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:ForeignExchangeDerivativesContractsResults" unitRef="USD" id="Tag1049" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,666</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-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; line-height: inherit;"> &#160;&#160;&#160;&#160; Other </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; 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="D20241231" name="ifrs-full:OtherFinanceCost" unitRef="USD" id="Tag1045" decimals="-3" scale="3" format="ixt:num-dot-decimal">100,719</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; 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="D20231231" name="ifrs-full:OtherFinanceCost" unitRef="USD" id="Tag1033" decimals="-3" scale="3" format="ixt:num-dot-decimal">95,044</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; 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="D20221231" name="ifrs-full:OtherFinanceCost" unitRef="USD" id="Tag2505" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,108</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; 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: top; 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;"> Other financial results, net </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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="D20241231" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag1046" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">52,051</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-weight: bold;">)</span></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag820" decimals="-3" scale="3" format="ixt:num-dot-decimal">114,365</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag1043" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40,120</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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: 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; line-height: inherit;"> Net financial results </span></p> </td>
<td style="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag2521" decimals="-3" scale="3" format="ixt:num-dot-decimal">129,056</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag1041" decimals="-3" scale="3" format="ixt:num-dot-decimal">220,977</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; 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; 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="D20221231" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag2506" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,040</ix:nonFraction> </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </ix:nonNumeric>
<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-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Finance Income: </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, <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;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> includes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" unitRef="USD" id="Tag1048" decimals="-5" scale="6" format="ixt:num-dot-decimal">40.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" unitRef="USD" id="Tag2507" decimals="-5" scale="6" format="ixt:num-dot-decimal">61.2</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="D20221231" name="ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" unitRef="USD" id="Tag815" decimals="-5" scale="6" format="ixt:num-dot-decimal">33.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;million of interest related to instruments carried at FVPL, respectively. </span></span></p>
<p style="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;">In <span>2024</span>, <span>2023</span> and <span>2022</span> includes $<ix:nonFraction contextRef="D20241231" name="ifrs-full:InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag1031" decimals="-5" scale="6" format="ixt:num-dot-decimal">88.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;million, $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ifrs-full:InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2515" decimals="-5" scale="6" format="ixt:num-dot-decimal">30.9</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">million and $<ix:nonFraction contextRef="D20221231" name="ifrs-full:InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag814" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;million of interest related to instruments carried at FV</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">OCI</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, respectively.</span> </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">In <span>2022</span> also includes a realized loss of $<ix:nonFraction contextRef="D20221231" name="ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" unitRef="USD" id="Tag2523" 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: 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-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Net foreign exchange transactions results</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2024</span> mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">de</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">preciation against the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S. dollar, together with the result from Euro </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">de</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">preciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> changes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in currency translation adjustment reserve from an Italian subsidiary.</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;">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'; line-height: inherit;">net financial position</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation against the U</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">S. dollar on</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Brazilian denominated</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">net financial position</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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 </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">changes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in currency translation adjustment reserve from an Italian subsidiary.</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;">In <span>2022</span> mainly includes </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">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'; line-height: inherit;">net financial position </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">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 </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">changes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in currency translation adjustment reserve from an Italian subsidiary</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: 10pt; line-height: inherit;">&#160;</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'; font-style: italic; line-height: inherit;">Net f</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">oreign exchange derivatives contracts results:</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2024</span> includes mainly losses on derivatives covering net </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">receivables, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">fiscal</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and other</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> liabilities</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in Brazilian real.</span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">In <span>2023</span> includes mainly losses on derivatives covering net receivables in Brazilian real.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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>
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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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
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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'; font-style: italic; line-height: inherit;">Other:</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2024</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">includes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> approximately </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$<ix:nonFraction contextRef="D20241231_UsDollarDenominatedArgentineBondsMember" name="ifrs-full:OtherFinanceCost" unitRef="USD" id="Tag2508" decimals="-6" scale="6" format="ixt:num-dot-decimal">84</ix:nonFraction> million related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">result of U.S. dollar denominated Argentine bonds </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">used to cancel commercial debt</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>29</span></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-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2024</span> also includes a $<ix:nonFraction contextRef="D20241231_PetroleosMexicanosMember" name="ifrs-full:OtherFinanceCost" unitRef="USD" id="Tag2524" decimals="-6" scale="6" format="ixt:num-dot-decimal">16</ix:nonFraction> million loss related to a fee pay</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">able</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in connection with a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">collection</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> involving the Company&#8217;s Mexican subsidiary.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> See note II</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">I.A.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">iv</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2023</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and <span>2022</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">includes a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">net </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss of $<ix:nonFraction contextRef="D20231231_ArgentineSovereignBondsMember" name="ts:LossArisingFromDividendPaidInKind" unitRef="USD" id="Tag2529" decimals="-5" scale="6" format="ixt:num-dot-decimal">94.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;million</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$<ix:nonFraction contextRef="D20221231_ArgentineSovereignBondsMember" name="ts:LossArisingFromDividendPaidInKind" unitRef="USD" id="Tag2527" decimals="-5" scale="6" format="ixt:num-dot-decimal">29.8</ix:nonFraction>&#160;million</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, respectively, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">related to the transfer of Argentine sovereign bonds paid as dividend in kind from Argentinian subsidiar</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> to its</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> foreign</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> shareholders.</span></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;</span></p>
</div><div id="Dvk5btx6t3gsixjl62nee" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" id="Tag84" 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;">8<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity in earnings of non-consolidated companies</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>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" id="Tag72" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 136px; 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; width: 64.6505%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 33.871%; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1.34409%; 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; width: 64.6505%;">
<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: 17px; width: 9.94624%; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.34409%; 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: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Earnings from non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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="D20241231_NetOfEffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag2386" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,548</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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="D20231231_NetOfEffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag2398" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,897</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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="D20221231_NetOfEffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag2399" 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; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Remeasurement of previously held interest </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_GlobalPipeCompanyMember" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" xsi:nil="true" id="Tag2394"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-align: right; padding-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_5" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" id="Tag2387" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,506</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-align: right; padding-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_GlobalPipeCompanyMember" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" xsi:nil="true" id="Tag2392"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; 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; width: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bargain purchase gain </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_GlobalPipeCompanyMember" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" xsi:nil="true" id="Tag2391"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-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_5" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag2385" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,487</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-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_GlobalPipeCompanyMember" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" xsi:nil="true" id="Tag2382"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment loss on non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag1017"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag2389"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag2388" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,041</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; 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; width: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net loss related to participation increase in Usiminas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_UsiminasMember_EffectParticipationIncreaseMember" name="ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag2390"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-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_EffectParticipationIncreaseMember" name="ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" unitRef="USD" id="Tag2400" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,486</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-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_EffectParticipationIncreaseMember" name="ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag2384"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt; text-align: right;"><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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="D20241231" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag1020" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,548</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-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: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2397" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-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: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-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="D20221231" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2395" 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: 17px; width: 1.34409%; margin: 0px; text-indent: 0px; border-top-width: 1px; 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: Arial; 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; font-style: italic; line-height: inherit;">Earnings f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">rom non-consolidated companies: </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 year ended December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span>, includes a loss 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;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_UsiminasMember" name="ts:GainLossRelatedToProvisionForLitigationRelatedToAcquisition" unitRef="USD" id="Tag811" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">43.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million related to a provision for the ongoing litigation related to the acquisition of participation in Usiminas.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Remeasurement of previously held interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> and Bargain purchase gain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For year ended December 31, 2023,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">include </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_5" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" id="Tag2381" 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</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="D20231231_GlobalPipeCompanyMember_5" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag2383" 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></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;">&#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; line-height: inherit;">Impairment loss on non-consolidated companies:</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year ended December 31, 2022, $<ix:nonFraction contextRef="D20221231_UsiminasMember" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag2396" decimals="-5" scale="6" format="ixt:num-dot-decimal">19.1</ix:nonFraction> million related to the investment in Usiminas and $<ix:nonFraction contextRef="D20221231_PAOPSeverstalMember" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag2401" decimals="-5" scale="6" format="ixt:num-dot-decimal">14.9</ix:nonFraction> million related to the joint venture with PAO Severstal (&#8220;Severstal&#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="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;">Net loss related to participation increase in Usiminas: </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>14</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Investments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in non-consolidated companies - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Usiminas</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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p> </div><div id="D1szlcuskdbv8wzcdq15428" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfIncomeTaxExplanatory" id="Tag3325" 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;">9<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Income tax</span></p>
<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;"><br/></span></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" id="Tag3283" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 85px; 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; line-height: inherit;"> &#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; 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;"><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: 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>2024</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>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; height: 17px; width: 65%; background-color: #cceeff;">
<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-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="D20241231" name="ifrs-full:CurrentTaxExpenseIncome" unitRef="USD" id="Tag2340" decimals="-3" scale="3" format="ixt:num-dot-decimal">651,769</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;">)</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="D20231231" name="ifrs-full:CurrentTaxExpenseIncome" unitRef="USD" id="Tag954" decimals="-3" scale="3" format="ixt:num-dot-decimal">868,695</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;">)</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="D20221231" name="ifrs-full:CurrentTaxExpenseIncome" unitRef="USD" id="Tag3050" decimals="-3" scale="3" format="ixt:num-dot-decimal">589,706</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;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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-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="D20241231" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="USD" id="Tag2559" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">172,089</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="D20231231" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="USD" id="Tag970" 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; 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="D20221231" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="USD" id="Tag3147" 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; 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; 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;"> Tax charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag3242" decimals="-3" scale="3" format="ixt:num-dot-decimal">479,680</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; 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: top; height: 17px; 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: top; 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; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag2345" 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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: top; height: 17px; 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: top; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag2670" 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; 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> </tr> </tbody> </table> </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;</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 group is within the scope of the OECD Pillar <span>Two</span> model rules. Pillar <span>Two</span> legislation was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adopted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Luxembourg, the jurisdiction in which 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 is incorporated, and came into effect </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;">from January 1, 2024. <span style="-sec-ix-hidden:Tag3450">The group applies the exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, as provided</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;"> in the amendments to IAS <span>12</span> issued in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">May 2023. </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;">For the year <span>2024</span>, Tenaris recognized an estimated current tax expense related to Pillar <span>Two</span>, amounting to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" unitRef="USD" id="Tag998" decimals="-5" scale="6" format="ixt:num-dot-decimal">81.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: &quot;times new roman&quot;; font-size: 10pt;">
<tbody>
<tr>
<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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<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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><br/></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The tax charge differs from the theoretical amount that would arise by applying the nominal tax rate valid in each jurisdiction to the group's pre-tax income in that jurisdiction as follows:</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;"><br/></span></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" id="Tag3303" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 170px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
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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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></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; 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: 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; line-height: inherit;"> &#160; </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;">
<p style="margin: 0px; text-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;">2024</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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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; 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; 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; line-height: inherit;"> Income before income tax </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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag996" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,556,453</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2344" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2672" 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; width: 1%; 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: 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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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;"><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; 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="D20241231" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="USD" id="Tag2354" decimals="-3" scale="3" format="ixt:num-dot-decimal">599,944</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="USD" id="Tag2671" 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="USD" id="Tag2358" 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; 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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" unitRef="USD" id="Tag2554" decimals="-3" scale="3" format="ixt:num-dot-decimal">340,094</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" unitRef="USD" id="Tag3149" 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" unitRef="USD" id="Tag2347" 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; 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;"><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; 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="D20241231" name="ifrs-full:TaxEffectFromChangeInTaxRate" unitRef="USD" id="Tag812" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,019</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:TaxEffectFromChangeInTaxRate" unitRef="USD" id="Tag2359" 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; 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="D20221231" name="ifrs-full:TaxEffectFromChangeInTaxRate" unitRef="USD" id="Tag2337" 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; 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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:TaxEffectOfTaxLosses" unitRef="USD" id="Tag2640" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">588</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="D20231231" name="ifrs-full:TaxEffectOfTaxLosses" unitRef="USD" id="Tag2364" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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" name="ifrs-full:TaxEffectOfTaxLosses" unitRef="USD" id="Tag2343" 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; 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;"> Tax revaluation, withholding tax and others </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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" unitRef="USD" id="Tag3145" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">483,789</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-bottom-width: 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;"><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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ts:TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" unitRef="USD" id="Tag2370" 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; height: 17px; 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: 17px; 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: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20221231" name="ts:TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" unitRef="USD" id="Tag3241" 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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"> Tax charges </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;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag3148" decimals="-3" scale="3" format="ixt:num-dot-decimal">479,680</ix:nonFraction></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;"><span style="font-weight: bold;">)</span></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: right; padding-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" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag2373" 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; 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;">)</span></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: 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="D20221231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag3041" 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; 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;">)</span></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; 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; 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="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;">&#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; 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>2024</span>,</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;">effect relates to the impact of the reduction in Luxembourg's corporate income tax rate that made the blended tax rate for a company registered in Luxembourg Ville decrease from <ix:nonFraction contextRef="D20241231_LU" name="ifrs-full:ApplicableTaxRate" unitRef="Pure" id="Tag2357" decimals="4" scale="-2" format="ixt:num-dot-decimal">24.94</ix:nonFraction>% to <ix:nonFraction contextRef="D20231231_LU" name="ifrs-full:ApplicableTaxRate" unitRef="Pure" id="Tag2352" decimals="4" scale="-2" format="ixt:num-dot-decimal">23.87</ix:nonFraction>%. The new blended tax rate is applicable for fiscal years beginning on or after January 1, 2025, but its effect over temporary differences is recognized in <span>2024</span>.</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;">&#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; 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> positive effect from inflationary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tax</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adjustments in Argentina and Mexico</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;"><ix:nonFraction contextRef="D20241231_ArgentinaAndMexicoMember" name="ts:TaxInflationAdjustments" unitRef="USD" id="Tag2673" decimals="-5" scale="6" format="ixt:num-dot-decimal">368.2</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;"><ix:nonFraction contextRef="D20231231_ArgentinaAndMexicoMember" name="ts:TaxInflationAdjustments" unitRef="USD" id="Tag2348" 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 and $</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="Tag1001" 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 for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the years </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>4</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;"> 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. It also includes a charge of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" unitRef="USD" id="Tag2341" decimals="-5" scale="6" format="ixt:num-dot-decimal">20.0</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="D20231231" name="ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" unitRef="USD" id="Tag2335" 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 and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231" name="ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" unitRef="USD" id="Tag2669" 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the years <span>2024</span>, <span>2023</span> and <span>2022</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;"> respectively related to withholding taxes for intra-group international operations</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 years <span>2024</span> and <span>2023</span> include </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a positive effect</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:DeferredTaxIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag2336" decimals="-5" scale="6" format="ixt:num-dot-decimal">186.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ts:DeferredTaxIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag2350" 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;">, 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;">arising from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the recognition </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of previous year&#8217;s tax losses carryforward </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">deferred tax asset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s in the Luxembourg subsidiary. For the year <span>2024</span>, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consumption of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such deferred tax assets for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_LU" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag3047" decimals="-5" scale="6" format="ixt:num-dot-decimal">86.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is included in the line &#8220;Tax calculated at the tax rate of each country&#8221;. F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or more information see note <span>22</span>.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The year <span>2024</span> includes a charge of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_LU" name="ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" unitRef="USD" id="Tag2379" decimals="-5" scale="6" format="ixt:num-dot-decimal">81.4</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;"> related to Pillar <span>Two</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</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;</span></p> </div><div id="D3vxzm75qfalft3v1kxlx" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfDividendsExplanatory" id="Tag73" 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; line-height: inherit;"><span style="border-left: none; border-right: none;">10<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividends distribution</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 November </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 style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company&#8217;s Board of Directors approved an interim dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241106" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" unitRef="USDPerShare" id="Tag2333" decimals="2" format="ixt:num-dot-decimal">0.27</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241106" name="ts:DividendsPaidPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag2369" decimals="2" format="ixt:num-dot-decimal">0.54</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ADS), or </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;"><ix:nonFraction contextRef="D20241120" name="ts:PaymentsForDividendsApproved" unitRef="USD" id="Tag2331" decimals="-6" scale="6" format="ixt:num-dot-decimal">299</ix:nonFraction></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;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with record date on November 19, 2024 and ex-dividend date of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">November 18, 2024 in Europe and November 19, 2024 in the United States and Mexico.</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 April 30, 2024, the Company&#8217;s shareholders approved an annual dividend in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20240430" name="ts:DividendsPayableAmountPerShareIncludingInterimDividend" unitRef="USDPerShare" id="Tag2339" decimals="2" format="ixt:num-dot-decimal">0.60</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per outstanding share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20240430" name="ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" unitRef="USDPerShare" id="Tag2326" decimals="2" format="ixt:num-dot-decimal">1.20</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ADS). The amount approved by the shareholders included the interim dividend previously paid in November 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;"> in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231122" name="ts:DividendsPaidAmountPerShareIncludingInterimDividend" unitRef="USDPerShare" id="Tag2368" decimals="2" format="ixt:num-dot-decimal">0.20</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per outstanding share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231122" name="ts:DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" unitRef="USDPerShare" id="Tag2321" decimals="2" format="ixt:num-dot-decimal">0.40</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ADS). The balance, amounting to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20240522_3" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" unitRef="USDPerShare" id="Tag2334" decimals="2" format="ixt:num-dot-decimal">0.40</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per outstanding share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20240522_3" name="ts:DividendsPaidPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag2322" decimals="2" format="ixt:num-dot-decimal">0.80</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ADS), was paid on May 22, 2024, for an amount of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20240522_3" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2327" decimals="-6" scale="6" format="ixt:num-dot-decimal">459</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. In the aggregate, the interim dividend paid in November 2023 and the balance paid in May 2024 amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20240522" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2323" decimals="-6" scale="6" format="ixt:num-dot-decimal">694</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;">On</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">May 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;"> the Company&#8217;s shareholders approved an annual dividend in the amount of $<ix:nonFraction contextRef="I20230503" name="ts:DividendsPayableAmountPerShareIncludingInterimDividend" unitRef="USDPerShare" id="Tag2332" decimals="2" format="ixt:num-dot-decimal">0.51</ix:nonFraction> per share ($<ix:nonFraction contextRef="I20230503" name="ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" unitRef="USDPerShare" id="Tag2329" 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 </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 November 23, 2022 in the amount of $<ix:nonFraction contextRef="I20221123" name="ts:DividendsPaidAmountPerShareIncludingInterimDividend" unitRef="USDPerShare" id="Tag2330" decimals="2" format="ixt:num-dot-decimal">0.17</ix:nonFraction> per share ($<ix:nonFraction contextRef="I20221123" name="ts:DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" unitRef="USDPerShare" id="Tag2328" decimals="2" format="ixt:num-dot-decimal">0.34</ix:nonFraction> per ADS). The balance, amounting to $<ix:nonFraction contextRef="D20230524_3" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" unitRef="USDPerShare" id="Tag2320" decimals="2" format="ixt:num-dot-decimal">0.34</ix:nonFraction> per share ($<ix:nonFraction contextRef="D20230524_3" name="ts:DividendsPaidPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag2325" 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_3" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2319" 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" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2324" decimals="-6" scale="6" format="ixt:num-dot-decimal">602</ix:nonFraction> million.</span></p> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt;"><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;" class="pageno"><span>F-46</span></span></td> </tr> </tbody> </table> </div>
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<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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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; line-height: 1.2;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br/></span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory" id="Tag3344" escape="true">
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; line-height: 1.2;"><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;">11<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Property, plant and equipment, net</span></p>
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" id="Tag3347" escape="true">
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<table cellspacing="0" cellpadding="0" style="height: 302px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; 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; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Work in progress </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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; margin: 0px; text-indent: 0px; width: 0.983607%; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2318" decimals="-3" scale="3" format="ixt:num-dot-decimal">889,957</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2141" 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; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2306" decimals="-3" scale="3" format="ixt:num-dot-decimal">416,913</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag3358" decimals="-3" scale="3" format="ixt:num-dot-decimal">396,103</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2186" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,834</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2155" 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; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2235" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,336</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: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2253" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">94,711</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: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2308" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,952</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2195" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,391</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2276" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">350</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: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2175" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">107,740</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: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1" name="ts:BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" unitRef="USD" id="Tag2307" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,949</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" name="ts:BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" unitRef="USD" id="Tag2244" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">24,063</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1" name="ts:BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" unitRef="USD" xsi:nil="true" id="Tag2287"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ts:BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" unitRef="USD" id="Tag2208" decimals="-3" scale="3" format="ixt:num-dot-decimal">653</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_GrossCarryingAmountMember" name="ts:BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" unitRef="USD" xsi:nil="true" id="Tag2247"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ts:BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" unitRef="USD" id="Tag2270" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,461</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2286" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,176</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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2238" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,028</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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2220" decimals="-3" scale="3" format="ixt:num-dot-decimal">433</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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2201" decimals="-3" scale="3" format="ixt:num-dot-decimal">616,218</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2159" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,658</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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2293" decimals="-3" scale="3" format="ixt:num-dot-decimal">635,513</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: 0.983607%; 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: 40.9836%;">
<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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2179" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,989</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2193" decimals="-3" scale="3" format="ixt:num-dot-decimal">548,790</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2184" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,275</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2177" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">633,440</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2167"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2194" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,386</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2196" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,031</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2288" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,775</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: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2224" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,627</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2282" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,153</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: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2317" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,704</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: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2230" decimals="-3" scale="3" format="ixt:num-dot-decimal">107,290</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: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2213" decimals="-3" scale="3" format="ixt:num-dot-decimal">935,704</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2241" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,903,542</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2298" decimals="-3" scale="3" format="ixt:num-dot-decimal">424,042</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2254" decimals="-3" scale="3" format="ixt:num-dot-decimal">372,990</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_SparePartsAndEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2266" decimals="-3" scale="3" format="ixt:num-dot-decimal">81,438</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2211" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,717,716</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; 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: 40.9836%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Depreciation and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2273" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2181" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2188" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2210"></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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2305" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-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_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2215" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2206" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">699</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2299" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">67,918</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2271" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,686</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2190"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2214" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">189</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2174" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,492</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2185" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,266</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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2313" decimals="-3" scale="3" format="ixt:num-dot-decimal">457,264</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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2217" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,707</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2289"></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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2225" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,966</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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2242" decimals="-3" scale="3" format="ixt:num-dot-decimal">509,203</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: 0.983607%; height: 17px;"><br/></td> </tr>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 40.9836%;">
<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: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2274" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">333</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2229" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,101</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2227" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,594</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2189"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2265"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2249" 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; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2176" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2152" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">53,249</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: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2283" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,444</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: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2297"></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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_SparePartsAndEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2252"></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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2156" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">75,527</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2267" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">178,294</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2250" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,030,040</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2281" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">350,480</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2261"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_SparePartsAndEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2166" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">37,431</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2315" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,596,245</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; 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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_LandAndCivilBuildingsMember_6" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2212" decimals="-3" scale="3" format="ixt:num-dot-decimal">757,410</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_6" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2164" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,873,502</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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_VehiclesFurnitureAndFixturesMember_6" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2168" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,562</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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2292" decimals="-3" scale="3" format="ixt:num-dot-decimal">372,990</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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2170" decimals="-3" scale="3" format="ixt:num-dot-decimal">44,007</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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; 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="I20241231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2198" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,121,471</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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt; line-height: 1.2;"><br/></p>
<div id="t_ft_AGTQULPL3400000000000000000000b">
<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: 339px;" width="100%">
<tbody>
<tr style="height: 50px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 50px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Work in progress </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; line-height: inherit;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8%; 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; font-weight: bold; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2277" decimals="-3" scale="3" format="ixt:num-dot-decimal">815,763</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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2316" 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; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2268" decimals="-3" scale="3" format="ixt:num-dot-decimal">402,485</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_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2172" decimals="-3" scale="3" format="ixt:num-dot-decimal">252,379</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_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2256" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,526</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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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:PropertyPlantAndEquipment" unitRef="USD" id="Tag2302" 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; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2192" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,863</ix: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="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2191" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,282</ix: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="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2310" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,675</ix: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="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2255" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,462</ix: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="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2240" decimals="-3" scale="3" format="ixt:num-dot-decimal">199</ix: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="D20231231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2203" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,481</ix: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-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt; line-height: inherit;"><sup>(**)</sup></span></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_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2236" decimals="-3" scale="3" format="ixt:num-dot-decimal">64,413</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="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2226" decimals="-3" scale="3" format="ixt:num-dot-decimal">256,899</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="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2251" decimals="-3" scale="3" format="ixt:num-dot-decimal">831</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="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2262" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,838</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="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2134"></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="D20231231_GrossCarryingAmountMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2300" decimals="-3" scale="3" format="ixt:num-dot-decimal">393,981</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;"> 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;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2221" decimals="-3" scale="3" format="ixt:num-dot-decimal">330</ix: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="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2245" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,661</ix: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="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2246" decimals="-3" scale="3" format="ixt:num-dot-decimal">820</ix: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="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2228" decimals="-3" scale="3" format="ixt:num-dot-decimal">546,515</ix: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="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2180" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,671</ix: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="D20231231_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2151" decimals="-3" scale="3" format="ixt:num-dot-decimal">570,997</ix: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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2160" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,031</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="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2295" decimals="-3" scale="3" format="ixt:num-dot-decimal">435,550</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="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2202" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,530</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="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2296" 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; 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="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2162"></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="D20231231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2260" 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; 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;"> Disposals / Consumptions </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_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2222" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,443</ix: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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2239" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,613</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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2178" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,428</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2157" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,710</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: 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag809" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,562</ix: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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2169" decimals="-3" scale="3" format="ixt:num-dot-decimal">92,756</ix: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; line-height: inherit;"> Values 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-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="I20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2216" decimals="-3" scale="3" format="ixt:num-dot-decimal">889,957</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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2237" 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2243" decimals="-3" scale="3" format="ixt:num-dot-decimal">416,913</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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2269" decimals="-3" scale="3" format="ixt:num-dot-decimal">396,103</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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2171" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,834</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: 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2294" 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; 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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold; line-height: inherit;"> </span><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; text-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><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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;"> Depreciation and impairment </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;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2150" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2199" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2263" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2163"></ix: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_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2153" 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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2161" 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; 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; 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: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2205" decimals="-3" scale="3" format="ixt:num-dot-decimal">390</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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2231" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,074</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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2279" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,584</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="D20231231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2258"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2148" decimals="-3" scale="3" format="ixt:num-dot-decimal">105</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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag2182" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,153</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> </tr>
<tr style="height: 17px; background-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;"> 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;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2135" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,256</ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2165" decimals="-3" scale="3" format="ixt:num-dot-decimal">411,861</ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2264" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,839</ix: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="D20231231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2257"></ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2207" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,934</ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2173" decimals="-3" scale="3" format="ixt:num-dot-decimal">445,890</ix: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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2232" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16</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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2218" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">391</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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2223" decimals="-3" scale="3" format="ixt:num-dot-decimal">27</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="D20231231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag1790"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2275"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2312" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">380</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;"> Disposals / Consumptions </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_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2291" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8</ix: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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2301" 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; 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2285" 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; 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; line-height: inherit;"><ix:nonFraction contextRef="D20231231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2234"></ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2209"></ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2200" 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; 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;"> 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; border-top-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="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2314" 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2309" 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2280" 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; 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; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2259"></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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2154" 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2278" 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; 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>
<tr style="height: 17px; background-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, 2023 </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;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_4" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2248" decimals="-3" scale="3" format="ixt:num-dot-decimal">725,063</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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember_4" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2219" 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; 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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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_VehiclesFurnitureAndFixturesMember_4" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2284" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,604</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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2311" decimals="-3" scale="3" format="ixt:num-dot-decimal">396,103</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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2272" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,180</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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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:PropertyPlantAndEquipment" unitRef="USD" id="Tag2197" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"/> </tr> </tbody> </table> </div> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"> <br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit; font-size: 8pt;">(*) </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'; font-weight: normal; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">elated </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">to Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">.</span></ix:footnote></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">(*</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">*</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">) </span></span><span><ix:footnote xml:lang="en-US" id="footnote36" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">elated </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">GPC, Isoplus 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; line-height: inherit;">.</span></ix:footnote></span></span></p> </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-47</span></span></td> </tr> </tbody> </table>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<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;">Property, plant and equipment include capitalized interests for net amounts at December 31, 202</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;"> and <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;"> of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231" name="ts:PropertyPlantAndEquipmentCapitalizedInterest" unitRef="USD" id="Tag2187" decimals="-5" scale="6" format="ixt:num-dot-decimal">27.2</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="I20231231" name="ts:PropertyPlantAndEquipmentCapitalizedInterest" unitRef="USD" id="Tag2290" decimals="-5" scale="6" format="ixt:num-dot-decimal">28.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, respectively. There were no new interests capitalized during <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;"> and <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;"> <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;">Government grants recognized as a reduction of property, plant and equipment were not material for the years <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;"> and <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="margin: 0pt; text-align: justify; line-height: 1.2;"> <br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #212121; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;) holds certain real estate assets, with a carrying value of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ifrs-full:PropertyPlantAndEquipmentPledgedAsSecurity" unitRef="USD" id="Tag2158" decimals="-5" scale="6" format="ixt:num-dot-decimal">32.1</ix:nonFraction></span><span style="color: #212121; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, that are subject to a judicial mortgage aimed at securing the indemnification potentially payable to Companhia Sider&#250;rgica Nacional (&#8220;CSN") under a lawsuit brough by CSN against Confab and other related companies. The litigation is currently pending, and no amount is currently owed by Confab. See note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>27</span></span> <span style="color: #212121; 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;">&#8220;Contingencies, commitments and restrictions to the distribution of profits - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Contingencies - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">CSN claims relating to the January 2012 acquisition of 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;">.</span> <br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></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;">See note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>28</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for a description of certain restricted assets with a carrying value of $<ix:nonFraction contextRef="I20241231_LandMember_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:PropertyPlantAndEquipmentRestrictionsOnTitle" unitRef="USD" id="Tag2303" 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; line-height: inherit;">SSPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in which Tenaris holds a <ix:nonFraction contextRef="D20241231_LandMember_SaudiSteelPipeCompanyMember_SA" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag2233" decimals="4" scale="-2" format="ixt:num-dot-decimal">47.79</ix:nonFraction>%</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;">.</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;">For the year <span>2024</span> and <span>2023</span>, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he carrying amount of assets pledged as security for current and non-current borrowings 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="I20241231_SA_GlobalPipeCompanyMember" name="ifrs-full:PropertyPlantAndEquipmentPledgedAsSecurity" unitRef="USD" id="Tag2304" decimals="-5" scale="6" format="ixt:num-dot-decimal">147.9</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="I20231231_SA_GlobalPipeCompanyMember" name="ifrs-full:PropertyPlantAndEquipmentPledgedAsSecurity" unitRef="USD" id="Tag2204" decimals="-5" scale="6" format="ixt:num-dot-decimal">89.6</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;">, respective</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ly</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> held in Saudi Arabia by the Company&#180;s subsidiary GPC, in which SSPC holds a <ix:nonFraction contextRef="D20231231_SA_SaudiSteelPipeCompanyMember_GlobalPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag3442" decimals="3" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20241231_SA_SaudiSteelPipeCompanyMember_GlobalPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag2183" decimals="3" scale="-2" format="ixt:num-dot-decimal">57.3</ix:nonFraction></ix:nonFraction>% interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory" id="Tag3334" 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;">12<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; </span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Intangible assets, net</span></p>
<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;"><br/></span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" id="Tag3335" escape="true">
<div style="border-left: none; border-right: none;">
<div id="t_ft_HRKP7XS18W00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 323px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; background-color: #cceeff; width: 40.9367%; 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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; 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: 40.9367%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1950" decimals="-3" scale="3" format="ixt:num-dot-decimal">648,887</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2053" decimals="-3" scale="3" format="ixt:num-dot-decimal">560,549</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2039" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,488,381</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1954" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,790,680</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1947" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,488,497</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1995" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,049</ix: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: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2056" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10</ix: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: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_GoodwillMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1991" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2089" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">13</ix: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: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2079" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,139</ix: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: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_GrossCarryingAmountMember" name="ts:BusinessCombinationsIntangibleAssetsIncreaseDecrease" unitRef="USD" xsi:nil="true" id="Tag2032"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_GrossCarryingAmountMember" name="ts:BusinessCombinationsIntangibleAssetsIncreaseDecrease" unitRef="USD" xsi:nil="true" id="Tag2020"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_GoodwillMember_GrossCarryingAmountMember" name="ts:BusinessCombinationsIntangibleAssetsIncreaseDecrease" unitRef="USD" id="Tag2021" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">13,621</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" name="ts:BusinessCombinationsIntangibleAssetsIncreaseDecrease" unitRef="USD" id="Tag2035" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">14,590</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ts:BusinessCombinationsIntangibleAssetsIncreaseDecrease" unitRef="USD" id="Tag2004" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">28,211</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr 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: 40.9367%;">
<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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2015" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,445</ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2066" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,998</ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_GoodwillMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag2050"></ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag2051"></ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1980" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,443</ix: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: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2040" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,584</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2081" decimals="-3" scale="3" format="ixt:num-dot-decimal">70</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_GoodwillMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2054"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1964"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1959" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,654</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_GrossCarryingAmountMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2083" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,262</ix: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: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_GrossCarryingAmountMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2046"></ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_GoodwillMember_GrossCarryingAmountMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1975"></ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2082" decimals="-3" scale="3" format="ixt:num-dot-decimal">40</ix: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: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_GrossCarryingAmountMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2033" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,302</ix: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: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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; 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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_InformationSystemProjectsMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2095" decimals="-3" scale="3" format="ixt:num-dot-decimal">661,605</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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_LicensesPatentsAndTrademarksMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2087" decimals="-3" scale="3" format="ixt:num-dot-decimal">575,607</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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_GoodwillMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2045" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,474,693</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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1998" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,776,037</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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2016" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,487,942</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; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Amortization and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-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_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1952" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">576,722</ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1948" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">407,217</ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2090" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2075" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,742,774</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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-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_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2059" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,111,387</ix: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: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2071" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,764</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1994" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_GoodwillMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2025"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2076" 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; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1984" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,781</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization 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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2013" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,664</ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2097" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,100</ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_GoodwillMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag2057"></ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2044" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,986</ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2070" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,750</ix: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: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1988" decimals="-3" scale="3" format="ixt:num-dot-decimal">108</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2088"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_GoodwillMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1971"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2005"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2028" decimals="-3" scale="3" format="ixt:num-dot-decimal">108</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_InformationSystemProjectsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1966" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">31,231</ix: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: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_LicensesPatentsAndTrademarksMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2098"></ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_GoodwillMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1951"></ix: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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2029" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40</ix: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: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2077" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">31,271</ix: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: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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; border-top-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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_InformationSystemProjectsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2043" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">564,499</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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_LicensesPatentsAndTrademarksMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1999" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">416,311</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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_GoodwillMember_AccumulatedDepreciationAmortisationAndImpairmentMember" 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-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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2007" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,764,709</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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2074" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,130,193</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; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2024 </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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1963" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,106</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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1957" decimals="-3" scale="3" format="ixt:num-dot-decimal">159,296</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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2024" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,090,019</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-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="I20241231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2022" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,328</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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<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="I20241231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1992" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,357,749</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; width: 1.04076%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <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-48</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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="margin: 0pt;"><br/></p> </ix:exclude> </div>
<div id="t_ft_0YL07KIEXC00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="height: 300px; 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: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 41%;">
<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: bottom; height: 17px; background-color: #cceeff; 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; font-weight: bold;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1978" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2036" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2047" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2026" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1949" 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;"><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;"> Currency translation adjustment </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_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1958" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,233</ix: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="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2041" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2102" decimals="-3" scale="3" format="ixt:num-dot-decimal">39</ix: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="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2085"></ix: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="D20231231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2062" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,274</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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations <span style="font-size: 8pt;"><sup>(***)</sup></span></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_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1965" decimals="-3" scale="3" format="ixt:num-dot-decimal">105</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="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2055" decimals="-3" scale="3" format="ixt:num-dot-decimal">116</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="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1983" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,616</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="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2037" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,638</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;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2010" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,475</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;"> Additions </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_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1997" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,375</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1993" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,073</ix: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="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag2019"></ix: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="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag1977"></ix: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="D20231231_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2061" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,448</ix: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;"> 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;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2011" decimals="-3" scale="3" format="ixt:num-dot-decimal">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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: 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_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1945" decimals="-3" scale="3" format="ixt:num-dot-decimal">367</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="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1796"></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="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2093"></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="D20231231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1989" decimals="-3" scale="3" format="ixt:num-dot-decimal">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> </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;"> Disposals </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_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2101" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,737</ix: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="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2009"></ix: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="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2105"></ix: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="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2034"></ix: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="D20231231_GrossCarryingAmountMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2068" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,737</ix: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;"> 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;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2017" decimals="-3" scale="3" format="ixt:num-dot-decimal">648,887</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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2042" decimals="-3" scale="3" format="ixt:num-dot-decimal">560,549</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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2096" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,488,381</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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1956" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,790,680</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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2038" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,488,497</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>
<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;"><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; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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;"> 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;"><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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; 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;"> Accumulated at the beginning of the year </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="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2099" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2008" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2060" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1960" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2069" 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; 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;"> 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;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2000" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,140</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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2086" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1979"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2006"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2084" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,141</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;"> Amortization charge </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_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2003" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,285</ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2073" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,799</ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag2065"></ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1986" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,259</ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2063" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,343</ix: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;"> 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;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2014" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">86</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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2012"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2103"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2106"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1996" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">86</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;"> Disposals </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_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1967" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,736</ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2049"></ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2001"></ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2092"></ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1976" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,736</ix: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: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<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; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2110" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">576,722</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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2108" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">407,217</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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2067" 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; border-top-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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2072" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,742,774</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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1962" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,111,387</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: 18px;"><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;"> At December 31, 2023 </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;"> <ix:nonFraction contextRef="I20231231_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1961" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,165</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;"><br/></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;"><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="I20231231_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1973" decimals="-3" scale="3" format="ixt:num-dot-decimal">153,332</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;"><br/></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;"><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="I20231231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2023" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,103,707</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-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; 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; 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="I20231231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2100" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,906</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;"><br/></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;"><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; 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:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2109" 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; background-color: #cceeff; 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> </div> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <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; font-size: 8pt;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote34" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Includes Proprietary Technology.</span></ix:footnote></span></span></p>
<p style="margin: 0pt; text-align: justify;"><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="footnote33" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated </span><span style="font-family: 'Frutiger 45 Light';">to 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>
<p style="margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">) </span></span><span><ix:footnote xml:lang="en-US" id="footnote32" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated </span><span style="font-family: 'Frutiger 45 Light';">to the GPC, Isoplus 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';">.</span></ix:footnote></span></span></p> </ix:nonNumeric>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The geographical </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allocation of goodwill </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for the year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ended December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;">4</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_NorthAmericaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1982" decimals="-5" scale="6" format="ixt:num-dot-decimal">944.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for North America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_SouthAmericaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2002" decimals="-5" scale="6" format="ixt:num-dot-decimal">111.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for South America</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="I20241231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1990" decimals="-5" scale="6" format="ixt:num-dot-decimal">33.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Asia Pacific, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Middle East &amp; Africa</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="I20241231_EuropeMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2052" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for Europe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The geographical allocation of goodwill for the year ended December 31, 2023 was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_NorthAmericaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2094" decimals="-5" scale="6" format="ixt:num-dot-decimal">944.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for North America, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_SouthAmericaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2027" decimals="-5" scale="6" format="ixt:num-dot-decimal">111.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for South America, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1985" decimals="-5" scale="6" format="ixt:num-dot-decimal">33.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for Asia Pacific, Middle East &amp; Africa and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_EuropeMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1955" decimals="-5" scale="6" format="ixt:num-dot-decimal">15.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for Europe.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The carrying amount of goodwill allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> by CGU, as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, was as follows:</span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" id="Tag3342" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 115px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (all amounts in millions of U.S. dollars) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.9408%;">
<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: 0px;padding-right: 0px;vertical-align: bottom;height: 10px;border-bottom-width: 1px;border-bottom-style: solid;margin: 0px;text-indent: 0px;border-bottom-color: #000000 !important;width: 22.1893%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes Segment </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 64.9408%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> CGU </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Hydril Acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><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: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tamsa </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_TubesMember_HydrilCompanyMember_TamsaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2091" 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; margin: 0px; text-indent: 0px; width: 1.0355%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; 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; width: 10.0592%; 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;"> <ix:nonFraction contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember_TamsaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1946" 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; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 10.0592%; 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;"> <ix:nonFraction contextRef="I20241231_TubesMember_TamsaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1953" 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; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Siderca </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_TubesMember_HydrilCompanyMember_SidercaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2058" 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: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember_SidercaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1974" 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: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_TubesMember_SidercaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2078" 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: 17px; width: 1.0355%;"><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: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Hydril </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_TubesMember_HydrilCompanyMember_HydrilMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2048" 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: 17px; 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: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember_HydrilMember" name="ifrs-full:Goodwill" unitRef="USD" xsi:nil="true" id="Tag2031"></ix: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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_TubesMember_HydrilMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1987" 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: 17px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9408%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_TubesMember_HydrilCompanyMember_OtherCguMember" name="ifrs-full:Goodwill" unitRef="USD" xsi:nil="true" id="Tag2080"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember_OtherCguMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2064" 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: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_TubesMember_OtherCguMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2104" 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: 17px; width: 1.0355%;"><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: 64.9408%;">
<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; 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; width: 10.0592%;">
<p style="margin: 0px; text-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="I20241231_TubesMember_HydrilCompanyMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2030" 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; 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; width: 1.0355%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; width: 10.0592%;">
<p style="margin: 0px; text-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="I20241231_TubesMember_OtherBusinessCombinationsMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1972" 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; 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; width: 1.0355%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; width: 10.0592%;">
<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="I20241231_TubesMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2018" decimals="-6" scale="6" format="ixt:num-dot-decimal">1,090</ix:nonFraction></span></p> </td> </tr> </tbody> </table> </ix:nonNumeric> </ix:nonNumeric>
<p style="line-height: 12pt; 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-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>
<p style="margin:0pt"><br/></p> </div><div style="font-size: 10pt;">
<table style="font-family: 'times new roman'; width: 100%; height: 20px; border-collapse: collapse; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; 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;"><br/></span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfLeasesExplanatory" id="Tag3332" escape="true">
<p style="font-family: 'times new roman', times; 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;">13<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; </span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Right-of-use assets, net and lease 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Right of use assets evolution</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" id="Tag3333" escape="true">
<div style="border-left: none; border-right: none;">
<div id="t_ft_EAZKEE8FPS00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="height: 324px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 52px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 52px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; height: 52px; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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;"><br/></td> </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; line-height: inherit;"> Opening net book amount </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_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1906" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1925" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1922" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1933" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1850" 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; 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; line-height: inherit;"> Currency translation adjustment </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="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1872" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">167</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1927" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">439</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1797" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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="D20241231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1808"></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="D20241231_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1851" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,298</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; line-height: inherit;"> 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; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1935" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,034</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="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1812" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,040</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="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1914" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,663</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="D20241231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1839" decimals="-3" scale="3" format="ixt:num-dot-decimal">584</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="D20241231_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1786" decimals="-3" scale="3" format="ixt:num-dot-decimal">91,321</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; line-height: inherit;"> Transfers / Reclassifications </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="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1899" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,027</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1934" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,027</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="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1798"></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="D20241231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1919"></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="D20241231_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1889"></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; line-height: inherit;"> Disposals </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="D20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1881" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,772</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1842" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,113</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1834" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,706</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; line-height: inherit;"><ix:nonFraction contextRef="D20241231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1835"></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="D20241231_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1852" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,591</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; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1816" decimals="-3" scale="3" format="ixt:num-dot-decimal">66,532</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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1862" decimals="-3" scale="3" format="ixt:num-dot-decimal">184,895</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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1885" decimals="-3" scale="3" format="ixt:num-dot-decimal">56,482</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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1838" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,252</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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1913" decimals="-3" scale="3" format="ixt:num-dot-decimal">312,161</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>
<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;"> </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; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-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><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; font-weight: bold; line-height: inherit;"> Depreciation </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><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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; font-weight: bold; line-height: inherit;"> </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1843" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1854" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1944" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1868" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1811" 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; 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; line-height: inherit;"> Currency translation adjustment </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="D20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1871" 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; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag951" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">283</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1918" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">412</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1856"></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="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1936" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">763</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; line-height: inherit;"> Depreciation charge </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="D20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1801" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,448</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;"> <ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1970" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,719</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="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1846" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,786</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="D20241231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1810" decimals="-3" scale="3" format="ixt:num-dot-decimal">948</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="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1848" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,901</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> </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;"> Transfers / Reclassifications </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="D20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1814" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,514</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1855" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,550</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1895" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">36</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag938"></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="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1894"></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; line-height: inherit;"> Disposals </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="D20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1902" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,041</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1942" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17,660</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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1859" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,735</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; line-height: inherit;"><ix:nonFraction contextRef="D20241231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1917"></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="D20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1785" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">35,436</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;"><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; 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="I20241231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1828" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">36,797</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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1805" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">93,893</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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1853" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">30,832</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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1830" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,771</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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1818" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">163,293</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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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, 2024 </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="I20241231_LandAndCivilBuildingsMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1780" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,735</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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1898" decimals="-3" scale="3" format="ixt:num-dot-decimal">91,002</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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_VehiclesFurnitureAndFixturesMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1864" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,650</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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_OtherAssetsMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1831" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,481</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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1930" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,868</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> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_M8B4Z2UHNK00000000000000000000b">
<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: 358px;" width="100%">
<tbody>
<tr style="height: 69px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 69px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Land and Civil Buildings </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Industrial Buildings, Plant and Production Equipment </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Vehicles, furniture and fixtures </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Others </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; line-height: inherit;"> 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%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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="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; line-height: inherit;"> 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; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1873" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1915" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1892" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1863" 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; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1865" 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;"><br/></td> </tr>
<tr style="height: 17px; background-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1849" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1827" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1787" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1826"></ix: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="D20231231_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1905" 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></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_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" id="Tag1806" 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" id="Tag1929" 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" id="Tag1878" 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_OtherAssetsMember_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1897"></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="D20231231_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" id="Tag1874" 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: 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;"> 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;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1880" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1784" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1800" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1820" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1901" 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1903" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1875"></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="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1909" 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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_OtherAssetsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1836"></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="D20231231_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1937"></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;"> 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;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1893" 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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1920" 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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1932" 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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1891"></ix: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="D20231231_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1802" 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;">)</td> </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;"> 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1813" 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; border-top-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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1832" 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; border-top-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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1879" 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; border-top-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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1857" 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; border-top-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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1783" 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; border-top-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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold; line-height: inherit;"> </span><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; text-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><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><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;"> Depreciation </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;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1907" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1886" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1778" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1858" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1845" 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;"><br/></td> </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; 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: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag939" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1876" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1939" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1817"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1908" 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;"><br/></td> </tr>
<tr style="height: 17px; background-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;"> 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;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1824" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag59" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1781" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1969" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1888" 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1861" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1829"></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="D20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1815" 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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1877"></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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1883"></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;"> 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;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1916" 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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1837" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,046</ix: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; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1928" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,638</ix: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; line-height: inherit;"><ix:nonFraction contextRef="D20231231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1799"></ix: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="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1825" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,033</ix: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; line-height: inherit;"> 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; border-top-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="I20231231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1921" 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; border-top-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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1822" 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; border-top-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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1887" 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; border-top-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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1866" 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; border-top-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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1923" 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; border-top-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>
<tr style="height: 17px; background-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, 2023 </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;">
<p style="margin: 0px; text-align: right; padding-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_LandAndCivilBuildingsMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1821" 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; 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; 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; 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="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1870" 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; 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; 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; 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="I20231231_VehiclesFurnitureAndFixturesMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1841" 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; 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; 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; 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="I20231231_OtherAssetsMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1884" 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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1823" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"/> </tr> </tbody> </table> </div> </div>
<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; vertical-align: super; line-height: inherit;">(*)</span> <span><ix:footnote xml:lang="en-US" id="footnote60" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC</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;">.</span></span></ix:footnote></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; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Depreciation of right-of-use assets </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;"> mainly included in Tubes segment.</span></p>
<div style="font-family: 'times new roman', times;">
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0pt;"><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-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 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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude> <br/></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; font-style: italic; font-weight: bold; line-height: inherit;">Lease liability evolution</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"> <br/></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20241231" name="ts:LeaseLiabilityEvolutionTextBlock" id="Tag3345" escape="true">
<div style="font-family: 'times new roman', times; 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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9099%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 21.9742%;">
<p style="margin: 0px; text-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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-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; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><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: 76.9099%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-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:LeaseLiabilities" unitRef="USD" id="Tag1809" 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; width: 1.03004%; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03004%; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-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:LeaseLiabilities" unitRef="USD" id="Tag937" 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; width: 1.03004%; 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; width: 76.9099%;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:LeaseLiabilitiesIncreaseDueToBusinessCombinations" unitRef="USD" id="Tag1938" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">35</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:LeaseLiabilitiesIncreaseDueToBusinessCombinations" unitRef="USD" id="Tag1804" 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: 17px; width: 1.03004%;"><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: 76.9099%;">
<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; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:LeaseLiabilitiesTranslationDifferences" unitRef="USD" id="Tag1867" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,565</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: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:LeaseLiabilitiesTranslationDifferences" unitRef="USD" id="Tag941" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><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; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:LeaseLiabilitiesAdditions" unitRef="USD" id="Tag1779" decimals="-3" scale="3" format="ixt:num-dot-decimal">91,005</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:LeaseLiabilitiesAdditions" unitRef="USD" id="Tag1844" 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: 10px; width: 1.03004%;"><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: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cancellations </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: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:LeaseLiabilitiesCancellations" unitRef="USD" id="Tag1910" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,377</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: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:LeaseLiabilitiesCancellations" unitRef="USD" id="Tag1833" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Repayments <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:LeaseLiabilitiesRepayments" unitRef="USD" id="Tag1789" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,639</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:LeaseLiabilitiesRepayments" unitRef="USD" id="Tag1847" 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: 17px; width: 1.03004%;">)</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: 76.9099%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest accrued </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: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:LeaseLiabilitiesInterestAccrued" unitRef="USD" id="Tag1882" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,104</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: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:LeaseLiabilitiesInterestAccrued" unitRef="USD" id="Tag1940" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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="I20241231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag1807" decimals="-3" scale="3" format="ixt:num-dot-decimal">144,926</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; width: 1.03004%;"><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; width: 1.03004%;"><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; width: 9.95708%;">
<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="I20231231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag1926" 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; border-top-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; width: 1.03004%;"><br/></td> </tr> </tbody> </table> </div>
<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: 8pt; vertical-align: super; line-height: inherit;"><br/></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: 8pt; vertical-align: super; line-height: inherit;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote31" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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 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></ix:footnote></span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC</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;">.</span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">*<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">*</span></span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">)</span> </span><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;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;includes</span><span style="line-height: inherit;"><span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">repayments of </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="D20241231" name="ts:LeaseLiabilitiesCapitalRepayments" unitRef="USD" id="Tag1819" decimals="-5" scale="6" format="ixt:num-dot-decimal">68.6</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;">in capital </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and </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="D20241231" name="ts:RepaymentOfInterestOnLeaseLiabilities" unitRef="USD" id="Tag822" 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</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of interest</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></ix:footnote></span></span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">or </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</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;"> includes repayments of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ts:LeaseLiabilitiesCapitalRepayments" unitRef="USD" id="Tag1896" decimals="-5" scale="6" format="ixt:num-dot-decimal">51.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million in capital and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ts:RepaymentOfInterestOnLeaseLiabilities" unitRef="USD" id="Tag1943" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million of interest</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p> </ix:nonNumeric> </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; margin: 0pt; text-align: justify; line-height: 1.2;"><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>4</span></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 amount of remaining payments with maturities of less than <span>1</span> year, between <span>2</span> and <span>5</span> years and more than <span>5</span> years was approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_NotLaterThanOneYearMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag836" decimals="2" scale="-2" format="ixt:num-dot-decimal">31</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="I20241231_LaterThanOneYearAndNotLaterThanFiveYearsMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1869" decimals="2" scale="-2" format="ixt:num-dot-decimal">46</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="I20241231_LaterThanFiveYearsMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1840" decimals="2" scale="-2" format="ixt:num-dot-decimal">23</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, respectively.</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; text-align: justify; line-height: 1.2;"><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 </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;">, </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 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 <span>1</span> year, between <span>2</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</span> years and more than <span>5</span> 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;"><ix:nonFraction contextRef="I20231231_NotLaterThanOneYearMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1931" decimals="2" scale="-2" format="ixt:num-dot-decimal">28</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_LaterThanOneYearAndNotLaterThanFiveYearsMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1941" decimals="2" scale="-2" format="ixt:num-dot-decimal">45</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="I20231231_LaterThanFiveYearsMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag940" decimals="2" scale="-2" format="ixt:num-dot-decimal">27</ix:nonFraction>%</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="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;">Expense</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;"> relat</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 short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">leases of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (included in </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;">ost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">elling, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">eneral and </span><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;">dministrative </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">xpense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; 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;">were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not material for the years <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;"> 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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p> </ix:nonNumeric> </div>
<p style="margin:0pt"><br/></p><div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory" id="Tag3331" 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; line-height: inherit;"><span style="border-left: none; border-right: none;">14<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;</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: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></span></span><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;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" id="Tag3298" 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: 150px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 76.0588%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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: 15px; width: 22.4719%;">
<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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 76.0588%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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: 15px; width: 9.9395%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2024</span> </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: 15px; width: 1.29646%;"><br/></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: 15px; width: 1.29646%;"><br/></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: 15px; width: 9.9395%;">
<p style="margin: 0pt; text-align: center;"><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: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"><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; width: 76.0588%; height: 15px;">
<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: 9.9395%; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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="Tag3401" 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; width: 1.29646%; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.9395%; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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="Tag3400" 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; width: 1.29646%; height: 15px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag564" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,840</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag1481" 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; height: 15px; width: 1.29646%;"><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: 76.0588%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag1736" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,548</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: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag1761" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ts:DividendsDeclaredByNonconsolidatedCompanies" unitRef="USD" id="Tag1773" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,212</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:DividendsDeclaredByNonconsolidatedCompanies" unitRef="USD" id="Tag1518" 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: 15px; width: 1.29646%;">)</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: 76.0588%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation" unitRef="USD" id="Tag1772" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix: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: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation" unitRef="USD" id="Tag1500" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" unitRef="USD" id="Tag1451" decimals="-3" scale="3" format="ixt:fixed-zero"> - </ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" unitRef="USD" id="Tag3353" 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; height: 15px; width: 1.29646%;">)</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: 76.0588%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Increase / (decrease) in equity reserves 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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231" name="ts:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" unitRef="USD" id="Tag1478" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,357</ix: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: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-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" name="ts:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" unitRef="USD" id="Tag1482" 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; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; border-top-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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-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="I20241231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1549" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,543,657</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: 15px; width: 1.29646%;"><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: 15px; width: 1.29646%;"><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: 15px; width: 9.9395%;">
<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="I20231231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1479" 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; border-top-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: 15px; width: 1.29646%;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<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; font-style: italic; line-height: inherit;">Equity in earnings of non-consolidated companies</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>2023</span>, i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncludes a loss of $<ix:nonFraction contextRef="D20231231_UsiminasMember" name="ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" unitRef="USD" id="Tag1745" decimals="-5" scale="6" format="ixt:num-dot-decimal">25.5</ix:nonFraction>&#160;million related to the participation increase in Usiminas and d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oes not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> include $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230517_GlobalPipeCompanyMember" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" id="Tag1795" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</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="Tag1751" 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;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For more information 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 style="border-left: none; border-right: none;">8</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 12pt; 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-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>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"><br/></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; line-height: inherit;">Dividends and distributions declared</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;">Related to Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_TerniumAndUsiminasMember" name="ts:DividendsDeclaredByNonconsolidatedCompanies" unitRef="USD" id="Tag1499" decimals="-5" scale="6" format="ixt:num-dot-decimal">73.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_TerniumAndUsiminasMember" name="ts:DividendsDeclaredByNonconsolidatedCompanies" unitRef="USD" id="Tag1537" 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</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: 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; font-style: italic; line-height: inherit;">Acquisition of non-consolidated companies</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>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to the investment in Usiminas. </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; font-style: italic; line-height: inherit;">Decrease due to step-acquisition</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>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to GPC acquisition.</span></p>
<p style="margin: 0pt;"><br/></p>
<p style="line-height: 12pt; 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: 12pt; margin: 0pt;"> <br/></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" id="Tag3346" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 112px; 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; height: 10px; vertical-align: bottom; width: 29.9571%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 24.9785%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 20.9442%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 21.9742%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 29.9571%;" 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; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 24.9785%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" 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; background-color: #cceeff; width: 29.9571%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">a) Ternium <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: 17px; background-color: #cceeff; width: 24.9785%;">
<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; height: 17px; background-color: #cceeff; width: 9.95708%; 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="D20241231_TerniumSAMember_LU" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1764" 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: 1.03004%; 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: 9.95708%; 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" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1739" 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: 1.03004%; 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: 9.95708%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_TerniumSAMember_LU" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1774" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,377,911</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03004%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03004%; 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: 9.95708%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1749" 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: 1.03004%; 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; width: 29.9571%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">b) Usiminas <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: 17px; width: 24.9785%;">
<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; width: 9.95708%;">
<p style="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="D20241231_UsiminasMember_BR" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag2495" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.96</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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_UsiminasMember_BR" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1748" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.96</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_UsiminasMember_BR" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1770" decimals="-3" scale="3" format="ixt:num-dot-decimal">102,812</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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="Tag1732" 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; width: 1.03004%;"><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: 29.9571%;">
<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; height: 17px; background-color: #cceeff; width: 24.9785%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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="D20241231_TechgenSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag3361" 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; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag315" 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; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_TechgenSAMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1743" decimals="-3" scale="3" format="ixt:num-dot-decimal">59,782</ix: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: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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_6" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1484" 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; width: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.9571%;">
<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; height: 17px; width: 24.9785%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_OtherMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1768" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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="Tag1740" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><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: 29.9571%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 24.9785%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 1.03004%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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="I20241231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1757" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,543,657</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; width: 1.03004%;"><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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.03004%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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="Tag1501" 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; 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; width: 1.03004%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt;"> <br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Including treasury shares.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(**)</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">At December 31,</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;">4</span></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and <span style="border-left: none; border-right: none;">2023</span>, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the voting rights were </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231_UsiminasMember" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" unitRef="Pure" id="Tag3441" decimals="4" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20241231_UsiminasMember" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" unitRef="Pure" id="Tag1765" decimals="4" scale="-2" format="ixt:num-dot-decimal">6.76</ix:nonFraction></ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p> </ix:nonNumeric> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; 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: 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; 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: 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; 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>4</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="I20241231_TerniumSAMember_3" name="ts:ClosingPricePerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag1446" decimals="2" format="ixt:num-dot-decimal">29.08</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 $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_TerniumSAMember_3" name="ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" unitRef="USD" id="Tag3360" decimals="-5" scale="6" format="ixt:num-dot-decimal">668.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the carrying value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ownership stake in Ternium, based on Ternium&#8217;s IFRS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Financial S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tements,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_TerniumSAMember_3" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag830" decimals="-5" scale="6" format="ixt:num-dot-decimal">1,377.9</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>4</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: 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; 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: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<ix:nonNumeric contextRef="D20241231_TerniumSAMember" name="ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" id="Tag2494" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 251px; 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !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;"> Ternium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; padding-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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 style="border-left: none; border-right: none;">2024</span> </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: 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 77%;">
<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;"> Non-current assets </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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_TerniumSAMember_3" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag1794" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,050,457</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>
<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>
<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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_3" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag3356" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 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;"> Current 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="I20241231_TerniumSAMember_3" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag1450" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,078,090</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_TerniumSAMember_3" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag1492" 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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; font-weight: bold; line-height: inherit;"> Total assets </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="I20241231_TerniumSAMember_3" name="ifrs-full:Assets" unitRef="USD" id="Tag1485" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,128,547</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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_3" name="ifrs-full:Assets" unitRef="USD" id="Tag1737" 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; 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>
<tr style="height: 17px;">
<td style="padding: 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;"> Non-current 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="I20241231_TerniumSAMember_3" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag1489" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,157,819</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_TerniumSAMember_3" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag1730" 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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> Current liabilities </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="I20241231_TerniumSAMember_3" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag1762" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,839,159</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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_3" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag1968" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 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;"> Total liabilities </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="I20241231_TerniumSAMember_3" name="ifrs-full:Liabilities" unitRef="USD" id="Tag1769" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,996,978</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="I20231231_TerniumSAMember_3" name="ifrs-full:Liabilities" unitRef="USD" id="Tag1766" 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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; font-weight: bold; line-height: inherit;"> Total equity </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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_TerniumSAMember_3" name="ifrs-full:Equity" unitRef="USD" id="Tag1498" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,131,569</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>
<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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_3" name="ifrs-full:Equity" unitRef="USD" id="Tag1494" 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; 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>
<tr style="height: 10px;">
<td style="padding: 0px 7px; 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: 10pt; 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;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_TerniumSAMember_3" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag1747" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,163,383</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; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_3" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag1480" 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: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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: 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;"> Revenues </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="D20241231_TerniumSAMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1727" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,649,060</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="D20231231_TerniumSAMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1483" 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> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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;"> Gross profit </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;"> <ix:nonFraction contextRef="D20241231_TerniumSAMember" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag1548" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,888,836</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; 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="D20231231_TerniumSAMember" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag1725" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 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;"> Net (loss) / income for the year attributable to shareholders' equity </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="D20241231_TerniumSAMember" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag1744" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">53,672</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="D20231231_TerniumSAMember" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag3399" 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: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> Other comprehensive income </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="D20241231_TerniumSAMember" name="ifrs-full:OtherComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag1486" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,817</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>
<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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TerniumSAMember" name="ifrs-full:OtherComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag1495" decimals="-3" scale="3" format="ixt:num-dot-decimal">465,885</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: 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;"> Total comprehensive income </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="D20241231_TerniumSAMember" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag1753" decimals="-3" scale="3" format="ixt:num-dot-decimal">158,145</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; 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="D20231231_TerniumSAMember" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag1755" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,141,928</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> </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-52</span></span></td> </tr> </tbody> </table>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 12pt; 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;"><br/></span></p>
<p style="line-height: 12pt; 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) Usiminas</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; line-height: inherit;">Usiminas is a Brazilian producer of high</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quality flat steel products used in the energy, automotive and other industries.</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; 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 style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the closing price of the Usiminas&#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;"> - Brasil Bolsa Balc&#227;o 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="I20241231_UsiminasMember_OrdinarySharesMember" name="ts:ClosingPricePerShare" unitRef="BRLPerShare" id="Tag3357" decimals="2" format="ixt:num-dot-decimal">5.32</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UsiminasMember_OrdinarySharesMember" name="ts:ClosingPricePerShare" unitRef="USDPerShare" id="Tag425" decimals="2" format="ixt:num-dot-decimal">0.86</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) and BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UsiminasMember_PreferenceSharesMember" name="ts:ClosingPricePerShare" unitRef="BRLPerShare" id="Tag1754" decimals="2" format="ixt:num-dot-decimal">5.32</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UsiminasMember_PreferenceSharesMember" name="ts:ClosingPricePerShare" unitRef="USDPerShare" id="Tag1742" decimals="2" format="ixt:num-dot-decimal">0.86</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 $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UsiminasMember" name="ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" unitRef="USD" id="Tag1476" decimals="-5" scale="6" format="ixt:num-dot-decimal">41.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that date, the carrying value of Tenaris&#8217;s ownership stake in Usiminas was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UsiminasMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1763" decimals="-5" scale="6" format="ixt:num-dot-decimal">102.8</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 difference between the carrying </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">value of Tenaris&#8217;s ownership stake in Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and its interest over Usiminas&#8217; shareholders&#8217; equity corresponds to the purchase price allocation performed in <span style="border-left: none; border-right: none;">2023</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; line-height: inherit;">In <span>2023</span>, f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ollowing 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 Usiminas 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="Tag1733" decimals="-5" scale="6" format="ixt:num-dot-decimal">25.5</ix:nonFraction> million 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.</span></p>
<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; line-height: inherit;">The Company reviews its participation in Usiminas 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>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;">, the Company concluded that the carrying amount did not exceed the recoverable value of the investment.</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; line-height: inherit;">Summarized selected financial information of Usiminas, 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: 12pt; margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20241231_UsiminasMember" name="ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" id="Tag2493" escape="true">
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; height: 15px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><br/></td> </tr>
<tr style="height: 15px;">
<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: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; height: 15px;">
<p style="margin: 0px; text-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>2024</span> </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; height: 15px;"><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; height: 15px;"><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; height: 15px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><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; width: 77%; height: 15px;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_UsiminasMember" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag1775" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,623,996</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: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1793" 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: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_UsiminasMember" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag3362" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,234,742</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>
<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;">
<p style="margin: 0px; text-align: right; padding-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="Tag1491" 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: 15px;"><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;">
<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; border-top-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: 15px;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_UsiminasMember" name="ifrs-full:Assets" unitRef="USD" id="Tag1448" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,858,738</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-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: 15px;"><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: 15px;"><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: 15px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1738" 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; border-top-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: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_UsiminasMember" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag1758" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,357,347</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>
<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;">
<p style="margin: 0px; text-align: right; padding-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="Tag1477" 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: 15px;"><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;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_UsiminasMember" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag818" decimals="-3" scale="3" format="ixt:num-dot-decimal">772,412</ix: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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1729" 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: 15px;"><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; 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; border-top-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: 15px;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_UsiminasMember" name="ifrs-full:Liabilities" unitRef="USD" id="Tag1752" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,129,758</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: 15px;"><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: 15px;"><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: 15px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1452" 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; border-top-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: 15px;"><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;">
<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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_UsiminasMember" name="ifrs-full:Equity" unitRef="USD" id="Tag1726" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,728,980</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: 15px;"><br/></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: 15px;"><br/></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: 15px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1504" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_UsiminasMember" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag1487" decimals="-3" scale="3" format="ixt:num-dot-decimal">452,481</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>
<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;">
<p style="margin: 0px; text-align: right; padding-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="Tag1760" 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: 15px;"><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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><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; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_UsiminasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1453" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,800,787</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>
<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;">
<p style="margin: 0px; text-align: right; padding-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="Tag832" 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: 15px;"><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;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_UsiminasMember" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag1731" decimals="-3" scale="3" format="ixt:num-dot-decimal">308,043</ix: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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1449" 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: 15px;"><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; line-height: inherit;"> Net (loss) / 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_UsiminasMember" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag1444" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">27,084</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">)</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;">
<p style="margin: 0px; text-align: right; padding-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="Tag810" 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: 15px;"><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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_UsiminasMember" name="ifrs-full:OtherComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag3201" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,564</ix: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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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:OtherComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag1777" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">72,062</ix: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;">)</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; line-height: inherit;"> Total comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_UsiminasMember" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag1776" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,480</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>
<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;">
<p style="margin: 0px; text-align: right; padding-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:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag1746" decimals="-3" scale="3" format="ixt:num-dot-decimal">206,340</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> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 12pt; 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) Techgen</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; line-height: inherit;">Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Tenaris held <ix:nonFraction contextRef="D20241231_TechgenSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1524" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>% of Techgen&#8217;s share capital, and its affiliates, Ternium and Tecpetrol (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="D20241231_TechgenSAMember_TerniumSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1771" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction>% and <ix:nonFraction contextRef="D20241231_TecpetrolInternationalSAMember_TechgenSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1488" 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 style="border-left: none; border-right: none;">4</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 Techgen 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="Tag1741" decimals="-5" scale="6" format="ixt:num-dot-decimal">59.8</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million.</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; font-weight: normal; line-height: inherit;">Techgen 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 style="border-left: none; border-right: none;">4</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="I20241231_TechgenSAMember" name="ts:ExposureToTransportationCapacityAgreements" unitRef="USD" id="Tag1750" decimals="-5" scale="6" format="ixt:num-dot-decimal">36.3</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="I20241231_TechgenSAMember" name="ts:ExposureToThePurchaseOfCleanEnergyCertificates" unitRef="USD" id="Tag1728" decimals="-5" scale="6" format="ixt:num-dot-decimal">16.6</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: 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; line-height: inherit;">Techgen&#8217;s sponsors granted certain subordinated loans to Techgen. 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;">4</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="I20241231_TechgenSAMember_TerniumSAMember_TecpetrolInternationalSAMember_TenarisMember" name="ts:LoansAndReceivablesOutstandingPrincipleAmount" unitRef="USD" id="Tag1735" decimals="-5" scale="6" format="ixt:num-dot-decimal">306.5</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="I20241231_TechgenSAMember_TenarisMember" name="ts:LoansAndReceivablesOutstandingPrincipleAmount" unitRef="USD" id="Tag1493" decimals="-5" scale="6" format="ixt:num-dot-decimal">67.4</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: 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; line-height: inherit;">On February 13, 2019, Techgen entered into a $<ix:nonFraction contextRef="I20190213_TechgenSAMember_SeveralBanksToRefinanceObligationsMember" name="ifrs-full:DebtSecurities" unitRef="USD" id="Tag1496" 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 Techgen&#8217;s shareholders to secure the replaced facility.</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-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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="line-height: 12pt; 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. Techgen&#8217;s 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="I20241231_TechgenSAMember_TenarisMember" name="ts:ProportionOfCorporateGuaranteeCoveringObligations" unitRef="Pure" id="Tag1734" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>% of the energy generated by Techgen remain substantially unchanged.</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; line-height: inherit;">Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during <span style="border-left: none; border-right: none;">two</span> consecutive quarters; such account is funded by stand-by letters of credit issued for the account of Techgen&#8217;s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company applied for stand-by letters of credit covering <ix:nonFraction contextRef="I20241231_TechgenSAMember_TenarisSAMember" name="ts:DebtServiceCoverageRatioCoveredPercent" unitRef="Pure" id="Tag1759" 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 style="border-left: none; border-right: none;">4</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="I20241231_TechgenSAMember_TenarisSAMember" name="ts:LettersOfCreditCovered" unitRef="USD" id="Tag1490" 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> </ix:nonNumeric> </div><div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfNoncurrentReceivablesTextBlock" id="Tag3182" 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<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;</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: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></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><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; text-align: justify;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" id="Tag3184" escape="true">
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" 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;"> Year ended 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: 10px;"><br/></td> </tr>
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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: center;"><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; 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 style="border-left: none; border-right: none;">2024</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>
<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>
<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 style="border-left: none; border-right: none;">2023</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>
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<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;"> Employee advances and loans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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="I20241231" name="ts:NoncurrentReceivablesEmployeeAdvancesAndLoans" unitRef="USD" id="Tag2136" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,120</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; height: 17px; 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="ts:NoncurrentReceivablesEmployeeAdvancesAndLoans" unitRef="USD" id="Tag2143" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,395</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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Tax credits <span style="font-size: 8pt;"><sup>(*)</sup></span></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="I20241231" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag2139" decimals="-3" scale="3" format="ixt:num-dot-decimal">66,636</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" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag2144" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,483</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;"> Receivables from 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="I20241231" name="ifrs-full:NoncurrentReceivablesDueFromRelatedParties" unitRef="USD" id="Tag2142" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,843</ix: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="I20231231" name="ifrs-full:NoncurrentReceivablesDueFromRelatedParties" unitRef="USD" id="Tag2138" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,820</ix: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>
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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: 10pt;"> Legal deposits </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="I20241231" name="ts:NonCurrentLegalDeposits" unitRef="USD" id="Tag2149" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,858</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" name="ts:NonCurrentLegalDeposits" unitRef="USD" id="Tag2146" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,355</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;"> Advances to suppliers and other advances </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="I20241231" name="ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" unitRef="USD" id="Tag2145" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,434</ix: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="I20231231" name="ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" unitRef="USD" id="Tag2140" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,043</ix: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;"> Others </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="I20241231" name="ifrs-full:OtherNoncurrentReceivables" unitRef="USD" id="Tag2137" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,711</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>
<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>
<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" name="ifrs-full:OtherNoncurrentReceivables" unitRef="USD" id="Tag2132" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,863</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>
<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;"><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; 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="I20241231" name="ifrs-full:NoncurrentReceivables" unitRef="USD" id="Tag2147" decimals="-3" scale="3" format="ixt:num-dot-decimal">205,602</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; 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; 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; 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:NoncurrentReceivables" unitRef="USD" id="Tag2131" 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; background-color: #cceeff; 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="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <span><ix:footnote xml:lang="en-US" id="footnote35" footnoteRole="http://www.xbrl.org/2003/role/footnote">As of December 31, 2024 and <span style="border-left: none; border-right: none;">2023</span>, included approximately $<ix:nonFraction contextRef="I20241231_TaxOnSalesAndServicesICMSMember" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag2130" decimals="-5" scale="6" format="ixt:num-dot-decimal">54.2</ix:nonFraction> million and $<ix:nonFraction contextRef="I20231231_TaxOnSalesAndServicesICMSMember" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag2129" decimals="-5" scale="6" format="ixt:num-dot-decimal">40.6</ix:nonFraction> million, respectively, related to ICMS (Tax on Sales and Services) from Brazilian subsidiaries.</ix:footnote></span></span></p> </ix:nonNumeric>
<p style="margin: 0pt;"><br/></p> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfInventoriesExplanatory" id="Tag82" 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;">16<span style="color: #003366; 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: start; text-indent: -28.3333px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Inventories</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">, net</span></p>
<p style="margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutInventoriesTextBlock" id="Tag81" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 159px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" 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: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; 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; 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: top; height: 10px;">
<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: 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 style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: 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 style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finished goods </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; 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="I20241231" name="ifrs-full:FinishedGoods" unitRef="USD" id="Tag2128" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,332,646</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; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; 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="I20231231" name="ifrs-full:FinishedGoods" unitRef="USD" id="Tag2116" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,401,754</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; 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;"> Goods in process </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="I20241231" name="ifrs-full:WorkInProgress" unitRef="USD" id="Tag2127" decimals="-3" scale="3" format="ixt:num-dot-decimal">993,294</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" name="ifrs-full:WorkInProgress" unitRef="USD" id="Tag2113" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,068,956</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;"> Raw materials </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="I20241231" name="ifrs-full:RawMaterials" unitRef="USD" id="Tag2126" decimals="-3" scale="3" format="ixt:num-dot-decimal">504,124</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; 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" name="ifrs-full:RawMaterials" unitRef="USD" id="Tag2114" decimals="-3" scale="3" format="ixt:num-dot-decimal">569,837</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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Supplies </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="I20241231" name="ifrs-full:ProductionSupplies" unitRef="USD" id="Tag2125" decimals="-3" scale="3" format="ixt:num-dot-decimal">712,059</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" name="ifrs-full:ProductionSupplies" unitRef="USD" id="Tag2121" decimals="-3" scale="3" format="ixt:num-dot-decimal">648,443</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;"> Goods in transit </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="I20241231" name="ifrs-full:CurrentInventoriesInTransit" unitRef="USD" id="Tag2124" decimals="-3" scale="3" format="ixt:num-dot-decimal">370,993</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; 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" name="ifrs-full:CurrentInventoriesInTransit" unitRef="USD" id="Tag2122" decimals="-3" scale="3" format="ixt:num-dot-decimal">441,217</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: 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; 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="I20241231" name="ts:InventoriesGross" unitRef="USD" id="Tag2123" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,913,116</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; 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="ts:InventoriesGross" unitRef="USD" id="Tag2119" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,130,207</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;"><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;"> Allowance for obsolescence, see note <span style="border-left: none; border-right: none;">25</span> (i) </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="I20241231" name="ts:InventoriesAllowanceForObsolescence" unitRef="USD" id="Tag2117" decimals="-3" scale="3" format="ixt:num-dot-decimal">203,174</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;">)</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; 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:InventoriesAllowanceForObsolescence" unitRef="USD" id="Tag2118" decimals="-3" scale="3" format="ixt:num-dot-decimal">209,110</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;">)</td> </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;"> </span><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: 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="I20241231" name="ifrs-full:Inventories" unitRef="USD" id="Tag2115" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,709,942</ix:nonFraction> </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; 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;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Inventories" unitRef="USD" id="Tag2120" 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: top; 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> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p> </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-54</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 id="Dsov2n6uno5gdazcif2zqla" 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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<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;"><br/></span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory" id="Tag3297" escape="true">
<div id="Dsov2n6uno5gdazcif3zqla" style="font-family: 'times new roman', times; font-size: 10pt;">
<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>17</span>&#160; &#160; </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="D20241231" name="ts:DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" id="Tag3296" 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: 190px;" 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="4" 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;">
<p style="margin: 0px; text-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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <span>2024</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>
<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>
<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;">
<p style="margin: 0px; text-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; 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: 77%; height: 17px;">
<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-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;"> <ix:nonFraction contextRef="I20241231" name="ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" unitRef="USD" id="Tag2107" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,318</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>
<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;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" unitRef="USD" id="Tag1656" decimals="-3" scale="3" format="ixt:num-dot-decimal">56,564</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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government entities </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="I20241231" name="ts:CurrentReceivablesAndPrepaymentsGovernmentEntities" unitRef="USD" id="Tag1712" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,420</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="I20231231" name="ts:CurrentReceivablesAndPrepaymentsGovernmentEntities" unitRef="USD" id="Tag1654" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,330</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;"> Employee advances and loans </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="I20241231" name="ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" unitRef="USD" id="Tag1671" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,695</ix: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="I20231231" name="ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" unitRef="USD" id="Tag1655" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,316</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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" unitRef="USD" id="Tag1670" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,965</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="I20231231" name="ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" unitRef="USD" id="Tag1665" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,455</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;"> Government tax refunds on exports </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="I20241231" name="ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag1669" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,969</ix: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="I20231231" name="ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag1664" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,210</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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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 related parties </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="I20241231" name="ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" unitRef="USD" id="Tag1668" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,585</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="I20231231" name="ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" unitRef="USD" id="Tag1663" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,759</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> </tr>
<tr style="height: 17px; background-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;"> 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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:OtherCurrentReceivables" unitRef="USD" id="Tag1667" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,756</ix: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="I20231231" name="ifrs-full:OtherCurrentReceivables" unitRef="USD" id="Tag1662" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,173</ix: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;"> &#160; </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; height: 10px; 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="I20241231" name="ts:CurrentReceivablesAndPrepaymentsGross" unitRef="USD" id="Tag1666" decimals="-3" scale="3" format="ixt:num-dot-decimal">182,708</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; height: 10px; border-top-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; height: 10px; border-top-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; height: 10px; 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="ts:CurrentReceivablesAndPrepaymentsGross" unitRef="USD" id="Tag1661" decimals="-3" scale="3" format="ixt:num-dot-decimal">184,807</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; height: 10px; border-top-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;"> Allowance for other doubtful accounts, see note <span>25</span> (i) </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="I20241231" name="ts:CurrentAllowanceForOtherDoubtfulAccounts" unitRef="USD" id="Tag1658" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,094</ix: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; 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;"> (<ix:nonFraction contextRef="I20231231" name="ts:CurrentAllowanceForOtherDoubtfulAccounts" unitRef="USD" id="Tag1659" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,439</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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;"><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; 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;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" unitRef="USD" id="Tag1657" decimals="-3" scale="3" format="ixt:num-dot-decimal">179,614</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; height: 10px; 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; 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;"><br/></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; height: 10px; 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="I20231231" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" unitRef="USD" id="Tag1660" decimals="-3" scale="3" format="ixt:num-dot-decimal">181,368</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; height: 10px; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric> </div> </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;</span></p>
</div><div id="Dxheysvugkm9ll1nc7v0zd" style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory" id="Tag80" escape="true">
<div style="border-left: none; border-right: none;">
<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;">18</span>&#160; &#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Current tax assets</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> and liabilities</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="D20241231" name="ts:DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" id="Tag3190" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" 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;">
<p style="margin: 0px; text-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; 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: bottom; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 10%; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; border-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; width: 1%; border-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; width: 10%; 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; width: 1%; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231" name="ts:CurrentIncomeTaxAssets" unitRef="USD" id="Tag1767" decimals="-3" scale="3" format="ixt:num-dot-decimal">135,621</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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" name="ts:CurrentIncomeTaxAssets" unitRef="USD" id="Tag1713" 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; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> V.A.T. credits </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="I20241231" name="ifrs-full:CurrentValueAddedTaxReceivables" unitRef="USD" id="Tag1718" decimals="-3" scale="3" format="ixt:num-dot-decimal">195,745</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="I20231231" name="ifrs-full:CurrentValueAddedTaxReceivables" unitRef="USD" id="Tag1653" 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;"><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;"> Other prepaid taxes </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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:CurrentPrepaidTaxes" unitRef="USD" id="Tag1717" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,255</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; background-color: #cceeff;"><br/></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; background-color: #cceeff;"><br/></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; background-color: #cceeff;">
<p style="margin: 0px; text-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:CurrentPrepaidTaxes" unitRef="USD" id="Tag1652" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><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;"> &#160; </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;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="USD" id="Tag1716" decimals="-3" scale="3" format="ixt:num-dot-decimal">332,621</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;"><br/></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>
<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;">
<p style="margin: 0px; text-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:CurrentTaxAssetsCurrent" unitRef="USD" id="Tag1651" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div> </ix:nonNumeric>
<div style="border-left: none; border-right: none;"><br/></div> </div>
<div>
<div id="t_ft_MADFN0UTA800000000000000000000b">
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" id="Tag3192" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" 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;">
<p style="margin: 0px; text-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; 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: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current tax liabilities </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;">
<p style="margin: 0px; text-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>2024</span> </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>
<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>
<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;">
<p style="margin: 0px; text-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; 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; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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="I20241231" name="ts:CurrentIncomeTaxLiabilities" unitRef="USD" id="Tag1650" decimals="-3" scale="3" format="ixt:num-dot-decimal">277,712</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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="I20231231" name="ts:CurrentIncomeTaxLiabilities" unitRef="USD" id="Tag1646" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><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;"> V.A.T. 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="I20241231" name="ifrs-full:CurrentValueAddedTaxPayables" unitRef="USD" id="Tag1649" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,599</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="I20231231" name="ifrs-full:CurrentValueAddedTaxPayables" unitRef="USD" id="Tag1645" 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;"><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;"> Other taxes </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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:CurrentOtherTaxLiabilities" unitRef="USD" id="Tag1648" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,981</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; background-color: #cceeff;"><br/></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; background-color: #cceeff;"><br/></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; background-color: #cceeff;">
<p style="margin: 0px; text-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:CurrentOtherTaxLiabilities" unitRef="USD" id="Tag1644" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><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;"> &#160; </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;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:CurrentTaxLiabilitiesCurrent" unitRef="USD" id="Tag1647" decimals="-3" scale="3" format="ixt:num-dot-decimal">366,292</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;"><br/></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>
<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;">
<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:CurrentTaxLiabilitiesCurrent" unitRef="USD" id="Tag294" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"/> </tr> </tbody> </table> </ix:nonNumeric> </div> </div> </ix:nonNumeric> </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-55</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 id="Deius74bfgn23trzu40coq" style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_MFJRNZ1CCG00000000000000000000b">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory" id="Tag18" 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>19</span></span><span style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Trade receivables, net</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" id="Tag3408" 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: 119px;" 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;"> &#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;"> 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;"> &#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>2024</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>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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<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;"> Current accounts </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:CurrentTradeReceivablesCurrentAccounts" unitRef="USD" id="Tag1619" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,923,620</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;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesCurrentAccounts" unitRef="USD" id="Tag1626" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,471,565</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> Receivables from related parties </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="I20241231" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" unitRef="USD" id="Tag1599" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,012</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;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" unitRef="USD" id="Tag1585" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,370</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;"> &#160; </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="I20241231" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1608" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,955,632</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="I20231231" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1632" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,529,935</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;"> Allowance for doubtful accounts, see note <span>25</span> (i) </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="I20241231" name="ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts" unitRef="USD" id="Tag1624" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,125</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; 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="I20231231" name="ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts" unitRef="USD" id="Tag1602" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,046</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 17px; background-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;"> &#160; </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="I20241231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1591" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,907,507</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>
<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="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1628" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,480,889</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> </tbody> </table> </ix:nonNumeric>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The following table sets forth details </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the aging</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of trade receivables:</span></p>
<p style="margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" id="Tag68" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"> At December 31, 2024 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Trade Receivables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; 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;" rowspan="2"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;" rowspan="2"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Not Due </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; 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;" rowspan="2"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;" rowspan="2"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Past due </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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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;"> &#160; </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: rgb(0, 0, 0) !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>180</span> days </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &gt; <span>180</span> days </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: rgb(0, 0, 0) !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;"> &#160; </span></p> </td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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: rgb(204, 238, 255); width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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="I20241231" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1724" decimals="-3" scale="3" format="ixt:num-dot-decimal">288,388</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: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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="I20241231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1643" decimals="-3" scale="3" format="ixt:num-dot-decimal">254,777</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: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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="I20241231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1589" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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="I20241231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1598" decimals="-3" scale="3" format="ixt:num-dot-decimal">270</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: rgb(204, 238, 255); 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;"> Not guaranteed </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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1623" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,667,244</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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1613" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,305,338</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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1719" decimals="-3" scale="3" format="ixt:num-dot-decimal">298,988</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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1625" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,918</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: rgb(0, 0, 0) !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: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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="I20241231" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1611" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,955,632</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: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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="I20241231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1596" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,560,115</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: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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="I20241231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1607" decimals="-3" scale="3" format="ixt:num-dot-decimal">332,329</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: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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="I20241231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1612" decimals="-3" scale="3" format="ixt:num-dot-decimal">63,188</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: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> <ix:nonFraction contextRef="I20241231" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1590" 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;"><br/></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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1614" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.01</ix:nonFraction>% </span></p> </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;"><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;"> <ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1723" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.09</ix:nonFraction>% </span></p> </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;"><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;"> <ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1622" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.33</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1610" decimals="-3" scale="3" format="ixt:num-dot-decimal">525</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: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesNotDueMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1595" decimals="-3" scale="3" format="ixt:num-dot-decimal">147</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: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1597" decimals="-3" scale="3" format="ixt:num-dot-decimal">323</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: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1618" decimals="-3" scale="3" format="ixt:num-dot-decimal">55</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: rgb(204, 238, 255);">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1635" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,600</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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" xsi:nil="true" id="Tag2111"></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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1720" decimals="-3" scale="3" format="ixt:num-dot-decimal">303</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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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;"> (<ix:nonFraction contextRef="I20241231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1584" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,297</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: rgb(0, 0, 0) !important;">)</td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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="I20241231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1592" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,907,507</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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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="I20241231_CurrentTradeReceivablesNotDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1629" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,559,968</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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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="I20241231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1583" decimals="-3" scale="3" format="ixt:num-dot-decimal">331,703</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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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="I20241231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1615" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,836</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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Trade Receivables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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;" rowspan="2"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Not Due </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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;" rowspan="2"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 17px; border-top-width: 1px; border-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;"> Past due </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; 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;"> &#160; </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>1</span> - <span>180</span> days </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;"> &gt; <span>180</span> days </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;">
<td style="padding-left: 5.4pt; 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: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; 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: 53%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Guaranteed </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;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1627" 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; 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; 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;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1609" 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; 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; 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;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1616" 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; 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; 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;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1621" 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; 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;"> Not guaranteed </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" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1588" 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1586" 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1617" 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1642" 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; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Guaranteed and not guaranteed </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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1605" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1640" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag2112" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1782" 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; 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;"> 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;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1606" 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;"><br/></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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1631" 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; 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;"><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;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1604" 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;"><br/></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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1634" 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; 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;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-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:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1603" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1641" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1594" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1593" 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; margin: 0px; text-indent: 0px; height: 17px; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1630" 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; 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;"><ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" xsi:nil="true" id="Tag1587"></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="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1600" 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; 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;"> (<ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1722" 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; 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; 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;"> Net Value </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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag3414" 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; 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; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1633" 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; 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; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1601" 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; 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; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1620" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"/> </tr> </tbody> </table> </div> </ix:nonNumeric>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Trade receivables are mainly denominated in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">U.S. dollars.</span></p> </ix:nonNumeric>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><br/></span></p> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<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="Dv4wmt0hsxxngiamxk1eppw" style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_6SXHPX7KJ400000000000000000000b">
<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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" id="Tag3315" 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><span>20</span></span><span>&#160; &#160; </span><span>Cash and cash equivalents</span><span> and </span><span>o</span><span>ther investments</span></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="D20241231" name="ts:DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" id="Tag3316" 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: 265px;" 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; font-weight: bold;"> &#160; </span></p> </td>
<td colspan="4" style="font-family: &quot;arial black&quot;, &quot;avant garde&quot;; font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; 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: top; height: 10px;">
<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="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; width: 77%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><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: 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;">Cash and cash equivalents</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; width: 77%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Cash at banks </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231" name="ifrs-full:BalancesWithBanks" unitRef="USD" id="Tag1582" decimals="-3" scale="3" format="ixt:num-dot-decimal">290,901</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20231231" name="ifrs-full:BalancesWithBanks" unitRef="USD" id="Tag1571" 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%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Liquidity funds </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents" unitRef="USD" id="Tag1581" decimals="-3" scale="3" format="ixt:num-dot-decimal">355,044</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: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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:ShorttermDepositsClassifiedAsCashEquivalents" unitRef="USD" id="Tag1570" 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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Short-term investments </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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="USD" id="Tag1580" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,311</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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-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:ShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="USD" id="Tag1569" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag1579" decimals="-3" scale="3" format="ixt:num-dot-decimal">675,256</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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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:CashAndCashEquivalents" unitRef="USD" id="Tag1568" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> Other investments - current </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;"><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; 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fixed income (time-deposit, <span style="border-left: none; border-right: none;">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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:OtherInvestmentsCurrentFixedIncome" unitRef="USD" id="Tag1578" decimals="-3" scale="3" format="ixt:num-dot-decimal">722,328</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: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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:OtherInvestmentsCurrentFixedIncome" unitRef="USD" id="Tag1567" 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: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> 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: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome" unitRef="USD" id="Tag1577" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,273,673</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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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:OtherInvestmentsCurrentBondsAndOtherFixedIncome" unitRef="USD" id="Tag1566" 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;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fund investments </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:OtherInvestmentsCurrentFundInvestments" unitRef="USD" id="Tag1576" decimals="-3" scale="3" format="ixt:num-dot-decimal">376,998</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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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:OtherInvestmentsCurrentFundInvestments" unitRef="USD" id="Tag1565" 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: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; 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', times; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag1575" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,372,999</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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-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:CurrentInvestments" unitRef="USD" id="Tag1564" 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; 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;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> 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: rgb(204, 238, 255);">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> 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: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" unitRef="USD" id="Tag1574" decimals="-3" scale="3" format="ixt:num-dot-decimal">857,959</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="I20231231" name="ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" unitRef="USD" id="Tag1563" 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> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fixed income (time-deposit, <span style="border-left: none; border-right: none;">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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:OtherInvestmentsNonCurrentFixedIncome" unitRef="USD" id="Tag334" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,292</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: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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:OtherInvestmentsNonCurrentFixedIncome" unitRef="USD" xsi:nil="true" id="Tag333"></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: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 56.2409%; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Others </span></p> </td>
<td style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231" name="ts:OtherInvestmentsNoncurrentOthers" unitRef="USD" id="Tag1573" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,049</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="I20231231" name="ts:OtherInvestmentsNoncurrentOthers" unitRef="USD" id="Tag1562" 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;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; 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; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag1572" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,005,300</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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 9pt; font-weight: bold; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag1561" 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; 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; background-color: rgb(204, 238, 255);"><br/></td> </tr> </tbody> </table> </ix:nonNumeric> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
<div>
<div id="t_ft_ESY2ZK95I800000000000000000000b">
<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> </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 id="Dx4kl7rqj45aa43dq1pgel" style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_UPGZGAMLHS00000000000000000000b">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfBorrowingsExplanatory" id="Tag3293" 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>21</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span>Borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory" id="Tag65" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 164px; 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: 10pt;"> </span><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: 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;">
<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: 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>2024</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>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> </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;"> Non-current </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><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></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><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 77%;">
<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; width: 10%; 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="I20241231_BankBorrowingsMember" name="ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1550" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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: bottom; height: 17px; width: 1%; border-bottom-width: 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%; 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="Tag1513" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,304</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; height: 17px; background-color: #cceeff;">
<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; background-color: #cceeff;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag296" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1507" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,304</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; 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;"><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: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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: 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; 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="I20241231_BankBorrowingsMember" name="ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1503" decimals="-3" scale="3" format="ixt:num-dot-decimal">411,541</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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="I20231231_BankBorrowingsMember" name="ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1538" decimals="-3" scale="3" format="ixt:num-dot-decimal">513,909</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> Bank overdrafts </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="I20241231_BankOverdrafts1Member" name="ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1557" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,458</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>
<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: 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_BankOverdrafts1Member" name="ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1558" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,224</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: 11px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<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: 11px; 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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1536" decimals="-3" scale="3" format="ixt:num-dot-decimal">425,999</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff; border-bottom-width: 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: 11px; 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: 11px; 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;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1521" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff; 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 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; 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="I20241231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1533" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,398</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; 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:Borrowings" unitRef="USD" id="Tag331" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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> </tbody> </table> </ix:nonNumeric>
<p style="margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The maturity of borrowings is as follows:</span></p>
<p style="margin: 0px; text-indent: 0px;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock" id="Tag62" 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: 88px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 10px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 10px; 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;"> <ix:nonFraction contextRef="I20241231_OtherBorrowingsMember_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1514" decimals="-3" scale="3" format="ixt:num-dot-decimal">425,999</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"> <ix:nonFraction contextRef="I20241231_OtherBorrowingsMember_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1519" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"><ix:nonFraction contextRef="I20241231_OtherBorrowingsMember_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag1551"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"><ix:nonFraction contextRef="I20241231_OtherBorrowingsMember_LaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag1526"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"> <ix:nonFraction contextRef="I20241231_OtherBorrowingsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1529" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,398</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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-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="I20241231_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1542" decimals="-3" scale="3" format="ixt:num-dot-decimal">425,999</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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="I20241231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1556" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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="I20241231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag1522"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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="I20241231_LaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag1539"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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="I20241231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1464" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,398</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> <ix:nonFraction contextRef="I20241231_NotLaterThanOneYearMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1545" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,270</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> <ix:nonFraction contextRef="I20241231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1505" decimals="-3" scale="3" format="ixt:num-dot-decimal">672</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"><ix:nonFraction contextRef="I20241231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" xsi:nil="true" id="Tag328"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"><ix:nonFraction contextRef="I20241231_LaterThanThreeYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" xsi:nil="true" id="Tag1528"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1544" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,942</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; 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="I20241231_NotLaterThanOneYearMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1508" decimals="-3" scale="3" format="ixt:num-dot-decimal">432,269</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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="I20241231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1512" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,071</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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="I20241231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" xsi:nil="true" id="Tag1520"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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="I20241231_LaterThanThreeYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" xsi:nil="true" id="Tag1532"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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="I20241231" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1559" decimals="-3" scale="3" format="ixt:num-dot-decimal">444,340</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></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%; height: 95px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <ix:nonFraction contextRef="I20231231_OtherBorrowingsMember_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1721" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <ix:nonFraction contextRef="I20231231_OtherBorrowingsMember_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1555" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <ix:nonFraction contextRef="I20231231_OtherBorrowingsMember_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1534" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"><ix:nonFraction contextRef="I20231231_OtherBorrowingsMember_LaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag1511"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <ix:nonFraction contextRef="I20231231_OtherBorrowingsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1510" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"> <ix:nonFraction contextRef="I20231231_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1525" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1527" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1637" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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_LaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag1515"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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:Borrowings" unitRef="USD" id="Tag1541" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <ix:nonFraction contextRef="I20231231_NotLaterThanOneYearMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1552" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1638" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,533</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1540" decimals="-3" scale="3" format="ixt:num-dot-decimal">283</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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="I20231231_LaterThanThreeYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" xsi:nil="true" id="Tag1535"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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="I20231231" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1530" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,326</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<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-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;">
<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_NotLaterThanOneYearMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag319" decimals="-3" scale="3" format="ixt:num-dot-decimal">545,643</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1517" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,337</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1636" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,783</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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_LaterThanThreeYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" xsi:nil="true" id="Tag1554"></ix:nonFraction>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1463" decimals="-3" scale="3" format="ixt:num-dot-decimal">597,763</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Significant borrowings include:</span></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock" id="Tag88" 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: 73px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="margin: 0px; text-indent: 0px; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 13px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 32.6619%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 37.2891%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Type </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Outstanding </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 11px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 32.6619%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 37.2891%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_SignificantBorrowingsAsOfClosingDateMember_TubosDeAceroDeMexicoSaAndSubsidiariesMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1547" decimals="-6" scale="6" format="ixt:num-dot-decimal">200</ix:nonFraction> </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 12px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 12px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_SignificantBorrowingsOneAsOfClosingDateMember_TenarisTubocaribeLtdaMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1553" decimals="-6" scale="6" format="ixt:num-dot-decimal">40</ix:nonFraction> </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2026</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_SignificantBorrowingsTwoAsOfClosingDateMember_GlobalPipeCompanyMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1546" decimals="-6" scale="6" format="ixt:num-dot-decimal">26</ix:nonFraction> </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 10px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Siderca SAIC </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_SignificantBorrowingsThreeAsOfClosingDateMember_SidercaSaicAndSubsidiariesMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1516" decimals="-6" scale="6" format="ixt:num-dot-decimal">20</ix:nonFraction> </span></p> </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-58</span></span></td> </tr> </tbody> </table> </div>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 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: 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;">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>4</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>3</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: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
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<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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; border-top-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: 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; 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; 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="margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; 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;"> <ix:nonFraction contextRef="I20241231_WeightedAverageMember" name="ifrs-full:BorrowingsInterestRate" unitRef="Pure" id="Tag323" decimals="4" scale="-2" format="ixt:num-dot-decimal">6.52</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; 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;"> <ix:nonFraction contextRef="I20231231_WeightedAverageMember" name="ifrs-full:BorrowingsInterestRate" unitRef="Pure" id="Tag1560" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Breakdown of long-term</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and short-term</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> borrowings by currency and rate is as follows:</span> </p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><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: 0px; text-indent: 0px;"> <br/></p>
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<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 34px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;">
<p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;"><br/></td> </tr>
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<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </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>
<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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; 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: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 20%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; width: 10%; background-color: #cceeff; 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;"><ix:nonFraction contextRef="I20241231_USD_FloatingInterestRateMember" name="ifrs-full:LongtermBorrowings" unitRef="USD" xsi:nil="true" id="Tag329"></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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember_USD" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1470" 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_SAR_FixedInterestRateMember" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1468" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,903</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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_SAR" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag320" 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <ix:nonFraction contextRef="I20241231_SAR_FloatingInterestRateMember" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1523" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,496</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>
<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>
<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;">
<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="I20231231_FloatingInterestRateMember_SAR" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1458" 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; 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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total non-current borrowings </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1460" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,399</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>
<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>
<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;">
<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:LongtermBorrowings" unitRef="USD" id="Tag1506" 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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><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: 0px; text-indent: 0px;"> <br/></p>
<ix:continuation id="cad3b612d-271f-48b6-83d1-942f76dd426a">
<table cellspacing="0" cellpadding="0" style="height: 168px; 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: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></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; 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="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px;"><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; 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; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </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: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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: center; text-indent: 0px; padding-left: 0px; padding-right: 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; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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="I20241231_USD_FloatingInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1455" decimals="-3" scale="3" format="ixt:num-dot-decimal">260,866</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; height: 17px; 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;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember_USD" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1466" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px; width: 57%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 20%;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; width: 10%;">
<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="I20241231_USD_FixedInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag322" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,173</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<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="I20231231_FixedInterestRateMember_USD" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1473" 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; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> BRL </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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="I20241231_BRL_FloatingInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" xsi:nil="true" id="Tag1461"></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; height: 17px; 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;"> <ix:nonFraction contextRef="I20231231_BRL_FloatingInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1474" 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_EUR_FixedInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1459" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,278</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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_EUR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1502" 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ARS </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; 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;"> <ix:nonFraction contextRef="I20241231_ARS_FixedInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag321" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,551</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; height: 17px; 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;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_ARS" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1467" 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; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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="I20241231_SAR_FloatingInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1543" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,018</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; margin: 0px; text-indent: 0px; height: 17px;">
<div style="border-left: none; border-right: none;">
<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="I20231231_FloatingInterestRateMember_SAR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag324" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,035</ix:nonFraction></span></p> </div> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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: 15px; background-color: #cceeff; 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;"> <ix:nonFraction contextRef="I20241231_SAR_FixedInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag318" decimals="-3" scale="3" format="ixt:num-dot-decimal">130,113</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: 15px; border-bottom-width: 1px; border-bottom-style: 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: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff; 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;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_SAR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1475" 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; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total current borrowings </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 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; 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="I20241231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1469" decimals="-3" scale="3" format="ixt:num-dot-decimal">425,999</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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="I20231231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1471" 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; 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: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><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: 0px; text-indent: 0px;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfBorrowingsEvolutionTextBlock" id="Tag64" 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; text-indent: 0px; width: 100%; height: 140px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></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; 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, 2024 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; 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: middle; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </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: 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;">
<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>2023</span> </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: 11px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; height: 11px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; height: 11px; 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;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1457" 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; width: 1%; height: 11px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 11px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; height: 11px; 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;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1472" 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; width: 1%; height: 11px; background-color: #cceeff;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ts:EffectOfTranslationDifferencesOnBorrowings" unitRef="USD" id="Tag801" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,805</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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (<ix:nonFraction contextRef="D20231231" name="ts:EffectOfTranslationDifferencesOnBorrowings" unitRef="USD" id="Tag1465" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">74,806</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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ts:EffectOfNetProceedsAndRepaymentsOnBorrowings" unitRef="USD" id="Tag580" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">128,761</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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ts:EffectOfNetProceedsAndRepaymentsOnBorrowings" unitRef="USD" id="Tag295" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">211,797</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;">)</td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> (<ix:nonFraction contextRef="D20241231" name="ts:EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" unitRef="USD" id="Tag53" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,707</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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231" name="ts:EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" unitRef="USD" id="Tag326" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,691</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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></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;">
<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="D20241231" name="ts:EffectOfBusinessCombinationsOnBorrowings" unitRef="USD" xsi:nil="true" id="Tag682"></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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231" name="ts:EffectOfBusinessCombinationsOnBorrowings" unitRef="USD" id="Tag1456" 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; height: 10px; background-color: #cceeff;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> (<ix:nonFraction contextRef="D20241231" name="ts:EffectOfOverdraftsVariationOnBorrowings" unitRef="USD" id="Tag58" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,766</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; 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;"> <ix:nonFraction contextRef="D20231231" name="ts:EffectOfOverdraftsVariationOnBorrowings" unitRef="USD" id="Tag332" 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; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><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; 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; 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="I20241231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1462" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,398</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; 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:Borrowings" unitRef="USD" id="Tag327" 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; background-color: #cceeff; 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: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 9pt; margin: 0px; text-align: justify; text-indent: 0px;"><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="footnote27" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For the year <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated to GPC</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> </ix:nonNumeric>
<p style="line-height: 9pt; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<div>
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<tbody>
<tr>
<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> </div>
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<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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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory" id="Tag3330" escape="true">
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><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;">22<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Deferred </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">tax</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> assets and liabilities</span></p>
<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: 10pt; line-height: inherit;">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: 1.2; margin: 0pt;"> <br/></p>
<p style="line-height: 1.2; margin: 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;">evolution of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> deferred tax assets and liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during the year </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;"> as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" id="Tag3329" escape="true">
<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 liabilities</span></p>
<p style="margin: 0pt; line-height: 1.2;"> <br/></p>
<div id="t_ft_59A94BNAMO00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; height: 98px; 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; width: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" 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: 52.9412%; 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; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1301" 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; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1400" 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; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1401" 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; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1286" 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; height: 17px; width: 0.965759%; 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; width: 52.9412%;">
<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: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1294" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">194</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag3427" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">72</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1439" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">174</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1342" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">440</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</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: 52.9412%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></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: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1381" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,223</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: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag1353"></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: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1370" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,033</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: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1425" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,256</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: 0.965759%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 52.9412%;">
<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; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag1352"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag1390"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1351" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">904</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1431" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">904</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</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: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement credit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag3419" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">51,265</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; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag2744" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">39,033</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; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1328" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">46,940</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; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1443" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">137,238</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; width: 0.965759%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1291" decimals="-3" scale="3" format="ixt:num-dot-decimal">568,638</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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1373" decimals="-3" scale="3" format="ixt:num-dot-decimal">75,230</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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag3227" decimals="-3" scale="3" format="ixt:num-dot-decimal">114,217</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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1347" decimals="-3" scale="3" format="ixt:num-dot-decimal">758,085</ix:nonFraction> </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></td> </tr> </tbody> </table> </div>
<div id="t_ft_ZYVVYBIB0G00000000000000000000b">
<p style="margin:0pt"><br/></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 84px; 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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Fixed assets </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Intangible assets and other </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; height: 17px; width: 53%; 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag2731" 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; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1421" 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; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1433" 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; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1382" 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; width: 1%; 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;"><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;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag2743" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1363" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1432" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1333" 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; 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;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(**)</span></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="D20231231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1350" 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; 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;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1434" 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; 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;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1339" 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; 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;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1428" 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; height: 10px; 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;"><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; 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="D20231231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag1330"></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; line-height: inherit;"><ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag3269"></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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1408" 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; 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;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1344" 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; 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; line-height: inherit;"> Income statement charge </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="D20231231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1346" 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; 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;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1355" 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; 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;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1429" 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; 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;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1284" 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; height: 10px; 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;"><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; border-top-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: right; padding-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_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1407" 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; 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>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1295" 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; 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>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1362" 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; 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>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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="I20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1364" decimals="-3" scale="3" format="ixt:num-dot-decimal">893,411</ix:nonFraction> </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px;"><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: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">(*)</span> </span><span><ix:footnote xml:lang="en-US" id="footnote18" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#8217;s pipe coating business unit acquisition. 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></ix:footnote></span></p>
<p style="line-height: 1.2; margin: 0pt;"><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="footnote17" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></ix:footnote></span></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-60</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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<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;"><br/></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;">Deferred tax assets</span></p>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_6I89GYVUQ800000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; height: 112px; text-indent: 0px;" width="100%">
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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: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Provisions and allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; 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: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1384" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,511</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1386" decimals="-3" scale="3" format="ixt:num-dot-decimal">199,019</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag2756" decimals="-3" scale="3" format="ixt:num-dot-decimal">634,894</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1406" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,997</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1369" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,051,421</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"><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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1427" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">22</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="D20241231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1357" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">277</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="D20241231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1437" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">76</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="D20241231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag3418" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">829</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="D20241231_DeferredTaxAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1409" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,204</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: 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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag1383"></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;"> <ix:nonFraction contextRef="D20241231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1398" 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; 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="D20241231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1393" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">414</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;"><span style="font-size: 10pt;">)</span></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="D20241231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1435" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,821</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;"><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="D20241231_DeferredTaxAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag3425" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,495</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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag1419"></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="D20241231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag3426"></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="D20241231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1420" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,006</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="D20241231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag3270" decimals="-3" scale="3" format="ixt:num-dot-decimal">885</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="D20241231_DeferredTaxAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1327" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,121</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: 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;"> Income statement credit / (charge) </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="D20241231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1413" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,436</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;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1392" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">44,915</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;"><span style="font-size: 10pt;">)</span></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="D20241231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1414" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,400</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;"> (<ix:nonFraction contextRef="D20241231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1379" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">27,070</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;"><span style="font-size: 10pt;">)</span></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="D20241231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1338" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,851</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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1378" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,925</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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1402" decimals="-3" scale="3" format="ixt:num-dot-decimal">153,915</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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1417" decimals="-3" scale="3" format="ixt:num-dot-decimal">714,798</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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1442" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,804</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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-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="I20241231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1380" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,085,442</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;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_O6L7YAW3HS00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; text-indent: 0px; height: 138px;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Provisions and allowances </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Tax losses </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; 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; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1376" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,817</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1375" decimals="-3" scale="3" format="ixt:num-dot-decimal">180,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1331" decimals="-3" scale="3" format="ixt:num-dot-decimal">310,589</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1365" decimals="-3" scale="3" format="ixt:num-dot-decimal">156,984</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1422" decimals="-3" scale="3" format="ixt:num-dot-decimal">673,542</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> 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="D20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1368" decimals="-3" scale="3" format="ixt:num-dot-decimal">6</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="D20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1405" decimals="-3" scale="3" format="ixt:num-dot-decimal">24</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="D20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1354" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1341" decimals="-3" scale="3" format="ixt:num-dot-decimal">611</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="D20231231_DeferredTaxAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1345" decimals="-3" scale="3" format="ixt:num-dot-decimal">640</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: 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'; line-height: inherit;">Increase due to business combinations </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: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1296" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,374</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: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1424" 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: 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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1293" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,875</ix: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;"><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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1423" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,941</ix: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;"><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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1394" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,413</ix: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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; line-height: inherit;"><ix:nonFraction contextRef="D20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag1426"></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="D20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag1336"></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="D20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag1285"></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="D20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1360" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,342</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="D20231231_DeferredTaxAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1377" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,342</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;"> Income statement credit / (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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1410" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,314</ix: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="D20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1389" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,620</ix: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="D20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1337" decimals="-3" scale="3" format="ixt:num-dot-decimal">322,431</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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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="D20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1371" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,881</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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="D20231231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1397" decimals="-3" scale="3" format="ixt:num-dot-decimal">335,484</ix: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;"> At December 31, 2023 </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; 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="I20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag3417" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,511</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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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="I20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1288" decimals="-3" scale="3" format="ixt:num-dot-decimal">199,019</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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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="I20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1385" decimals="-3" scale="3" format="ixt:num-dot-decimal">634,894</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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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="I20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1412" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,997</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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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="I20231231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1396" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,051,421</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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<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; vertical-align: super; line-height: inherit;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote25" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#8217;s pipe coating business unit acquisition. 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></ix:footnote></span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">*</span></span><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="footnote26" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus anticorrosion coating division 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;">.</span></span></ix:footnote></span></p> </ix:nonNumeric>
<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 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. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In determining the amount of deferred taxes to be recognized, </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;">considered</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 </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 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>
<ix:exclude>
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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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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </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;"><br/></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;">Deferred tax assets related to tax losses as of the end of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span> include $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_LU_UnusedTaxLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1297" decimals="-5" scale="6" format="ixt:num-dot-decimal">623.8</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;"><ix:nonFraction contextRef="I20231231_LU_UnusedTaxLossesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1340" 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;">respectively, </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subject to any yearly consumption limitation. Losses incurred as from 2017 may be carried forward for a maximum of <ix:nonNumeric contextRef="D20241231_LU" name="ts:MaximumCarryForwardPeriodForLossesIncurred" id="Tag1436" 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>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;">and <span>2023</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that it is probable that sufficient future taxable profits will be generated by business carried out by its Luxembourg subsidiary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which has expanded its activities including sales, distribution, logistics and marketing of steel products and other related services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, against which the above-mentioned tax losses could be utilized prior to their expiration. </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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as of the end of <span>2024</span> and <span>2023</span></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="I20241231_US" name="ts:DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" unitRef="USD" id="Tag1335" decimals="-5" scale="6" format="ixt:num-dot-decimal">79.4</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;">and $</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="Tag1299" 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 respectively, </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;"> 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 </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>97</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, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the unrecognized deferred tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> originating in tax losses or tax credits</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="I20241231" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" unitRef="USD" id="Tag1418" decimals="-5" scale="6" format="ixt:num-dot-decimal">2,683.5</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;">Approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>98</span>%</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;">unrecognized deferred tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have an expiration date </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in more than <span>5</span> years or do</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="D20241231" name="ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" id="Tag3292" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 54px; 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: middle; 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="4" 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: 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: 10px;"><br/></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-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><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 style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; height: 10px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; height: 10px;"><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 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; border-top-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;"><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;"> Deferred tax assets to be recovered after <span style="border-left: none; border-right: none;">12</span> months </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; line-height: inherit;"> <ix:nonFraction contextRef="I20241231_LaterThanOneYearMember" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag1356" decimals="-3" scale="3" format="ixt:num-dot-decimal">755,743</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_LaterThanOneYearMember" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag1302" decimals="-3" scale="3" format="ixt:num-dot-decimal">655,415</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Deferred tax liabilities to be settled after <span style="border-left: none; border-right: none;">12</span> months </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="I20241231_LaterThanOneYearMember" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag1404" decimals="-3" scale="3" format="ixt:num-dot-decimal">696,693</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_LaterThanOneYearMember" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag1399" decimals="-3" scale="3" format="ixt:num-dot-decimal">689,976</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> </tbody> </table> </ix:nonNumeric>
<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;">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; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">off current tax assets against current tax liabilities and (<span>2</span>)</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;"> the deferred income taxes relate to the same fiscal authority</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">. The following amounts, determined after appropriate set</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">off, are shown 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </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;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">osition</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;">
<ix:nonNumeric contextRef="D20241231" name="ts:DeferredTaxTextBlock" id="Tag3348" 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; height: 88px;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" valign="bottom"><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; width: 77%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20241231" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag1289" decimals="-3" scale="3" format="ixt:num-dot-decimal">831,298</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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="Tag1361" 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; width: 1%; 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;"> Deferred tax 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="I20241231" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag1367" decimals="-3" scale="3" format="ixt:num-dot-decimal">503,941</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: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag1430" 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; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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="I20241231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1441" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">327,357</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag3271" 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; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </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;">
<div>
<div style="border-left: none; border-right: none;">
<div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">The movement i</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">n the net deferred income tax </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">asset / </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">liability</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> account is as follows:</span></span></p> </div> </div> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></p>
<div id="t_ft_K768C58TXS00000000000000000000b">
<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: 136px;" width="100%">
<tbody>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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: 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><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 style="border-left: none; border-right: none;">2024</span> </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>
<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>
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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 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; 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: 77%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1440" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-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:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1411" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></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: 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="D20241231" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1290" decimals="-3" scale="3" format="ixt:num-dot-decimal">764</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1387" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">89</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>
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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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1343" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,761</ix: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="D20231231" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag1416" 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; 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;"> 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; line-height: inherit;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1403" decimals="-3" scale="3" format="ixt:num-dot-decimal">217</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; line-height: inherit;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag1445" 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; 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;"> Income statement credit </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="D20241231" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1334" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">172,089</ix: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="D20231231" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1298" 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; vertical-align: bottom; background-color: #cceeff; 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: 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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="I20241231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1388" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">327,357</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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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="I20231231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag1415" 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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </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;"><span style="font-size: 10pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span> <span><ix:footnote xml:lang="en-US" id="footnote16" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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></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;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus 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;">.</span></span></p> </ix:nonNumeric> </div> </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-62</span></span></td> </tr> </tbody> </table> </div>
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<div class="pageBreak" style="page-break-before: always;"><span style="font-size: 10pt;"><a href="#TOC"></a></span><br/></div> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p> </div><div id="D49v7oi2s124uiz63aj4yqq" style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfOtherLiabilitiesExplanatory" id="Tag3336" escape="true">
<p style="font-family: 'times new roman', times; 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>23</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span>Other liabilities</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><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;">Other liabilities &#8211; Non</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;">current</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 14px;">
<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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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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: 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-top-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: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits </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;"> <ix:nonFraction contextRef="I20241231" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag1197" decimals="-3" scale="3" format="ixt:num-dot-decimal">131,564</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;"> <ix:nonFraction contextRef="I20231231" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag1358" 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; 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;"> Other long-term benefits </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="I20241231" name="ts:OtherNoncurrentBenefitsLiability" unitRef="USD" id="Tag1307" decimals="-3" scale="3" format="ixt:num-dot-decimal">101,260</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="I20231231" name="ts:OtherNoncurrentBenefitsLiability" unitRef="USD" id="Tag1179" 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; 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;"> Miscellaneous </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="I20241231" name="ts:OtherNoncurrentMiscellaneousLiabilities" unitRef="USD" id="Tag1226" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,927</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="I20231231" name="ts:OtherNoncurrentMiscellaneousLiabilities" unitRef="USD" id="Tag1207" 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; 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;"> </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="I20241231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="USD" id="Tag1210" decimals="-3" scale="3" format="ixt:num-dot-decimal">301,751</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="I20231231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="USD" id="Tag1225" 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: 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>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Post-employment benefits</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" continuedAt="c8bf80db7-4070-4829-98ea-67c0d9943a9c" id="Tag3285" escape="true">
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 74px;" 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;"><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; height: 20px; 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; height: 20px; 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;"><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; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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: 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-top-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;"> Unfunded </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="I20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag1266" decimals="-3" scale="3" format="ixt:num-dot-decimal">129,032</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;"><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;"><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_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag1191" 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; 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;"> 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;"> <ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag1314" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,532</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="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag1318" 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; 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: '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; border-top-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="I20241231" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag1180" decimals="-3" scale="3" format="ixt:num-dot-decimal">131,564</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-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: 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; background-color: #cceeff; 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="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag1216" 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; 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>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At December 31, 2024 and <span>2023</span> the weighted average duration of liabilities related to post-employment benefits was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonNumeric contextRef="D20241231_PensionDefinedBenefitPlansMember" name="ts:WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" id="Tag1309" format="ixt-sec:duryear">7</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonNumeric contextRef="D20231231_PensionDefinedBenefitPlansMember" name="ts:WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" id="Tag1247" format="ixt-sec:duryear">6</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> years, respectively.</span></p>
<ul style="font-family: 'times new roman', times; font-size: 10pt; padding-inline: 13px;">
<li style="font-variant: JIS78; font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 7.42pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Unfunded</span></li> </ul>
<div style="border-left: none; border-right: none;">
<ix:continuation continuedAt="cb15dcc10-bf4a-4cf6-b784-5a79a9fdb9c1" id="c8bf80db7-4070-4829-98ea-67c0d9943a9c">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 223px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 22.5997%;">
<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: 34px; 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;"><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; 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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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-bottom-width: 1px; border-bottom-style: solid; height: 17px; width: 1.4771%; 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; border-top-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; width: 1.03397%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-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; border-top-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; 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; width: 76.9572%; height: 17px;">
<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; 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;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1217" 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: 1.4771%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; 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;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1215" 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: 1.4771%; 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; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Current service cost </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;"> <ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1237" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,206</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>
<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;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1264" 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; 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;"> Interest cost </span></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;"> <ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1228" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,692</ix: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>
<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;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1325" 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; 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;"> Curtailments and settlements </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;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1315" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</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;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1181" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</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; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Remeasurements </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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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;"> <ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1239" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,506</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: 19px; width: 1.4771%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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: 19px; 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;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3416" 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; margin: 0px; text-indent: 0px; height: 19px; 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;"> 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;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1189" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,865</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</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;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1252" 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; 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;">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; 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;"><ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag1366"></ix: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>
<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;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1243" 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; 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;"> Benefits paid from 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;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1311" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,345</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>
<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;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1303" 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; 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;"> Other </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; 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;"> <ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1218" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; width: 1.4771%; border-bottom-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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1320" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1263" decimals="-3" scale="3" format="ixt:num-dot-decimal">129,032</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; height: 17px; width: 1.4771%; 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; border-top-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; width: 1.03397%;"><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; 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; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1185" 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; 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; width: 1.4771%;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span> </span><span><ix:footnote continuedAt="c43b1efed-1221-42c3-b7c7-8eb441c0f19d" xml:lang="en-US" id="footnote19" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </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>4</span></span> <span style="font-family: 'Frutiger 45 Light';">a </span><span style="font-family: 'Frutiger 45 Light';">loss</span> <span style="font-family: 'Frutiger 45 Light';">of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1235" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">1.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumption</span><span style="font-family: 'Frutiger 45 Light';">s</span><span style="font-family: 'Frutiger 45 Light';"> and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1265" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">5.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million to financ</span><span style="font-family: 'Frutiger 45 Light';">ial assumptions.</span></ix:footnote></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><ix:continuation id="c43b1efed-1221-42c3-b7c7-8eb441c0f19d"><span xmlns="http://www.w3.org/1999/xhtml" style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </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';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1372" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">0.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1251" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">8.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span></span></ix:continuation></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"><span style="font-size: 8pt;">(**)</span> </span><span><ix:footnote continuedAt="c3df2930b-d939-46d6-ac4c-02aaf75b0eb3" xml:lang="en-US" id="footnote20" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </span><span style="font-family: 'Frutiger 45 Light';"><span>2024</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><ix:continuation id="c3df2930b-d939-46d6-ac4c-02aaf75b0eb3"><span xmlns="http://www.w3.org/1999/xhtml" style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></span></ix:continuation></p> </ix:continuation> </div>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><br/></span></p>
<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>
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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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <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 actuarial assumptions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for the most relevant plans</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> were as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" continuedAt="c3ebd7581-ab73-4d23-9930-0cae88d16fb2" id="Tag3286" escape="true">
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<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; height: 20px; margin: 0px; text-indent: 0px; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></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; text-align: center;"><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; height: 17px; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 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-left: 0px; padding-right: 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-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; 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;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 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>
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<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;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; 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;"> <ix:nonFraction contextRef="I20241231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag1220" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% - <ix:nonFraction contextRef="I20241231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag1196" decimals="2" scale="-2" format="ixt:num-dot-decimal">8</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; 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;"> <ix:nonFraction contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag1332" 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="Tag1234" decimals="2" scale="-2" format="ixt:num-dot-decimal">7</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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="I20241231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag1230" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% - <ix:nonFraction contextRef="I20241231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag1262" decimals="2" scale="-2" format="ixt:num-dot-decimal">6</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag1219" 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="Tag1257" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<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;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">f 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, an increase / (decrease) of <ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" unitRef="Pure" id="Tag1198" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% in the discount rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">would have generated a (decrease) / increase on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">defined benefit obligation of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" unitRef="USD" id="Tag1214" decimals="-5" scale="6" format="ixt:num-dot-decimal">6.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" unitRef="USD" id="Tag1204" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million respectively, and an increase / (decrease) of <span>1</span>% in the rate of compensation assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">would have generated an increase / (decrease) impact on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">defined benefit obligation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" unitRef="USD" id="Tag1240" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" unitRef="USD" id="Tag1229" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.8</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million respectivel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">y. The above sensitivity analyse</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;"> 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;">.</span></p>
<ul style="font-family: 'times new roman', times; font-size: 10pt; padding-inline: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; padding-left: 8.42pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Funded</span></li> </ul>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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: normal;">The amounts recognized in the statement of financial position</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> for the current annual period and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> previous </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">annual period</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">are as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<ix:continuation continuedAt="ce2116e44-e19d-4136-8aa8-98a66bfa248f" id="cb15dcc10-bf4a-4cf6-b784-5a79a9fdb9c1">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 78px;" width="100%">
<tbody>
<tr style="height: 18px;">
<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: 12pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 18px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; border-top-style: solid; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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: 15px; border-top-width: 1px; border-top-style: solid; 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>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; 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: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Present value of funded obligations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:DefinedBenefitObligationAtPresentValue" unitRef="USD" id="Tag1238" decimals="-3" scale="3" format="ixt:num-dot-decimal">91,698</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-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_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:DefinedBenefitObligationAtPresentValue" unitRef="USD" id="Tag1202" 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; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><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;"> Fair value of plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:PlanAssetsAtFairValue" unitRef="USD" id="Tag1231" decimals="-3" scale="3" format="ixt:num-dot-decimal">102,653</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">)</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;">
<p style="margin: 0px; text-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_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:PlanAssetsAtFairValue" unitRef="USD" id="Tag1248" 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: 15px;">)</td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Asset (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:SurplusDeficitInPlan" unitRef="USD" id="Tag1249" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,955</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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: 15px; 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_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:SurplusDeficitInPlan" unitRef="USD" id="Tag3396" 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; margin: 0px; text-indent: 0px; height: 15px; 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-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 80%; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; 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;">(*)</span><span><ix:footnote xml:lang="en-US" id="footnote55" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"> In <span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>4</span></span><span style="font-family: 'Frutiger 45 Light';"> and </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>3</span></span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20241231" name="ts:OverfundedPlan" unitRef="USD" id="Tag1224" decimals="-5" scale="6" format="ixt:num-dot-decimal">13.5</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light';">million </span><span style="font-family: 'Frutiger 45 Light';">and $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20231231" name="ts:OverfundedPlan" unitRef="USD" id="Tag1305" decimals="-5" scale="6" format="ixt:num-dot-decimal">15.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million </span><span style="font-family: 'Frutiger 45 Light';">corresponding to </span><span style="font-family: 'Frutiger 45 Light';">plans</span> <span style="font-family: 'Frutiger 45 Light';">with surplus balance</span><span style="font-family: 'Frutiger 45 Light';">s that</span><span style="font-family: 'Frutiger 45 Light';"> w</span><span style="font-family: 'Frutiger 45 Light';">ere</span> <span style="font-family: 'Frutiger 45 Light';">reclassified</span><span style="font-family: 'Frutiger 45 Light';"> within other </span><span style="font-family: 'Frutiger 45 Light';">non-</span><span style="font-family: 'Frutiger 45 Light';">current assets</span><span style="font-family: 'Frutiger 45 Light';">, respectively</span><span style="font-family: 'Frutiger 45 Light';">, consequently the net post-employment benefits funded exposed as liabilities amounted to $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20241231" name="ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities" unitRef="USD" id="Tag1244" decimals="-5" scale="6" format="ixt:num-dot-decimal">2.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million and $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20231231" name="ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities" unitRef="USD" id="Tag1241" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million respectively.</span></span></ix:footnote></span></p> </ix:continuation>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The movement in the present value of funded obligations is as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<ix:continuation id="ce2116e44-e19d-4136-8aa8-98a66bfa248f">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 192px;" 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;"><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; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-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; 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: 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: 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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: 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; 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>
<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;"> 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;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1190" 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; 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;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1213" 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; margin: 0px; text-indent: 0px; 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;"> 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="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1348" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,627</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="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1258" 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; 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;"> Current service cost </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="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1203" decimals="-3" scale="3" format="ixt:num-dot-decimal">176</ix: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_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag1317"></ix: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;"> Interest 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;"> <ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1310" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,424</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: 10pt;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1245" 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; height: 17px;"><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;">Remeasurements </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1177" decimals="-3" scale="3" format="ixt:num-dot-decimal">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: 18px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1178" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(**)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag1261"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1186" 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; height: 18px;"><br/></td> </tr>
<tr style="height: 17px; background-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;"> Benefits 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1250" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</ix: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="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1313" 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;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1211" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,027</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="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1256" 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; 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;"> 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; border-top-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="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1323" decimals="-3" scale="3" format="ixt:num-dot-decimal">91,698</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;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1236" 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; 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="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*)</span> <span><ix:footnote continuedAt="c0324040a-e2e5-42ff-9d41-5f1346977be2" xml:lang="en-US" id="footnote21" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </span><span style="font-family: 'Frutiger 45 Light';"><span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>4</span></span><span style="font-family: 'Frutiger 45 Light';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1319" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1259" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span> </ix:footnote></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><ix:continuation id="c0324040a-e2e5-42ff-9d41-5f1346977be2"><span xmlns="http://www.w3.org/1999/xhtml" style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For</span><span style="font-family: 'Frutiger 45 Light';"> the year</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';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1184" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag1188" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span> </span></ix:continuation></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"><span style="font-size: 8pt;">(**)</span> </span><span><ix:footnote xml:lang="en-US" id="footnote22" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For the years <span>2024</span> and <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </ix:continuation>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></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-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; margin: 0px; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The movement in the fair value of plan assets is as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory" continuedAt="c06c5a20a-895a-4d6f-970f-af35cdd8d238" id="Tag3302" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 188px;" 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 22.1565%;">
<p style="margin: 0px; text-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; 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;"><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; 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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px; width: 1.03397%;"><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; width: 1.03397%;"><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; width: 10.0443%;">
<p style="margin: 0px; text-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; 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; 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; width: 76.9572%; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; height: 17px;">
<p style="margin: 0px; text-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_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:PlanAssetsAtFairValue" unitRef="USD" id="Tag288" 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; background-color: #cceeff; width: 1.03397%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; height: 17px;">
<p style="margin: 0px; text-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_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:PlanAssetsAtFairValue" unitRef="USD" id="Tag1246" 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; background-color: #cceeff; width: 1.4771%; 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;"> 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;"> <ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag3327" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,047</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;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1187" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">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: 1.4771%;">)</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;"> Return on plan assets </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: 10.0443%;">
<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;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1223" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,010</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: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10.0443%;">
<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;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1232" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,121</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: 1.4771%;">)</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;"> 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;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1321" decimals="-3" scale="3" format="ixt:num-dot-decimal">302</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;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1209" decimals="-3" scale="3" format="ixt:num-dot-decimal">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: 1.4771%;">)</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; width: 76.9572%;">
<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;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; 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;"><ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" xsi:nil="true" id="Tag1221"></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: 18px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; 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;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1242" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,903</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: 18px; 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;"> 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;"> (<ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:ContributionsToDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1182" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,269</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;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:ContributionsToDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" xsi:nil="true" id="Tag3328"></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;"> Benefits paid from the plan </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: 10.0443%;">
<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;"> <ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1205" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</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: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10.0443%;">
<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;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag2133" 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; 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;"> 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;"> <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20241231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1395" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,633</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: 1.03397%;"><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;"> <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ts:IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue" unitRef="USD" id="Tag1254" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">477</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: 1.4771%;"><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;"> 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; border-top-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; 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; font-weight: bold;"> (<ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:PlanAssetsAtFairValue" unitRef="USD" id="Tag1193" decimals="-3" scale="3" format="ixt:num-dot-decimal">102,653</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-top-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; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 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; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:PlanAssetsAtFairValue" unitRef="USD" id="Tag1192" 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; 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: 17px; width: 1.4771%;">)</td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><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="footnote23" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For the years <span>2024</span> and <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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; font-size: 10pt; margin: 0pt;"> <br/></p>
<ix:continuation id="c06c5a20a-895a-4d6f-970f-af35cdd8d238">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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: 10pt;"> </span><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;"> 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;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</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;"> <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> </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;"> Equity instruments </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="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:EquityInstrumentsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag1222" 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; 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: 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="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:EquityInstrumentsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag1322" 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; margin: 0px; text-indent: 0px; width: 1%;"><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;"> 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;"> <ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:DebtInstrumentsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag1260" decimals="2" scale="-2" format="ixt:num-dot-decimal">60</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="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:DebtInstrumentsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag1316" 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> </tr>
<tr style="height: 3pt; 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;">Others </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></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="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:OtherAssetsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag1227" decimals="2" scale="-2" format="ixt:num-dot-decimal">37</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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:OtherAssetsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag1195" 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> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><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="footnote24" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For the years <span>2024</span> and <span>2023</span>, mainly include </span><span style="font-family: 'Frutiger 45 Light';">annuities purchased from an insurance company for the benefit of current and future retirees</span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </ix:continuation>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no unusual, entity-specific, or plan-specific risks in terms of the plan assets of funded pension plans.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The actuarial assumptions for the most relevant plans were as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"> <br/></p>
<ix:continuation id="c3ebd7581-ab73-4d23-9930-0cae88d16fb2">
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" width="100%">
<tbody>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: 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; 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; 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;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</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;"> <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> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag1359" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% - <ix:nonFraction contextRef="I20241231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag1201" decimals="2" scale="-2" format="ixt:num-dot-decimal">6</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag1200" 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="Tag289" 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; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><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;"> 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;"> <ix:nonFraction contextRef="I20241231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag1308" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% - <ix:nonFraction contextRef="I20241231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag1253" 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;"> <ix:nonFraction contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag1326" 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="Tag1208" 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; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <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 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;">return</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">plan assets is determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">long-term, prospective rates of return as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the end of the reporting period. </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 11pt; 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;">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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, an increase / (decrease) of <ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" unitRef="Pure" id="Tag1306" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% in the discount rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">would have generated a (decrease) / increase on the defined benefit obligation of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" unitRef="USD" id="Tag1312" decimals="-5" scale="6" format="ixt:num-dot-decimal">8.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" unitRef="USD" id="Tag3395" decimals="-5" scale="6" format="ixt:num-dot-decimal">7.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million respectively, and an increase / (decrease) of <span>1</span>% in the compensation rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">would have generated an increase / (decrease) on the defined benefit obligation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" unitRef="USD" id="Tag1176" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" unitRef="USD" id="Tag1206" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.7</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;">Th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e above sensitivity analyse</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;"> 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;">.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 11pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> expected employer </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">contributions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for the year <span>202</span></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;"> are not material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span> </p>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><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-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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"> <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 methods and types of assumptions used in p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">reparing the sensitivity analyse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s did not change compared to the previous period.</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 0pt 0pt 36pt; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(ii)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Other liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">urrent</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory" id="Tag3284" escape="true">
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<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;"> </span><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;"> 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: top;">
<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: 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;"> <span>2024</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;"> <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> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payroll and social security payable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231" name="ts:CurrentEmployeeRelatedLiabilities" unitRef="USD" id="Tag1199" decimals="-3" scale="3" format="ixt:num-dot-decimal">270,016</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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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" name="ts:CurrentEmployeeRelatedLiabilities" unitRef="USD" id="Tag1255" 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; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
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<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;"> Shares to be settled under buyback program </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="I20241231" name="ts:AmountPayableUnderShareBuyback" unitRef="USD" id="Tag1233" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,264</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="I20231231" name="ts:AmountPayableUnderShareBuyback" unitRef="USD" id="Tag1304" 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; 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;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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="I20241231" name="ts:OtherCurrentMiscellaneousLiabilities" unitRef="USD" id="Tag1324" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,495</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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" name="ts:OtherCurrentMiscellaneousLiabilities" unitRef="USD" id="Tag1212" 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; 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;">
<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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:OtherCurrentLiabilities" unitRef="USD" id="Tag1183" decimals="-3" scale="3" format="ixt:num-dot-decimal">585,775</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:OtherCurrentLiabilities" unitRef="USD" id="Tag1194" 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; margin: 0px; text-indent: 0px; border-top-width: 1px; 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 style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" id="Tag87" 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<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span></span></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: 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;">Liabilities</span></p>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" id="Tag86" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 146px; border-collapse: collapse; margin: 0px; font-family: &quot;times new roman&quot;; 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; font-weight: bold;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; height: 17px; width: 77%; background-color: #cceeff;">
<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; 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;"> <ix:nonFraction contextRef="I20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1281" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1273" 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; width: 1%; 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;"> Translation differences </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="D20241231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag1280" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">11,718</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; 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: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag1271" 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: 10px;"><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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></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;"> (<ix:nonFraction contextRef="D20241231_ProvisionForNoncurrentLiabilitiesMember" name="ts:IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag1278" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">900</ix: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: 9pt;">)</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ts:IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag1270" 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; 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;"> Additional allowance </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="D20241231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:AdditionalProvisionsOtherProvisions" unitRef="USD" id="Tag1277" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,077</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: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:AdditionalProvisionsOtherProvisions" unitRef="USD" id="Tag1269" 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> </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;"> Reclassifications </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="D20241231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag1276" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,839</ix: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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag1268" 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;"><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 and other movements </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="D20241231_ProvisionForNoncurrentLiabilitiesMember" name="ts:ProvisionUsedOtherProvisionsMovements" unitRef="USD" id="Tag1275" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,967</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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ts:ProvisionUsedOtherProvisionsMovements" unitRef="USD" id="Tag1279" decimals="-3" scale="3" format="ixt:num-dot-decimal">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;"><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; height: 17px; background-color: #cceeff;">
<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; 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="I20241231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1274" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,106</ix: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: 9pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1272" 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> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Non-current allowances and provisions related to liabilities include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*) </span></sup></span><span><ix:footnote xml:lang="en-US" id="footnote15" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For the years <span style="border-left: none; border-right: none;">2024</span> and <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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></ix:footnote></span></span></p> </ix:nonNumeric>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><br/></span></p> </div><div id="Ddkkja9wzukneei0ja16br" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfCurrentAllowancesAndProvisionsTextBlock" id="Tag3369" 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;">25<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Current </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">allowances and </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;"> <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;">(i)</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;">Deducted from assets</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt; text-align: justify;"> <br/></p>
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<div id="t_ft_92IN997XVK00000000000000000000b">
<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: bottom; height: 10px; width: 50%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2024 </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; height: 10px; width: 15%; 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;"> Allowance for doubtful accounts - Trade receivables </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> Allowance for other doubtful accounts - Other receivables </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> Allowance for inventory obsolescence </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; height: 10px; width: 1%; 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;">
<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; 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_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1121" 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</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: 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_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1159" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,439</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;">)</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: 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_AllowanceForInventoryObsolescenceMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1283" decimals="-3" scale="3" format="ixt:num-dot-decimal">209,110</ix: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;"> 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="D20241231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1146" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">194</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1103" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">324</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_AllowanceForInventoryObsolescenceMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1167" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">897</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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (*)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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="D20241231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1111" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,151</ix: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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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="D20241231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" xsi:nil="true" id="Tag1138"></ix: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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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="D20241231_AllowanceForInventoryObsolescenceMember" name="ts:AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1109" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,676</ix: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;"> (Additional) / reversal 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="D20241231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1173" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,095</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1282" decimals="-3" scale="3" format="ixt:num-dot-decimal">546</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_AllowanceForInventoryObsolescenceMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1125" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,240</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 and other movements </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1110" decimals="-3" scale="3" format="ixt:num-dot-decimal">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; 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; background-color: #cceeff; 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; background-color: #cceeff; 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;"> <ix:nonFraction contextRef="D20241231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1105" decimals="-3" scale="3" format="ixt:num-dot-decimal">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; 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; background-color: #cceeff; 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; background-color: #cceeff; 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;"> <ix:nonFraction contextRef="D20241231_AllowanceForInventoryObsolescenceMember" name="ts:DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1116" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,955</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;"><br/></td> </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, 2024 </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;">
<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="I20241231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1131" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,125</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;"><span style="font-weight: bold;">)</span></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; height: 17px;"><br/></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;">
<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="I20241231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag3402" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,094</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;"><span style="font-weight: bold;">)</span></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; height: 17px;"><br/></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;">
<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="I20241231_AllowanceForInventoryObsolescenceMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1157" decimals="-3" scale="3" format="ixt:num-dot-decimal">203,174</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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<div><br/></div>
<div><span style="color: #000000; font-family: 'times new roman', times; 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-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)<span>&#160;</span></span></sup></span><span><ix:footnote xml:lang="en-US" id="footnote13" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';">For the year 2024, related to Mattr&#8217;s pipe coating business unit acquisition. For more information see note 34.</span></span></ix:footnote></span> </div>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 12pt; margin: 0pt; text-indent: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><br/></span></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-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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<div id="t_ft_OK09O95Q8W00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 124px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; vertical-align: bottom; width: 50%;" 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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 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: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 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: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Allowance for inventory obsolescence </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><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;"> Values 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: 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: 10pt;"> (<ix:nonFraction contextRef="I20221231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1114" 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; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 10pt;"> (<ix:nonFraction contextRef="I20221231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1124" 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; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 10pt;"> (<ix:nonFraction contextRef="I20221231_AllowanceForInventoryObsolescenceMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1144" 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; height: 10px; background-color: #cceeff; 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;"> 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="ts:IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1165" 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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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:IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1152" 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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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:IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1153" 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; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: 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:AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag802" 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; height: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: 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:AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" xsi:nil="true" id="Tag1107"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: 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:AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1164" 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; height: 19px; background-color: #cceeff; 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;"> (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:IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1171" 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;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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:IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1120" 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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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:IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1172" 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;">)</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;"> Used </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_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1175" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #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="D20231231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1129" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #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="D20231231_AllowanceForInventoryObsolescenceMember" name="ts:DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1174" 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; 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;"> At December 31, 2023 </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; 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_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1148" 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-top-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: 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: 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; 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_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1145" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,439</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-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: 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: 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; 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_AllowanceForInventoryObsolescenceMember" name="ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" unitRef="USD" id="Tag1135" decimals="-3" scale="3" format="ixt:num-dot-decimal">209,110</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-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: 10pt; margin: 0pt;"><br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></sup></span><span><ix:footnote xml:lang="en-US" id="footnote14" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></span></ix:footnote></span></span></p> </ix:nonNumeric>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></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;">(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><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;">Liabilities</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;"><br/></span></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" id="Tag3" 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; height: 132px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Year ended December 31, 2024 </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; height: 10px; width: 15%; 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;"> Sales risks </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<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;">Other claims and contingencies </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; line-height: inherit;">(*)</span></sup></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> 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; height: 10px; width: 1%; 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;">
<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; 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_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1140" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,940</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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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="I20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1122" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,019</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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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="I20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1126" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,959</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;"> 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="D20241231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag1160" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,301</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag3398" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,978</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag1147" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,279</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: 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';">Changes due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"><ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag1123"></ix: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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"> <ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag1163" decimals="-3" scale="3" format="ixt:num-dot-decimal">722</ix: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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"> <ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag1106" decimals="-3" scale="3" format="ixt:num-dot-decimal">722</ix: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: 10pt;"> <ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag1128" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,296</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag1151" decimals="-3" scale="3" format="ixt:num-dot-decimal">106,198</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag1158" decimals="-3" scale="3" format="ixt:num-dot-decimal">127,494</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; 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="D20241231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag1130"></ix: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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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="D20241231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag1169" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,839</ix: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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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="D20241231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag1149" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,839</ix: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: 10pt;"> (<ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag1117" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,564</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag1162" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,827</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag1132" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,391</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;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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="I20241231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1137" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,371</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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="I20241231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1267" decimals="-3" scale="3" format="ixt:num-dot-decimal">102,973</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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="I20241231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1143" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,344</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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> </div>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><br/></p>
<div id="t_ft_DSO53OGSG000000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 132px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 50%;">
<p style="margin: 0px; text-indent: 0px;"><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; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px; 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;">Other claims and contingencies </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; line-height: inherit;">(*)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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; width: 1%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1133" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1108" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,999</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1139" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag1150" decimals="-3" scale="3" format="ixt:num-dot-decimal">285</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (<ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag1166" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">208</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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag1142" decimals="-3" scale="3" format="ixt:num-dot-decimal">77</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 19px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span> <sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag1136"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag1118" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag1119" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,317</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag1168" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,057</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag1154" 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag1170" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,998</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; background-color: #cceeff; 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;"><ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag1113"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag1155" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag1104" decimals="-3" scale="3" format="ixt:num-dot-decimal">164</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag1112" 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;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (<ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag1115" 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;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (<ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag1156" 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;">)</td> </tr>
<tr style="height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; text-indent: 0px;"><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; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-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="I20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1141" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 18px; border-top-width: 1px; border-top-style: solid; border-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="I20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1127" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,019</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 18px; border-top-width: 1px; border-top-style: solid; border-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="I20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag1134" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; 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: 10pt; margin: 0px; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*) </span></sup></span><span><ix:footnote xml:lang="en-US" id="footnote8" 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-family: 'Frutiger 45 Light';"><span style="border-right: none; border-left: none;">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></span></span></span></ix:footnote></span></span></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For the year 2024, includes $<ix:nonFraction contextRef="D20241231_UsiminasMember" name="ts:AdjustmentsForLitigationProvisionRelatedToAcquisition" unitRef="USD" id="Tag1161" decimals="-5" scale="6" format="ixt:num-dot-decimal">89.4</ix:nonFraction> million related the ongoing litigation related to the acquisition of participation in Usiminas. For more information see note 27 (i).</span></span></p>
<p style="line-height: 10pt; margin: 0px; text-indent: 0px;"><br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></sup></span><span><ix:footnote xml:lang="en-US" id="footnote7" 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-family: 'Frutiger 45 Light';">For the years 2024 and 2023, related to Mattr&#8217;s pipe coating business unit acquisition. For more information see note 34.</span></span></span></span></ix:footnote></span></span></p>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><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-family: 'Frutiger 45 Light';"><br/></span></span></span></span></span></span></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-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;"><br/></div> </div>
</ix:exclude> </ix:nonNumeric> </div> </ix:nonNumeric> </div><div id="Dgynd55sh25fb94vddq7ops" 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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table>
<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;"><br/></span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory" id="Tag2497" 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>26</span></span><span style="font: 10pt 'Times New Roman';">&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Derivative financial instruments</span> </p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Net fair values of derivative financial instruments</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-variant: small-caps;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The net fair values of derivative financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, in accordance with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IFRS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>13</span></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;">re:</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock" id="Tag63" 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: 139px;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-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; 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; 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: 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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: 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; 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>
<tr style="height: 17px; background-color: #cceeff;">
<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;"> Other derivatives </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="I20241231_OtherDerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag3354" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,484</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="I20231231_OtherDerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag726" 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; 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; font-weight: bold;"> Contracts with positive fair values </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="I20241231" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag772" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,484</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" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag605" 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; border-top-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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold;"> &#160; </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;"> &#160; </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;"> &#160; </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;"> Other derivatives </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_OtherDerivativesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag589" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</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>
<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>
<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;">
<p style="margin: 0px; text-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_OtherDerivativesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag769" 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; 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: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Contracts with negative fair values </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;">
<p style="margin: 0px; text-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="I20241231" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag745" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,300</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;"><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; 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; background-color: #cceeff; 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;"> (<ix:nonFraction contextRef="I20231231" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag750" 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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><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;"><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; 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;"> (<ix:nonFraction contextRef="I20241231" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag761" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">816</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;"><span style="font-weight: bold;">)</span></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>
<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;">
<p style="margin: 0px; text-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:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag773" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </ix:nonNumeric> <br/> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Other derivatives include contracts which are designated to hedge positions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">other than borrowings and investments.</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; 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; font-weight: bold;">Foreign e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">xchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">and commodities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">derivative</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> and hedge accounting</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; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">naris applies hedge accounting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">to certain cash flow hedges of highly probable forecast transactions. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The net fair values of exchange rate derivatives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and those derivat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">iv</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">es that were designated for hedge accounting as of 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> were as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory" id="Tag13" 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: 289px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 32.9882%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Purchase currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sell currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Term </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; width: 22.1894%; 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;"> Fair Value </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; width: 1.0355%;"><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; width: 1.0355%;"><br/></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; width: 22.1894%; 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;"> Hedge Accounting Reserve </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; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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>2024</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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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>2024</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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 32.9882%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 10.0592%; height: 17px; margin: 0px; text-indent: 0px; 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;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.0592%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag731" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,818</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag788" 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; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag3221" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,776</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag732" 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; width: 1.47929%; 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: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag766" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,551</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag734" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag742" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,091</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag785" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag786" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,579</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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag795" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag701"></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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag646"></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: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CAD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag702" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,465</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag592" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag600"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag759"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag777" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,089</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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag746" 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; background-color: #cceeff; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag740" decimals="-3" scale="3" format="ixt:num-dot-decimal">383</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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag749" 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; background-color: #cceeff; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> MXN </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag755" decimals="-3" scale="3" format="ixt:num-dot-decimal">770</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_PurchaseForeignExchangeContractMember_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag774"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag748"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_PurchaseForeignExchangeContractMember_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag3352"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> KWD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag736" decimals="-3" scale="3" format="ixt:num-dot-decimal">569</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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag606" 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; background-color: #cceeff; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag597"></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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag764" 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; background-color: #cceeff; width: 1.47929%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag787" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">282</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag602" 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; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag649"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag727"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> NGN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag601" 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; background-color: #cceeff; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag595"></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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag779"></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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag778"></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: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> COP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag735" decimals="-3" scale="3" format="ixt:num-dot-decimal">202</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag594"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag604"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag651"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> GBP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag741" 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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag593" 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; background-color: #cceeff; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag781"></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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag758"></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: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CNY </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag775" decimals="-3" scale="3" format="ixt:num-dot-decimal">73</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag791" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag729"></ix:nonFraction> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag737" 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> RON </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag603" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">31</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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag588" 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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag768"></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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag796"></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: 1.47929%;"><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; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractOtherMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag733" 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractOtherMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag756" 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; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember_ForeignExchangeContractOtherMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag770" decimals="-3" scale="3" format="ixt:num-dot-decimal">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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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_ForeignExchangeContractOtherMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag783"></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; width: 1.47929%;"><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; width: 32.9882%;">
<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: 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; width: 10.0592%;">
<p style="margin: 0pt;"><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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag752" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8</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; width: 1.0355%;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag784" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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="I20241231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag751" decimals="-3" scale="3" format="ixt:num-dot-decimal">188</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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag596" 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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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; height: 17px;">
<tbody>
<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><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>
<div xmlns="http://www.w3.org/1999/xhtml" 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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude> <br/></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%; text-indent: 0px; height: 136px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Commodity Derivatives </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 34px; 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;"> Term </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;"> Fair Value </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 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;"> Hedge Accounting Reserve </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;">
<td style="padding-left: 0px; padding-right: 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;"> <span>2024</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: 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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: 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; 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: 43%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> LME Scrap </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; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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="I20241231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag652" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,974</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;">)</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="I20231231_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag728" 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; 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="I20241231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag743" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,974</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;">)</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="I20231231_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag767" 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; 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;"> PSV Gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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;"> <ix:nonFraction contextRef="I20241231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag648" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,097</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="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag647" 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag754" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,097</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="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag753" 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> </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;"> Nickel </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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="I20241231_CommodityDerivativesContractMember_CashFlowHedgesMember_CommoditiesDerivativeContractsNickelMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag789" decimals="-3" scale="3" format="ixt:num-dot-decimal">52</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="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsNickelMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag747" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,966</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="I20241231_CommodityDerivativesContractMember_CashFlowHedgesMember_CommoditiesDerivativeContractsNickelMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag763" decimals="-3" scale="3" format="ixt:num-dot-decimal">52</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="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsNickelMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag771" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,966</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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Houston Ship Channel Gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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;"> <ix:nonFraction contextRef="I20241231_CommodityDerivativesContractMember_CashFlowHedgesMember_CommoditiesDerivativeContractsHoustonShipChannelGasMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag607" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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_CommoditiesDerivativeContractsHoustonShipChannelGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag760" 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; 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="I20241231_CommodityDerivativesContractMember_CashFlowHedgesMember_CommoditiesDerivativeContractsHoustonShipChannelGasMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag654" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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_CommoditiesDerivativeContractsHoustonShipChannelGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag608" 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; 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; 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;"> Electric Energy </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; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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="I20241231_CommodityDerivativesContractMember_CashFlowHedgesMember_CommoditiesDerivativeContractsElectricEnergyMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag739" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17</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;">)</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="I20231231_CommoditiesDerivativeContractsElectricEnergyMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag730" 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; background-color: #cceeff; 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; 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="I20241231_CommodityDerivativesContractMember_CashFlowHedgesMember_CommoditiesDerivativeContractsElectricEnergyMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag590" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17</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;">)</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="I20231231_CommoditiesDerivativeContractsElectricEnergyMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag757" 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; background-color: #cceeff; 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; 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;"> 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="I20241231_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag650" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">808</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;"> <ix:nonFraction contextRef="I20231231_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag782" 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; 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="I20241231_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag790" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">808</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;"> <ix:nonFraction contextRef="I20231231_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag653" 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> </tr> </tbody> </table> </div> </ix:nonNumeric>
<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;"><br/></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: normal;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">ollowing is a summary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> of the hedge reserve evolution:</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" id="Tag32" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9199%; text-indent: 0px; height: 68px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;"> Movements <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2023</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;"> Movements <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2024</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; height: 34px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<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: 10pt;"> Foreign Exchange &amp; Commodities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag765" 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; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges" unitRef="USD" id="Tag655" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag663" 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges" unitRef="USD" id="Tag762" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,753</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag780" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">620</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Total Cash flow Hedge </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="I20221231_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag776" 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; border-top-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="D20231231_CashFlowHedgesMember" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges" unitRef="USD" id="Tag656" 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; border-top-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;"><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: 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_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag738" 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; border-top-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-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231_CashFlowHedgesMember" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges" unitRef="USD" id="Tag591" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,753</ix:nonFraction></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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><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: 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="I20241231_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag744" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">620</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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </ix:nonNumeric>
<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;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris estimates that t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">majority of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">cash flow he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">dge reserve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">corresponding to derivatives instruments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> will be recycled to the Consolida</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ted Income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Statement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">during <span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;">5</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;"> For informa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">tion on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">hedge accounting reserve,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">see</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;">ection III.D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> to these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p> </ix:nonNumeric> </div>
<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;">&#160;</span></p><div style="font-family: 'times new roman', times; font-size: 10pt;">
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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 style="border-left: none; border-right: none;">27</span> </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;"> <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;">(i) </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;"> <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 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</span><span style="font-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 the assistance of legal counsel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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;"> <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;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">situations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 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;"> <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 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><a href="#TOC"></a></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-69</span></span></td> </tr> </tbody> </table>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';">Consolidated Financial Statements</span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </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;"><br/></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 believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements</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 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></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"> <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;">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: 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;">CSN claims relating to the January 2012 acquisition of 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;">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 party to a longstanding</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> lawsuit filed in Brazil by Companhia Sider&#250;rgica 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="Tag1093" decimals="0" format="ixt-sec:numwordsen">three</ix:nonFraction> subsidiaries of Ternium, all of which compose the T/T Group under the Usiminas shareholders agreement. The entities named in the CSN lawsuit had acquired participation</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 Usiminas in January 2012. The CSN lawsuit allege</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;"> that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares for a price per share equal to <ix:nonFraction contextRef="I20120131_CompanhiaSiderrgicaNacionalMember_ConfabIndustrialSaAndTerniumSubsidiariesMember" name="ts:TagalongTenderOfferToNoncontrollingInterestsPercentage" unitRef="Pure" id="Tag797" 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_CompanhiaSiderrgicaNacionalMember_ConfabIndustrialSaAndTerniumSubsidiariesMember" name="ts:TagalongTenderOfferToNoncontrollingInterests" unitRef="BRLPerShare" id="Tag1065" decimals="1" format="ixt:num-dot-decimal">28.8</ix:nonFraction>, and sought 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_CompanhiaSiderrgicaNacionalMember_ConfabIndustrialSaAndTerniumSubsidiariesMember" name="ts:TagalongTenderOfferToNoncontrollingInterestsShares" unitRef="Shares" id="Tag800" decimals="0" format="ixt:num-dot-decimal">182,609,851</ix:nonFraction> ordinary shares of Usiminas not belonging to Usiminas&#8217; control group. Confab&#8217;s share in the offer would be <ix:nonFraction contextRef="I20120131_CompanhiaSiderrgicaNacionalMember_ConfabIndustrialSaMember" name="ts:TagalongTenderOfferToNoncontrollingInterestsContingentLiability" unitRef="Pure" id="Tag1091" 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;"> <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 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. </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;">CSN made several submissions in connection with the SCJ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s March 7, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> decision, including a motion for clarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote. At an October 17, 2023 session, <span>two</span> justices of the SCJ 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 of the SCJ 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 was summoned to produce the tie-breaking vote.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On June 18, 2024, the SCJ completed its voting on CSN&#8217;s motion for clarification and reversed, by majority vote, its March 7, 2023 decision, and resolved that Confab and the <span>three</span> subsidiaries of Ternium should pay CSN an indemnification in connection with the acquisition by the T/T Group of a participation in Usiminas in January 2012, with CSN being allowed to retain ownership of the Usiminas ordinary shares it currently owns. </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 August 1, 2024, Confab and the other T/T Group entities filed a motion for clarification against the SCJ decision and, subsequently, CSN filed its reply. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On December 6, 2024, the SCJ rejected this motion for clarification, confirming the obligation of Confab and the other T/T Group entities to pay indemnification in connection with the <span>2012</span> acquisition of the participations in Usiminas. Notwithstanding the foregoing, the SCJ unanimously resolved to modify the applicable monetary adjustment mechanism and to cap the applicable attorney&#8217;s fees, thereby lowering the aggregate amount that would be payable if CSN ultimately prevails in this claim. Based on such SCJ decision, assuming monetary adjustment thorough December 31, 2024, and attorney&#8217;s fees in the amount of BRL<ix:nonFraction contextRef="D20241231_CompanhiaSiderrgicaNacionalMember_ConfabIndustrialSaAndTerniumSubsidiariesMember" name="ifrs-full:ProfessionalFeesExpense" unitRef="BRL" id="Tag1098" decimals="-6" scale="6" format="ixt:num-dot-decimal">5</ix:nonFraction> million, the revised aggregate amount potentially payable by Confab if CSN finally prevails on its claims, would be of approximately BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_ConfabIndustrialSaMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1100" decimals="-5" scale="6" format="ixt:num-dot-decimal">553.4</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million (approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_ConfabIndustrialSaMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="USD" id="Tag1095" decimals="-5" scale="6" format="ixt:num-dot-decimal">89.4</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at the BRL/$ rate as of such date</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 Company continues to believe that all of CSN's claims and allegations are unsupported 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, and that in connection with the Usiminas acquisition the T/T Group was not required either to launch a tender offer or to pay indemnification to CSN. Accordingly, on February 10, 2025, Confab and the other T/T Group entities filed an extraordinary appeal against the SCJ decisions that ordered an indemnification payment, seeking their review and reversal by the Supreme Federal Tribunal. The Company, however, cannot predict the ultimate resolution of the matter.</span> </p> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<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>
<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 Veracel Celulose S.A. (&#8220;Veracel&#8221;) in connection with a rupture in <span>one</span> of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel. Ita&#250; Seguros S.A. (&#8220;Ita&#250;&#8221;), Veracel&#8217;s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&#8220;Chubb&#8221;), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Ita&#250; and Veracel claimed that the Veracel accident was caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes that the Veracel accident was caused by the improper handling by Veracel&#8217;s 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><span style="font-size: 8pt;"><sup>th</sup></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;Civil Court of S&#227;o Caetano do Sul. However, each lawsuit will be adjudicated separately.</span></p>
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<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
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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;">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="Tag1099" 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>
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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;">On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:</span></p>
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<td style="width: 97%; height: 15px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With respect to Chubb&#8217;s claim, the court subsequently homologated the above-mentioned settlement and, accordingly, the claim was finalized.</span></td> </tr>
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<td style="vertical-align: top; text-align: center; height: 111px; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman'; 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; float: none; line-height: inherit; display: inline !important;">&#8226;</span></td>
<td style="text-align: justify; height: 111px; width: 97%;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With respect to Veracel&#8217;s claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to BRL<ix:nonFraction contextRef="I20181010_ConfabMember_VeracelCeluloseSaMember" name="ts:SettlementAmountOrderedToPayInsuranceDeductible" unitRef="BRL" id="Tag1102" decimals="-5" scale="6" format="ixt:num-dot-decimal">110.5</ix:nonFraction> million (approximately $<ix:nonFraction contextRef="I20181010_ConfabMember_VeracelCeluloseSaMember" name="ts:SettlementAmountOrderedToPayInsuranceDeductible" unitRef="USD" id="Tag1090" decimals="-5" scale="6" format="ixt:num-dot-decimal">17.8</ix:nonFraction> 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 Veracel 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="Tag792" decimals="-5" scale="6" format="ixt:num-dot-decimal">94.8</ix:nonFraction> million (approximately $<ix:nonFraction contextRef="I20181010_ConfabMember_VeracelCeluloseSaMember" name="ts:SettlementAmountOrderedToPayDamages" unitRef="USD" id="Tag1086" decimals="-5" scale="6" format="ixt:num-dot-decimal">15.3</ix:nonFraction> million) of damages arising therefrom. Confab has additional defence 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, Veracel filed its response to the appeal. In June 2022, the court resolved that it lacked jurisdiction to decide on the appeal, which was re-allocated to another court. On August 26, 2024, the court issued a decision rejecting certain procedural objections and ordering that new expert evidence be produced. As a result, the trial was redirected to the first instance court for new technical evidence to be produced by a new expert. On September 9, 2024, Veracel filed a motion for clarification, which was responded by Confab on October 23, 2024, and remains pending decision. At this stage, the Company cannot predict the outcome of the claim or the amount or range of loss in case of an unfavourable outcome.</span> </td> </tr>
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<td style="height: 19px; width: 97%;"><span style="font-style: italic; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petrobras-related proceedings and claims<sup></sup></span></span></td> </tr> </tbody> </table> </div>
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<p style="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;">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, the Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company&#8217;s review of these matters.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="Tag1062" 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="Tag793" decimals="-6" scale="6" format="ixt:num-dot-decimal">25</ix:nonFraction> million for a civil penalty to conclude the matter.</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 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 </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 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. 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 February 22, 2024, the court of appeals referred the case to the court of cassation, which, on May 23, 2024, confirmed the decision of the first-instance court and closed the case.</span></p>
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<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </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;"><br/></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>. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On December 11, 2024, the Confab executives were acquitted. The acquittal has already been appealed, so the criminal proceedings continue to be underway</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Neither the Company nor Confab is a party to these criminal proceedings.</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;">In addition, Petrobras and the Brazilian public prosecutors filed civil claims for alleged damages arising from the same events 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</span><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</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>2024</span>, 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="I20241231_TaxContingentLiabilityMember_PetroleoBrasileiroSaMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1063" decimals="-5" scale="6" format="ixt:num-dot-decimal">193.2</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="I20241231_TaxContingentLiabilityMember_PetroleoBrasileiroSaMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="USD" id="Tag1085" decimals="-5" scale="6" format="ixt:num-dot-decimal">31.2</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;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">defence</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is contesting them. At this stage, the Company cannot predict the outcome of these civil proceedings.</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;">In late March 2024, the Company became aware of a resolution of Brazil&#8217;s General Controllers Office, which opened&#160;administrative responsibility proceedings against Confab and other non-Tenaris affiliates and formed an investigative&#160;commission charged with investigating the same purported irregularities. Confab received notice of these proceedings&#160;in February 2025, and believes that the General Controllers&#8217; Office&#8217;s allegations do not address either the defence&#160;arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions. Although the Company&#160;is defending itself, it cannot predict the outcome of these administrative proceedings.</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;">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="I20241231_ConfabIndustrialSaAndSubsidiariesMember_TaxContingentLiabilityMember" name="ts:FineImposedPercentageOfAllegedlyUndueCredits" unitRef="Pure" id="Tag799" 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. Special appeals were filed by Confab in July 2023 and by the Brazilian General Tax Attorney in September 2023. The parties are 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="I20241231_ConfabIndustrialSaAndSubsidiariesMember_TaxContingentLiabilityMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag1447" decimals="-5" scale="6" format="ixt:num-dot-decimal">62.1</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="I20241231_ConfabIndustrialSaAndSubsidiariesMember_TaxContingentLiabilityMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="USD" id="Tag798" decimals="-5" scale="6" format="ixt:num-dot-decimal">10.0</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: 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;">U.S. patent infringement litigation</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;">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; 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;">U.S. Antidumping Duty Investigations</span></li> </ul>
<p style="line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and, with respect to certain claims, to the Court of Appeals for the Federal Circuit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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="Tag1101" 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="Tag1076" 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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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span> </td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<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;"><br/></span></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-size-adjust: none; 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';"><span style="font-size: 10pt; line-height: inherit;"> </span></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>
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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;">Set forth is a description of the Tenaris&#8217;s main outstanding commitments:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain subsidiaries of the Company entered into a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contract with Praxair S.A. for the service of oxygen and nitrogen supply. 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>2024</span>, the aggregate amount to take or pay the committed volumes for an original <ix:nonNumeric contextRef="D20241231_PraxairSAMember" name="ts:TermOfSupplyContract" id="Tag1070" format="ixt-sec:duryear">14</ix:nonNumeric>-year term totaled approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_PraxairSAMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag794" 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.</span></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A Mexican subsidiary of the Company entered into a <ix:nonNumeric contextRef="D20241231_TerniumSAMember_TransportadoraDeGasDelNorteSaMember" name="ts:TermOfSupplyContract" id="Tag1088" format="ixt-sec:duryear">25</ix:nonNumeric>-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen for the supply of <span>197</span> MW (which represents <ix:nonFraction contextRef="I20241231_TechgenSAMember" name="ts:ProportionOfPowerGenerationCapacity" unitRef="Pure" id="Tag1089" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>% of Techgen&#8217;s 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 Techgen&#8217;s 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 Mexican </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Comisi&#243;n Federal de Electricidad</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;CFE&#8221;) or its successors. The Company&#8217;s subsidiary may instruct Techgen 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></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><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 Nucor Steel Memphis 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 in April 2021, with an original duration of <ix:nonNumeric contextRef="D20241231_TenarisBayCityIncMember_NucorSteelMemphisIncMember" name="ts:TermOfSupplyContract" id="Tag3355" format="ixt-sec:duryear">3</ix:nonNumeric> years. In September 2023, the parties agreed to extend its term until December 31, 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and in October 2024, agreed a renovation until December 31,2025</span><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</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>2024</span>, the estimated aggregate contract amount calculated at current prices, was approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_TenarisBayCityIncMember_NucorSteelMemphisIncMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag1087" decimals="-5" scale="6" format="ixt:num-dot-decimal">57.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. The contract gives the subsidiary of the Company the right to temporarily reduce the quantities to be purchased thereunder to <ix:nonFraction contextRef="I20241231_TenarisBayCityIncMember_NucorSteelMemphisIncMember" name="ts:PurchaseCommitmentsPercentageToBeMade" unitRef="Pure" id="Tag1094" 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></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><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="D20241231_IpscoTubularsIncMember_ContingentLiabilityForGuaranteesMember" name="ts:TermOfSupplyContract" id="Tag1092" 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, Tenaris became the exclusive distributor of TMK&#8217;s OCTG and line pipe products in United States and Canada. At the end of the MDA&#8217;s <span>6</span>-year term, TMK would have the option to extend the duration of its term for an additional <ix:nonNumeric contextRef="D20241231_IpscoTubularsIncMember_ContingentLiabilityForGuaranteesMember" name="ts:TermOfSupplyContractAvailableExtension" id="Tag1084" 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 would be no minimum yearly purchase requirement for the OCTG product category for <span>2022</span>, and there would be no minimum yearly purchase requirement for TMK line pipe products under the MDA neither for <span>2022</span>, nor for any subsequent contract year until expiration of the MDA&#8217;s term. In addition, no purchases of TMK products were made during <span>2023</span> </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;"> <span>2024</span>.</span></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain subsidiaries of the Company entered into a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contract with the supplier JFE Steel Corporation for the purchase of tubular material, including <span>13</span> chrome alloy products. Such contract foresees a penalty for a maximum amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_JFESteelCorporationMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag1079" decimals="-5" scale="6" format="ixt:num-dot-decimal">25.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in case of early termination.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The contract is valid until June 30, 2029.</span></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain subsidiaries of the Company entered into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">short-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">agreements with Vestas Group for the supply of materials and services related to the construction of a wind farm in Argentina. 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>2024</span>, the amount related to these commitments was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_VestasGroupMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag1078" decimals="-5" scale="6" format="ixt:num-dot-decimal">90.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An Argentine subsidiary of the Company entered into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">short-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">agreements with COARCO S.A. for execution of civil and electrical works, including auxiliary services, related with the construction of a wind farm in Argentina. 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>2024</span>, the amount related to these commitments was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_COARCOSAMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag1077" decimals="-5" scale="6" format="ixt:num-dot-decimal">39.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A U.S. subsidiary of the Company entered into a <span style="-sec-ix-hidden:Tag3439">one</span>-year agreement with U.S. Steel Corporation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under which it is committed to take or pay on a monthly basis a specified minimum volume of steel billets, at prices calculated on a monthly 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;"> 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>2024</span>, the estimated aggregate contract amount, calculated at current prices, stands at approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_USSteelCorporationMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag1096" decimals="-5" scale="6" format="ixt:num-dot-decimal">31.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><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 Argentine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiary of the Company entered into a contract with Usiminas from which it committed to purchase steel coils for a remaining amount of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_UsiminasMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag1073" decimals="-5" scale="6" format="ixt:num-dot-decimal">88.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million to use for manufacturing welded pipes for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">VMOS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> project 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;">Vaca Muerta </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shale </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;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></li> </ul>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit;"><span style="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; float: none; display: inline !important; line-height: inherit; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></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; line-height: inherit;">In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations of Techgen as described in note <span>14</span> (c) and (ii) issued performance guarantees mainly related to long-term commercial contracts with several customers and Tenaris companies for approximately $<ix:nonFraction contextRef="I20241231" name="ts:PerformanceGuaranteesIssued" unitRef="USD" id="Tag1083" decimals="-8" scale="9" format="ixt:num-dot-decimal">4.1</ix:nonFraction> billion as of December 31, <span>2024</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;"><br/></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;"> </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;"> <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;">In accordance with Luxembourg Law, the Company is required to transfer a minimum of <ix:nonFraction contextRef="D20241231_LU" name="ts:PercentOfMinimumTransferOfNetProfitToLegalReserve" unitRef="Pure" id="Tag1082" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% of its net profit for each financial year to a legal reserve</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;"> until such reserve equals <ix:nonFraction contextRef="D20241231_LU" name="ts:PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve" unitRef="Pure" id="Tag1097" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% of the issued share capital.</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;">On April 30, 2024, the extraordinary general meeting of shareholders approved the cancelation of <ix:nonFraction contextRef="D20240430_LU" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" unitRef="Shares" id="Tag1072" decimals="0" format="ixt:num-dot-decimal">17,779,302</ix:nonFraction> ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced. 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>2024</span>, this reserve </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;"> 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>
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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 may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</span></p> </div> </ix:nonNumeric> </div>
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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; line-height: inherit;"><span>28</span></span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cancellation of title deed in Saudi Steel Pipe Company</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: normal; 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-weight: normal; line-height: inherit;">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: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; 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-weight: normal; line-height: inherit;">The affected land plots, with a total surface of <ix:nonFraction contextRef="I20241231_SA_SaudiSteelPipeCompanyMember" name="ts:AreaOfLand1" unitRef="SquareMetre" id="Tag1081" 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="D20241231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag1080" 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="I20241231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:Land" unitRef="USD" id="Tag1075" decimals="-5" scale="6" format="ixt:num-dot-decimal">56.2</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; font-weight: normal; 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 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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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"><span>29</span></span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#160;</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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">Between September 2019 and December 13, 2023, 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 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 style="width: 4%; text-align: center; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8226;</span></td>
<td style="width: 96%; text-align: justify; padding: 0px 0px 8px;"><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="Tag371" 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 remained stable during the <span>twelve</span>-month period ended December 31, 2024, but it is unclear if it will be further modified in the short term. </span></td> </tr>
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<td style="text-align: center; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8226;</span></td>
<td style="text-align: justify; padding: 0px 0px 8px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 for <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; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8226;</span></td>
<td style="text-align: justify; padding: 0px 0px 8px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Access to the MULC to pay for imports of goods with customs clearance as from December 13, 2023, does not require government approval. Payment of the price of such imports is deferred for varying periods of time depending on the date of customs clearance; in the case of imports of goods with customs clearance on or after October 21, 2024, the price may be paid in full as from the <span>30</span>th calendar day as from the date of custom clearance. Advance payments or at sight cannot be made. In December 2024, the government eliminated the tax on imports.</span></td> </tr>
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<td style="text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8226;</span></td>
<td style="text-align: justify;"><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></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span> </td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </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;"><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;"><br/></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;"><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 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 MULC at the official exchange rate.</span></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. It is still unclear if or when the new Argentine Securities Commission&#8217;s authorities will eliminate or loosen the remaining restrictions.</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 exchange rate of the Argentine peso against the U.S. dollar devaluated by more than <span>100</span>% upon the change of government in December 2023. Since then</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and until December 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the new Administration maintains a &#8220;crawling peg&#8221; policy by devaluating the Argentine currency at a rate of approximately <ix:nonFraction contextRef="I20241231_ARS" name="ts:CurrencyDevaluationPercentageRatePerMonth" unitRef="Pure" id="Tag1066" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% per month</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, rate which will be reduced to <ix:nonFraction contextRef="I20241231_ForeignExchangeRatesMember_ARS" name="ts:CurrencyDevaluationPercentageRatePerMonth" unitRef="Pure" id="Tag1064" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% per month as from February 1, 2025</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The extent and rate of the crawling peg remains unclear.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tenaris&#8217;s financial position in Argentine pesos 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>2024</span>, amounted 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="I20241231_ArgentinePesoUsDollarForeignExchangeRiskMember_AR" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag1067" decimals="-5" scale="6" format="ixt:num-dot-decimal">40.6</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;">. In the event of an additional devaluation, our Argentine subsidiaries, which hold 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="I20241231_InternationalMarketMember_ArgentineSubsidiariesMember_UsDollarDenominatedArgentineBondsMember" name="ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag3326" decimals="-5" scale="6" format="ixt:num-dot-decimal">217.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, may be adversely affected, and 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;"><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 </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>2024</span>, 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="I20241231_AR_ArgentineSubsidiariesMember" name="ts:PercentageOfEntitysNetEquity" unitRef="Pure" id="Tag317" decimals="2" scale="-2" format="ixt:num-dot-decimal">11</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 made by Argentine subsidiaries during the period ended </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>2024</span>, amounted approximately to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231_AR_ArgentineSubsidiariesMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag316" 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;"> 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</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>2024</span>, are valued at the prevailing official exchange rate.</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;">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;</span></p> </div><div id="Dbm8bj5lu2gncvbhlesi8bc" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfCashFlowStatementExplanatory" id="Tag3259" 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>30</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="color: #000000; font-family: 'Times New Roman'; 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: -51.6667px; 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;">&#160;&#160;&#160;&#160;</span>Cash flow disclosures</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" id="Tag3260" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 309px; 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: '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;"><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: 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; 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: bottom; height: 10px;">
<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: 10px;">
<p style="margin: 0pt;"><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: 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>2024</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: 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; 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;"> <span>2022</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> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 5%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (i) </span></p> </td>
<td style="padding: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 60%;" valign="bottom">
<p style="font-family: 'Frutiger 45 Light'; font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; vertical-align: bottom;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Changes in working capital </span><sup><sup style="vertical-align: bottom;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt;">(*)</span></sup></sup></span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<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: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<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: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 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-align: center;"><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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="USD" id="Tag2763" decimals="-3" scale="3" format="ixt:num-dot-decimal">184,996</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" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="USD" id="Tag1032" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="USD" id="Tag1058" 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;">)</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;"><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: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables and prepayments, contract assets and current tax assets </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="D20241231" name="ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets" unitRef="USD" id="Tag2790" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">60,456</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="D20231231" name="ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets" unitRef="USD" id="Tag1030" 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; 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" name="ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets" unitRef="USD" id="Tag1021" 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; margin: 0px; text-indent: 0px; height: 17px; 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: 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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" unitRef="USD" id="Tag2779" decimals="-3" scale="3" format="ixt:num-dot-decimal">550,334</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" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" unitRef="USD" id="Tag3281" 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; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" unitRef="USD" id="Tag1023" 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;">)</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;"><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: 17px; background-color: #cceeff;">
<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; 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="D20241231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" unitRef="USD" id="Tag40" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">100,133</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="D20231231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" unitRef="USD" id="Tag1035" 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; 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" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" unitRef="USD" id="Tag1057" 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; 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; 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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" unitRef="USD" id="Tag36" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,100</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="D20231231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" unitRef="USD" id="Tag1029" 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; 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" name="ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" unitRef="USD" id="Tag1024" 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;"><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;"><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: 17px; background-color: #cceeff;">
<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; 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="D20241231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" unitRef="USD" id="Tag38" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">216,724</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="D20231231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" unitRef="USD" id="Tag3278" 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; 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="D20221231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" unitRef="USD" id="Tag3307" 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; 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; 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: 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag2791" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">286,917</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;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag3275" 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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;"> (<ix:nonFraction contextRef="D20221231" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag1037" 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; border-top-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; height: 17px; background-color: #cceeff;">
<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; height: 17px; background-color: #cceeff;">
<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; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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;">
<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; 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; 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; 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: '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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231" name="ts:IncomeTaxesAccrued" unitRef="USD" id="Tag39" decimals="-3" scale="3" format="ixt:num-dot-decimal">479,680</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" name="ts:IncomeTaxesAccrued" unitRef="USD" id="Tag1027" 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ts:IncomeTaxesAccrued" unitRef="USD" id="Tag1022" 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;"><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;"><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: 17px; background-color: #cceeff;">
<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; 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="D20241231" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="USD" id="Tag2782" decimals="-3" scale="3" format="ixt:num-dot-decimal">702,190</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="D20231231" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="USD" id="Tag1038" 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; 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="D20221231" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="USD" id="Tag1050" 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; margin: 0px; text-indent: 0px; height: 17px; 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: 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: 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag35" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">222,510</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;"><span style="font-weight: bold;">)</span></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;"> (<ix:nonFraction contextRef="D20231231" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag1026" 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; border-top-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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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="D20221231" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag3277" 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; border-top-width: 1px; 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;">
<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; height: 17px; background-color: #cceeff;">
<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; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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;">
<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; 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; 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; 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: '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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ts:InterestAccrued" unitRef="USD" id="Tag2796" decimals="-3" scale="3" format="ixt:num-dot-decimal">181,107</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="D20231231" name="ts:InterestAccrued" unitRef="USD" id="Tag1028" 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; 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" name="ts:InterestAccrued" unitRef="USD" id="Tag1025" 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;">)</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;"><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: 17px; background-color: #cceeff;">
<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; 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="D20241231" name="ifrs-full:AdjustmentsForInterestIncome" unitRef="USD" id="Tag2761" decimals="-3" scale="3" format="ixt:num-dot-decimal">240,809</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="D20231231" name="ifrs-full:AdjustmentsForInterestIncome" unitRef="USD" id="Tag1034" 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; 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" name="ifrs-full:AdjustmentsForInterestIncome" unitRef="USD" id="Tag1047" 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; 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; 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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20241231" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" unitRef="USD" id="Tag42" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,769</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="D20231231" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" unitRef="USD" id="Tag1044" 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; 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" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" unitRef="USD" id="Tag3276" 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;">)</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;"><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: 17px; background-color: #cceeff;">
<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; 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="D20241231" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag44" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,067</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;"><span style="font-weight: bold;">)</span></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;">
<p style="margin: 0px; text-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" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag1051" 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; 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-weight: bold;">)</span></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;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag3308" 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; margin: 0px; text-indent: 0px; 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;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*) 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></sup></p> </ix:nonNumeric> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"> <br/></p> </div>
<div>
<div id="t_ft_33IM8KSKRK00000000000000000000b">
<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-75</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 id="Dls3gfp5d0wsxds8k44bq5c" style="font-family: 'times new roman', times; font-size: 10pt;">

<div xmlns="http://www.w3.org/1999/xhtml" id="t_ft_XID6CSE2Q800000000000000000000b">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span> </td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfRelatedPartyExplanatory" id="Tag3324" 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;"><span>31</span></span><span style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160;&#160;&#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;"><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;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>4</span></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>
<div id="t_ft_1QK0KOQNWW00000000000000000000b">
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 54px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 17px;">
<td style="width: 3%; height: 17px; text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8226;</span></td>
<td style="width: 97%; height: 17px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">San Faustin S.A., a Luxembourg soci&#233;t&#233; anonyme, owned <ix:nonFraction contextRef="I20241231_SanFaustinSaMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag3313" decimals="0" format="ixt:num-dot-decimal">713,605,187</ix:nonFraction> shares in the Company, representing <ix:nonFraction contextRef="I20241231_SanFaustinSaMember" name="ts:PercentageOfOwnershipInterest" unitRef="Pure" id="Tag34" decimals="4" scale="-2" format="ixt:num-dot-decimal">61.37</ix:nonFraction>% of the Company&#8217;s share capital and <ix:nonFraction contextRef="I20241231_SanFaustinSaMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag964" decimals="4" scale="-2" format="ixt:num-dot-decimal">65.81</ix:nonFraction>% of the voting rights.</span></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8226;</span></td>
<td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"><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 Holdings S.&#224;.r.l., a Luxembourg </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><i>soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e</i></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(&#8220;Techint&#8221;),</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">who is the holder of record of the above-mentioned Tenaris shares.</span></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8226;</span></td>
<td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (&#8220;RP STAK&#8221;) held voting shares in San Faustin sufficient in number to control San Faustin. </span></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8226;</span></td>
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">No person or group of persons controls RP STAK.</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: 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 owned</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:PercentageOfOwnershipInterest" unitRef="Pure" id="Tag955" 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 share capital and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20241231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag956" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.08</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of the voting rights.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">Transactions and balances disclosed as with &#8220;associated companies&#8221; are those with companies over which Tenaris exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances disclosed as with &#8220;joint ventures&#8221; are those with companies over which Tenaris exerts joint control in accordance with IFRS, but does not have control. All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as &#8220;other related parties&#8221;.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" id="Tag3322" escape="true">
<div style="border-left: none; border-right: none;">
<div id="t_ft_8YYMEOEYXC00000000000000000000b">
<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: 391px;" width="100%">
<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: 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;">
<p style="margin: 0px; text-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; 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: 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;">
<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: 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;">
<p style="margin: 0px; text-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>2024</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>
<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>
<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;">
<p style="margin: 0px; text-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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <span>2022</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: top; width: 5%; background-color: #cceeff; 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; width: 60%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Sales of goods, services and other transactions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_AssociatesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag950" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,551</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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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="Tag974" 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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="Tag1015" 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> </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; </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;"> Sales of goods to other related parties </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="D20241231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag968" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,250</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="D20231231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag978" 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; 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="D20221231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag947" 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; 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; </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 and others to associated companies </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="D20241231_AssociatesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag1002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,456</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_AssociatesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag3364" 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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="Tag1007" 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> </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; </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;"> Sales of services and others to joint ventures </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="D20241231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag1005" decimals="-3" scale="3" format="ixt:num-dot-decimal">139</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="D20231231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag957" 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; 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="D20221231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag944" 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; 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; </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 and others to other related parties </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="D20241231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag948" decimals="-3" scale="3" format="ixt:num-dot-decimal">127,940</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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></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;">
<p style="margin: 0px; text-align: 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="Tag967" 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; 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; 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; 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;"> <ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag942" 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; 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; 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;"> &#160; </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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-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="D20241231" name="ts:RevenueRelatedPartyTransactions" unitRef="USD" id="Tag985" decimals="-3" scale="3" format="ixt:num-dot-decimal">252,336</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-top-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; 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: 17px;"><br/></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;">
<p style="margin: 0px; text-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" name="ts:RevenueRelatedPartyTransactions" unitRef="USD" id="Tag3131" 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; 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>
<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>
<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;">
<p style="margin: 0px; text-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" name="ts:RevenueRelatedPartyTransactions" unitRef="USD" id="Tag981" 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; 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: 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, services and other transactions </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;"> &#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;"> &#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;"> &#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; 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; background-color: #cceeff; height: 17px;">
<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; 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="D20241231_AssociatesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag1012" decimals="-3" scale="3" format="ixt:num-dot-decimal">154,772</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="D20231231_AssociatesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag982" 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; 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="D20221231_AssociatesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag3363" 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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag977" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,466</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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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="Tag972" 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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="Tag973" 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> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> Purchases of goods to other related parties </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="D20241231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag963" decimals="-3" scale="3" format="ixt:num-dot-decimal">70,425</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="D20231231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag966" 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; 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="D20221231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag1013" 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; 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: 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 and others to associated companies </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="D20241231_AssociatesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag960" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,544</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;"> <ix:nonFraction contextRef="D20231231_AssociatesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag980" 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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="Tag1014" 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> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> Purchases of services and others to other related parties </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="D20241231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag988" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,576</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; 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;"> <ix:nonFraction contextRef="D20231231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag969" 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; 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>
<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>
<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_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag971" 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; 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; 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; 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="D20241231" name="ts:PurchasesOfGoodsAndServicesRelatedPartyTransactions" unitRef="USD" id="Tag1003" decimals="-3" scale="3" format="ixt:num-dot-decimal">321,783</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-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;"> <ix:nonFraction contextRef="D20231231" name="ts:PurchasesOfGoodsAndServicesRelatedPartyTransactions" unitRef="USD" id="Tag1008" 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; 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; 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; border-top-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="D20221231" name="ts:PurchasesOfGoodsAndServicesRelatedPartyTransactions" unitRef="USD" id="Tag958" 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; border-top-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>
<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;"> &#160; </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;"> (c) 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;">
<p style="margin: 0px; text-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; 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; font-weight: bold;"> &#160; </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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_JointVenturesWhereEntityIsVenturerMember" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag953" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,218</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_JointVenturesWhereEntityIsVenturerMember" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag990" 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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="Tag962" 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> </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;"> &#160; </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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-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="D20241231" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag1900" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,218</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-top-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; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-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" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag965" 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; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-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" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag983" 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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<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; 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;"> &#160; </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;"> (d) Dividends </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; font-weight: bold;"> &#160; </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; font-weight: bold;"> &#160; </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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20241231_AssociatesMember" name="ts:DividendsReceivedRelatedPartyTransactions" unitRef="USD" id="Tag1019" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,211</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_AssociatesMember" name="ts:DividendsReceivedRelatedPartyTransactions" unitRef="USD" id="Tag961" 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: 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="Tag1009" 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> </tr>
<tr style="height: 17px; background-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: 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends distributed to Techint Holdings S.&#224;r.l. </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="D20241231_TechintHoldingsSarlMember" name="ts:DividendsDistributedRelatedPartyTransactions" unitRef="USD" id="Tag997" decimals="-3" scale="3" format="ixt:num-dot-decimal">478,115</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="D20231231_TechintHoldingsSarlMember" name="ts:DividendsDistributedRelatedPartyTransactions" unitRef="USD" id="Tag3310" 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; 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="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_TechintHoldingsSarlMember" name="ts:DividendsDistributedRelatedPartyTransactions" unitRef="USD" id="Tag975" decimals="-3" scale="3" format="ixt:num-dot-decimal">321,122</ix:nonFraction> </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr> </tbody> </table> </div> </div>
<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: &quot;times new roman&quot;; font-size: 10pt;">
<tbody>
<tr>
<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>
<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="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span> </td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_COQ50LXH4000000000000000000000b">
<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: 238px;" width="100%">
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<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: 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;"> &#160; </span></p> </td>
<td colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; height: 17px; 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: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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; font-weight: bold;"> (ii) </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;"> Period-end balances </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>2024</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>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> </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; width: 5%;">
<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; background-color: #cceeff; height: 17px; width: 72%;">
<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 and other transactions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_AssociatesMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag1016" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,133</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;"> <ix:nonFraction contextRef="I20231231_AssociatesMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag3044" 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> </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; </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;"> Receivables from joint ventures </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="I20241231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag945" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,759</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="I20231231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag987" 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; 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; </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20241231_OtherRelatedPartiesMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag1006" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,713</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="I20231231_OtherRelatedPartiesMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag946" 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> </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; </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;"> Payables to associated companies </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="I20241231_AssociatesMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag959" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,531</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;">)</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="I20231231_AssociatesMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag3311" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag991" decimals="-3" scale="3" format="ixt:num-dot-decimal">52</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="I20231231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag976" 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> </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; </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;"> Payables to other related parties </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="I20241231_OtherRelatedPartiesMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag1010" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,165</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;">)</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="Tag979" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 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; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="I20241231" name="ts:AmountsReceivablePayableRelatedPartyTransactions" unitRef="USD" id="Tag1011" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,857</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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="Tag1018" 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; 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;"> &#160; </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;"> (b) Financial debt </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;"> &#160; </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;"> &#160; </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; </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20241231" name="ts:FinanceLeaseLiabilitiesFromAssociatedCompanies" unitRef="USD" id="Tag943" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,026</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="I20231231" name="ts:FinanceLeaseLiabilitiesFromAssociatedCompanies" unitRef="USD" id="Tag984" 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> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> Finance lease liabilities from other related parties </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="I20241231" name="ts:FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" unitRef="USD" id="Tag999" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">260</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;">)</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="Tag3038" 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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 style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="I20241231" name="ts:FinancialDebtRelatedParties" unitRef="USD" id="Tag1004" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,286</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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231" name="ts:FinancialDebtRelatedParties" unitRef="USD" id="Tag993" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,834</ix:nonFraction> </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div> </div> </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>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In addition to the tables above, the Company issued various guarantees in favor of Techgen; for further details, please 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;"> (c)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and 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;">(ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these Consolidated Financial Statemen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. No other material guarantees were issued in favor of other related parties.</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; font-weight: bold;">Directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> and senior management compensation</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">During the years ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>4</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>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 cash compensation of Directors and Senior managers amounted to <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;">$</span><ix:nonFraction contextRef="D20241231" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="USD" id="Tag3014" decimals="-5" scale="6" format="ixt:num-dot-decimal">33.4</ix:nonFraction></span>&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="USD" id="Tag949" 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 and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="USD" id="Tag986" decimals="-5" scale="6" format="ixt:num-dot-decimal">35.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"><ix:nonFraction contextRef="D20241231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:UnitsIssuedRelatedPartyTransactions" unitRef="Shares" id="Tag995" decimals="-3" scale="3" format="ixt:num-dot-decimal">448</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="D20231231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:UnitsIssuedRelatedPartyTransactions" unitRef="Shares" id="Tag992" decimals="-3" scale="3" format="ixt:num-dot-decimal">388</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="D20221231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:UnitsIssuedRelatedPartyTransactions" unitRef="Shares" id="Tag994" decimals="-3" scale="3" format="ixt:num-dot-decimal">437</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> thousand units for a total amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" unitRef="USD" id="Tag952" decimals="-5" scale="6" format="ixt:num-dot-decimal">6.9</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;"><ix:nonFraction contextRef="D20231231" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" unitRef="USD" id="Tag1000" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.6</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="D20221231" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" unitRef="USD" id="Tag989" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million respectively in connection with the Employee retention and long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">term incentive program mentioned in note II.P.<span>3</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Employee benefits &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other long</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;">term benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these Consolidated Financial Statements.</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;</span></p> </div><div id="Dg92cz3jyks88iadi3pc68m" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfAdditionalInformationExplanatory" id="Tag67" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="font-size: 10pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">32</span><span style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">Princ</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">ipal a</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">ccountant</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">f</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">ees</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">Total fees accrued for professional services rendered </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to Tenaris S.A. and its subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Ernst &amp; Young S.A. (&#8220;EY&#8221;) </span><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;">for the year <span>2024</span> and <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> PricewaterhouseCoopers, Soci&#233;t&#233; coop&#233;rative</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(&#8220;PwC&#8221;)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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;"> are detailed as follows:</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfAuditorsRemunerationExplanatory" id="Tag33" escape="true">
<div id="t_ft_6ZT4E7GMPS00000000000000000000b">
<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: 122px;" 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;"><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: bottom; height: 20px;" 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: 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: 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; border-top-width: 1px; 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;"> <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-top-width: 1px; 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: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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: 17px; border-top-width: 1px; 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;"> <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;" valign="bottom"><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;" valign="bottom"><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;" 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: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit fees </span></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;"> <ix:nonFraction contextRef="D20241231" name="ifrs-full:AuditorsRemunerationForAuditServices" unitRef="USD" id="Tag3171" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,569</ix: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;"> <ix:nonFraction contextRef="D20231231" name="ifrs-full:AuditorsRemunerationForAuditServices" unitRef="USD" id="Tag932" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,386</ix: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;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:AuditorsRemunerationForAuditServices" unitRef="USD" id="Tag936" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,966</ix: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: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit-related fees </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="D20241231" name="ts:AuditorsRemunerationForAuditrelatedFees" unitRef="USD" id="Tag330" decimals="-3" scale="3" format="ixt:num-dot-decimal">51</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" name="ts:AuditorsRemunerationForAuditrelatedFees" unitRef="USD" id="Tag931" decimals="-3" scale="3" format="ixt:num-dot-decimal">273</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" name="ts:AuditorsRemunerationForAuditrelatedFees" unitRef="USD" id="Tag928" 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; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax fees </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="D20241231" name="ifrs-full:AuditorsRemunerationForTaxServices" unitRef="USD" id="Tag351" decimals="-3" scale="3" format="ixt:num-dot-decimal">78</ix: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" name="ifrs-full:AuditorsRemunerationForTaxServices" unitRef="USD" id="Tag930" decimals="-3" scale="3" format="ixt:num-dot-decimal">148</ix: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" name="ifrs-full:AuditorsRemunerationForTaxServices" unitRef="USD" xsi:nil="true" id="Tag934"></ix: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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> All other fees </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="D20241231" name="ifrs-full:AuditorsRemunerationForOtherServices" unitRef="USD" xsi:nil="true" id="Tag419"></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" name="ifrs-full:AuditorsRemunerationForOtherServices" unitRef="USD" id="Tag929" decimals="-3" scale="3" 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231" name="ifrs-full:AuditorsRemunerationForOtherServices" unitRef="USD" id="Tag935" 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; 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;"><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: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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="D20241231" name="ifrs-full:AuditorsRemuneration" unitRef="USD" id="Tag353" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,698</ix: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="D20231231" name="ifrs-full:AuditorsRemuneration" unitRef="USD" id="Tag3236" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,821</ix: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; 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" name="ifrs-full:AuditorsRemuneration" unitRef="USD" id="Tag933" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,232</ix: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;"/> </tr> </tbody> </table> </div> </ix:nonNumeric>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><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: 10pt;">In addition,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the year <span>2023</span>,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> PwC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rendered $<ix:nonFraction contextRef="D20231231" name="ts:AuditorsRemunerationForAcquisitionServices" unitRef="USD" id="Tag927" decimals="-3" scale="3" format="ixt:num-dot-decimal">242</ix:nonFraction> </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: 0pt; text-align: justify;"><br/></p>
<div>
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<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-77</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 id="Dwi2w18m5mtotpcs5xx84c" style="font-family: 'times new roman', times; font-size: 10pt;">
<div id="t_ft_EDUI2TX1DS00000000000000000000b">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span> </td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: -2pt; text-align: justify;"> <br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory" id="Tag3318" 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;">33<span style="color: #000000; font-family: 'Times New Roman'; 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: -51.6667px; 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;">&#160;&#160;&#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Principal subsidiaries</span></p>
<p style="line-height: 10pt; margin: -2pt; 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 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;"><span>4</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>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="line-height: 12pt; margin: -2pt; text-align: justify;"> <br/></p>
<div style="border-right: none; border-left: none;">
<div>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" id="Tag3321" escape="true">
<div id="t_ft_SUGS649HPC00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 416px; width: 100%;" width="100%">
<tbody>
<tr style="height: 19px;">
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Company </span></p> </td>
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Country of Incorporation </span></p> </td>
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Main activity </span></p> </td>
<td colspan="3" style="padding: 0px 7px; vertical-align: middle; height: 19px; border-bottom-width: 1px; border-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;">Percentage of ownership at December 31,&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2022</span> </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 37%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> ALGOMA TUBES INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 12%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 27%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_AlgomaTubesIncMember_CA" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag895" 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; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_CA_AlgomaTubesIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag920" 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; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_CA_AlgomaTubesIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag919" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p> </td> </tr>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> BREDERO SHAW INTERNATIONAL B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company and supplier of pipe coating services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_BrederoShawInternationaBVAndSubsidiariesMember_NL" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag918" 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; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_NL_BrederoShawInternationaBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag917" 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; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> NA </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> CONFAB INDUSTRIAL S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Brazil </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_ConfabIndustrialSaAndSubsidiariesMember_BR" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag880" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_BR_ConfabIndustrialSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag915" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_BR_ConfabIndustrialSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag908" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> DALMINE S.p.A. and subsidiaries (a) </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: 8pt;"> Italy </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: 8pt;"> Manufacturing of seamless steel pipes </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: 8pt;"> <ix:nonFraction contextRef="D20241231_DalmineSPAAndSubsidiariesMember_IT" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag892" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_IT_DalmineSPAAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag912" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_IT_DalmineSPAAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag911" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> EXIROS B.V. and subsidiaries (b) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Procurement and trading services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_ExirosBVAndSubsidiariesMember_NL" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag910" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_NL_ExirosBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag909" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_NL_ExirosBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag864" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% </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: 8pt;"> HYDRIL COMPANY </span></p> </td>
<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: 8pt;"> USA </span></p> </td>
<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: 8pt;"> Manufacturing and marketing of premium connections </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: 8pt;"> <ix:nonFraction contextRef="D20241231_US_HydrilCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag902" 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; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_US_HydrilCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag844" 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; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_US_HydrilCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag863" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> MAVERICK TUBE CORPORATION and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> USA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_MaverickTubeCorporationAndSubsidiariesMember_US" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag907" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_US_MaverickTubeCorporationAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag906" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_US_MaverickTubeCorporationAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag881" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> P.T. SEAMLESS PIPE INDONESIA JAYA </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: 8pt;"> Indonesia </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: 8pt;"> Manufacturing of seamless steel products </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: 8pt;"> <ix:nonFraction contextRef="D20241231_PtSeamlessPipeIndonesiaJayaMember_ID" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag900" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_ID_PtSeamlessPipeIndonesiaJayaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag887" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_ID_PtSeamlessPipeIndonesiaJayaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag923" decimals="2" scale="-2" format="ixt:num-dot-decimal">89</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> SILCOTUB S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Romania </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_ScSilcotubSaMember_RO" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag901" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_RO_ScSilcotubSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag893" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_RO_ScSilcotubSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag899" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> SAUDI STEEL PIPE CO. and subsidiaries (c) </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: 8pt;"> Saudi Arabia </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: 8pt;"> Manufacturing of welded steel pipes </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: 8pt;"> <ix:nonFraction contextRef="D20241231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag898" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag897" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag896" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> SIAT SOCIEDAD ANONIMA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_SiatSociedadAnonimaMember_AR" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag856" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_AR_SiatSociedadAnonimaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag894" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_AR_SiatSociedadAnonimaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag849" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (d) </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: 8pt;"> Argentina </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: 8pt;"> Manufacturing of seamless steel pipes </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: 8pt;"> <ix:nonFraction contextRef="D20241231_SidercaSaicAndSubsidiariesMember_AR" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag843" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_AR_SidercaSaicAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag862" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_AR_SidercaSaicAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag890" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Portugal </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_TaltatradingEMarketingSociedadeUnipessoalLdaMember_PT" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag889" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_PT_TaltatradingEMarketingSociedadeUnipessoalLdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag888" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_PT_TaltatradingEMarketingSociedadeUnipessoalLdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag861" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> TENARIS BAY CITY, INC. </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: 8pt;"> USA </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: 8pt;"> Manufacturing of welded and seamless steel pipes </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: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisBayCityIncMember_US" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag886" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_US_TenarisBayCityIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag885" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_US_TenarisBayCityIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag845" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS CONNECTIONS BV </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Development, management and licensing of intellectual property </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisConnectionsBvMember_NL" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag922" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_NL_TenarisConnectionsBvMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag882" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_NL_TenarisConnectionsBvMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag848" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> TENARIS FINANCIAL SERVICES S.A. </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: 8pt;"> Uruguay </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: 8pt;"> Financial operations </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: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisFinancialServicesSaMember_UY" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag884" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_UY_TenarisFinancialServicesSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag903" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_UY_TenarisFinancialServicesSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag878" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS GLOBAL SERVICES (CANADA) INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisGlobalServicesCanadaIncMember_CA" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag877" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_CA_TenarisGlobalServicesCanadaIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag876" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_CA_TenarisGlobalServicesCanadaIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag875" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </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: 8pt;"> USA </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: 8pt;"> Marketing of steel products </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: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisGlobalServicesUsaCorporationMember_US" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag874" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_US_TenarisGlobalServicesUsaCorporationMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag873" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_US_TenarisGlobalServicesUsaCorporationMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag854" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS GLOBAL SERVICES (UK) LTD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> United Kingdom </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company and marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisGlobalServicesUkLtdMember_GB" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag871" 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; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_GB_TenarisGlobalServicesUkLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag847" 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; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_GB_TenarisGlobalServicesUkLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag869" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries </span></p> </td>
<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: 8pt;"> Uruguay </span></p> </td>
<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: 8pt;"> Marketing, distribution of steel products and holding company </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: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisGlobalServicesSaAndSubsidiariesMember_UY" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag868" 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; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_UY_TenarisGlobalServicesSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag867" 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; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_UY_TenarisGlobalServicesSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag866" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisInvestmentsNLBVAndSubsidiariesMember_NL" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag913" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_NL_TenarisInvestmentsNLBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag891" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_NL_TenarisInvestmentsNLBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag905" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p> </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: 8pt;"> 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: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Luxembourg </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing and distribution of steel products, financial operations and holding company </span></p> </td>
<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: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_LU" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag879" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_LU" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag865" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_LU_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag860" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS QINGDAO STEEL PIPES LTD. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> China </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Processing of premium joints, couplings and automotive components </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisQingdaoSteelPipesLtdMember_CN" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag872" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_CN_TenarisQingdaoSteelPipesLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag858" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_CN_TenarisQingdaoSteelPipesLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag857" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </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: 8pt;"> TENARIS TUBOCARIBE LTDA. </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: 8pt;"> Colombia </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: 8pt;"> Manufacturing of welded and seamless steel pipes </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: 8pt;"> <ix:nonFraction contextRef="D20241231_TenarisTubocaribeLtdaMember_CO" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag852" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_CO_TenarisTubocaribeLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag851" 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; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_CO_TenarisTubocaribeLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag921" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</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: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Mexico </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20241231_TubosDeAceroDeMexicoSaAndSubsidiariesMember_MX" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag855" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20231231_MX_TubosDeAceroDeMexicoSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag870" 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; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> <ix:nonFraction contextRef="D20221231_MX_TubosDeAceroDeMexicoSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag853" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p> </td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: -2pt; text-align: justify;"> <br/></p>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote1" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span>&#160;All percentages rounded.</span> </ix:footnote></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Tenaris holds <ix:nonFraction contextRef="D20241231_TubularTechnicalServicesAndPipeCoatersMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3415" 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="D20241231_TubularsFinishingNigeriaLimitedMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag926" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% of Tubulars Finishing Nigeria Limited, <ix:nonFraction contextRef="D20241231_AmajaTubularServicesLimitedMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag925" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% of Amaja Tubular Services Limited, <ix:nonFraction contextRef="D20241231_TenarisBaogangBaotouSteelPipesLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag924" decimals="2" scale="-2" format="ixt:num-dot-decimal">60</ix:nonFraction>% of Tenaris Baogang Baotou Steel Pipes Ltd. Until <span>2022</span> held <ix:nonFraction contextRef="D20221231_TenarisSupplyChainSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag883" decimals="3" scale="-2" format="ixt:num-dot-decimal">98.4</ix:nonFraction>% of Tenaris Supply Chain S.A.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">(a) <span><ix:footnote xml:lang="en-US" id="footnote12" footnoteRole="http://www.xbrl.org/2003/role/footnote">Dalmine S.p.A holds <ix:nonFraction contextRef="D20241231_DalmineSPAAndSubsidiariesMember_ImmobiliareCulturaIndustrialeSRLMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag904" decimals="2" scale="-2" format="ixt:num-dot-decimal">57</ix:nonFraction>% of Immobiliare Cultura Industriale S.R.L.</ix:footnote></span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">b</span><span style="font-family: 'Frutiger 45 Light';">) <span><ix:footnote continuedAt="caff36f1e-eb87-49af-82e4-3e5f89a03920" xml:lang="en-US" id="footnote54" footnoteRole="http://www.xbrl.org/2003/role/footnote">Tenaris holds <ix:nonFraction contextRef="I20241231_ExirosBVAndSubsidiariesMember_TenarisMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag916" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of the voting rights</ix:footnote></span></span><ix:continuation id="caff36f1e-eb87-49af-82e4-3e5f89a03920"><span style="font-family: 'Frutiger 45 Light';"> and Ternium owns the remaining <ix:nonFraction contextRef="I20241231_TerniumSAMember_ExirosBVAndSubsidiariesMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag846" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light';">. </span><span style="font-family: 'Frutiger 45 Light';">Exiros</span> <span style="font-family: 'Frutiger 45 Light';">provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#8217; agreement, Tenaris recognizes Exiros&#8217; assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</span></ix:continuation> </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">c</span><span style="font-family: 'Frutiger 45 Light';">) <span><ix:footnote continuedAt="c64e6d2e4-a832-408c-afe8-1dea8141c711" xml:lang="en-US" id="footnote53" footnoteRole="http://www.xbrl.org/2003/role/footnote">Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad</ix:footnote></span></span><ix:continuation id="c64e6d2e4-a832-408c-afe8-1dea8141c711"><span style="font-family: Calibri;">&#257;</span><span style="font-family: 'Frutiger 45 Light';">wul), Tenaris holds <ix:nonFraction contextRef="D20241231_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag859" decimals="4" scale="-2" format="ixt:num-dot-decimal">47.79</ix:nonFraction>% and has the right to nominate the majority of the members of the board of directors, therefore Tenaris has control over SSPC. Since May, 2023, Saudi Steel Pipe Co. holds <ix:nonFraction contextRef="D20241231_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag850" decimals="3" scale="-2" format="ixt:num-dot-decimal">57.3</ix:nonFraction>% of Global Pipe Company, therefore Tenaris has control over G</span><span style="font-family: 'Frutiger 45 Light';">lobal </span><span style="font-family: 'Frutiger 45 Light';">P</span><span style="font-family: 'Frutiger 45 Light';">ipe </span><span style="font-family: 'Frutiger 45 Light';">C</span><span style="font-family: 'Frutiger 45 Light';">ompany</span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:continuation></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">d</span><span style="font-family: 'Frutiger 45 Light';">) <span><ix:footnote xml:lang="en-US" id="footnote9" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span>Until its liquidation in April 2023</span> Siderca held <ix:nonFraction contextRef="D20230430_SidercaSaicAndSubsidiariesMember_NkktubesMember_1" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag914" decimals="2" scale="-2" format="ixt:num-dot-decimal">51</ix:nonFraction>% of NKKTubes.</ix:footnote></span></span></span></p> </ix:nonNumeric> </div> </div> </ix:nonNumeric>
<p style="line-height: 12pt; 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-78</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20241231" name="ifrs-full:DisclosureOfBusinessCombinationsExplanatory" id="Tag3341" 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; letter-spacing: -0.1pt;"><span>34</span></span><span style="font: 7.0pt 'Times New Roman';"><span style="font-size: 10pt;">&#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;">Business combinations</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">&#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;">Acquisition of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Pipe Coating Business Unit of Mattr</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;">Acquisition and price determination</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On November 30, 2023, Tenaris completed the acquisition of Mattr&#8217;s pipe coating business unit and other specific assets for $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="USD" id="Tag824" decimals="-5" scale="6" format="ixt:num-dot-decimal">182.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million paid in cash. Under the purchase contract, the acquisition price was paid based on an estimated closing statement and the final price was 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;">. On July 31, 2024, the parties entered into a settlement agreement, pursuant to which the parties agreed that the aggregate shortfall payment payable by Mattr to Tenaris amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20240731_MattrsPipeCoatingBusinessUnitMember_SettlementAgreementMember" name="ts:BusinessAcquisitionConsiderationPaymentReceivable" unitRef="USD" id="Tag301" decimals="-5" scale="6" format="ixt:num-dot-decimal">32.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and, accordingly, the final purchase price was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20240731_MattrsPipeCoatingBusinessUnitMember_SettlementAgreementMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="USD" id="Tag310" decimals="-5" scale="6" format="ixt:num-dot-decimal">150.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;">The business acquired includes <ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ts:NumberOfPlantsAcquired" unitRef="Number" id="Tag311" 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: 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 consolidated the balances and results of operations of the acquired business as from November 30, 2023. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For the <span>twelve</span>-month period ended December 31, 2024, the acquired business contributed revenues of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:RevenueOfAcquiree" unitRef="USD" id="Tag306" decimals="-5" scale="6" format="ixt:num-dot-decimal">347.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, represented a minor contribution to Tenaris&#8217;s results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, and was initially assigned to the Other segment but subsequently reclassified to the Tubes segment.</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;">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 application of the acquisition 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; 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 purchase price allocation was carried out with the assistance of a third-party expert. Following IFRS <span>3</span>, during the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>twelve</span> month following the acquisition date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company continued reviewing the allocation and, based on new information related to events or circumstances existing at the acquisition date, made certain adjustments over the value of the identifiable assets acquired such as property, plant and equipment, intangible assets, working capital and other assets and liabilities.</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: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20241231_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" id="Tag3299" 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; margin-left: 0.1px;" 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'; font-size: 9pt;"> &#160; </span></p> </td>
<td colspan="4" 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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"><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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023) in Millions of USD: </span></p> </td>
<td 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: 10pt; font-weight: bold;"> Final </span></p> </td>
<td 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;"><br/></td>
<td 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;"><br/></td>
<td 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: 10pt; font-weight: bold;"> Preliminary </span></p> </td>
<td 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;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; 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;"> <ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag303" decimals="-6" scale="6" format="ixt:num-dot-decimal">115</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; 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;"> <ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag302" decimals="-6" scale="6" format="ixt:num-dot-decimal">126</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag300" decimals="-6" scale="6" format="ixt:num-dot-decimal">14</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag804" decimals="-6" scale="6" format="ixt:num-dot-decimal">29</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Working capital </span></p> </td>
<td style="padding: 0px; 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;"> (<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ts:WorkingCapitalRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag312" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">2</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember" name="ts:WorkingCapitalRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag307" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">13</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Cash and Cash Equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag298" decimals="-6" scale="6" format="ixt:num-dot-decimal">20</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag807" decimals="-6" scale="6" format="ixt:num-dot-decimal">21</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ts:ProvisionsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag305" decimals="-6" scale="6" format="ixt:num-dot-decimal">7</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember" name="ts:ProvisionsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag805" decimals="-6" scale="6" format="ixt:num-dot-decimal">7</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther" unitRef="USD" id="Tag314" decimals="-6" scale="6" format="ixt:num-dot-decimal">11</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember" name="ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther" unitRef="USD" id="Tag803" decimals="-6" scale="6" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag299" decimals="-6" scale="6" format="ixt:num-dot-decimal">152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag313" decimals="-6" scale="6" format="ixt:num-dot-decimal">169</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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> </tbody> </table> </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: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The fair value of the net assets acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag309" decimals="-5" scale="6" format="ixt:num-dot-decimal">152.5</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;">The preliminary purchase price allocation resulted in a goodwill of approximately $<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag808" decimals="-5" scale="6" format="ixt:num-dot-decimal">13.6</ix:nonFraction> million. However, following the completion of the previously mentioned purchase price allocation and a concurrent price adjustment, the business combination resulted in a bargain purchase of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_MattrsPipeCoatingBusinessUnitMember" name="ts:BusinessCombinationBargainPurchaseGainRecognized" unitRef="USD" id="Tag308" decimals="-2" scale="3" format="ixt:num-dot-decimal">2.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, recorded in </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;">.</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;">Acquisition-related costs for the year ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>4</span> and <span>2023</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20241231_MattrsPipeCoatingBusinessUnitMember" name="ts:AcquisitionRelatedCosts" unitRef="USD" id="Tag304" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.3</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_MattrsPipeCoatingBusinessUnitMember" name="ts:AcquisitionRelatedCosts" unitRef="USD" id="Tag806" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.1</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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and were included in 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>
<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 price purchase allocation of the remaining business combinations that occurred during <span>2023</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">were finalized during the year ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> without any further adjustments.</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-79</span></span></td> </tr> </tbody> </table> </div>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div>
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<ix:nonNumeric contextRef="D20241231" name="ts:DisclosureOfShareBuybackTextBlock" id="Tag3314" 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; line-height: inherit;"><span>35</span></span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Share </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">B</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">uyback </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">P</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">rogram</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">s</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;">First </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share Buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Program</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 November 1, 2023, the Company&#8217;s board of directors approved a share buyback program of up to $<ix:nonFraction contextRef="I20231101_FirstShareBuybackProgramMember" name="ts:StockRepurchasedProgramPaymentAuthorised" unitRef="USD" id="Tag262" decimals="-8" scale="9" format="ixt:num-dot-decimal">1.2</ix:nonFraction> billion</span><span style="font-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 be executed within a year, with the intention to cancel the ordinary shares acquired through the program.</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 </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;">buyback program </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;"> carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, up to a maximum of <ix:nonFraction contextRef="I20200602" name="ts:PercentageOfLimitSharesBuybackAuthorized" unitRef="Pure" id="Tag266" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% of the Company&#8217;s shares.</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;">For purposes of carrying out each tranche of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">first </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">program, Tenaris entered into non-discretionary buyback agreements with primary financial institutions that made trading decisions concerning the timing of the purchases of Tenaris&#8217;s ordinary shares independently of and uninfluenced by Tenaris and acted 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>.</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 the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">first</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">program, which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was divided into <ix:nonFraction contextRef="I20240802_FirstShareBuybackProgramMember" name="ts:ShareBuybackProgramNumberOfTranches" unitRef="Number" id="Tag265" decimals="0" format="ixt-sec:numwordsen">four</ix:nonFraction> tranches and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ran 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;">November 5, 2023, to (and 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;">August 2, 2024, the Company purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20240802_FirstShareBuybackProgramMember" name="ts:NumberOfTreasurySharesPurchased" unitRef="Shares" id="Tag275" decimals="0" format="ixt:num-dot-decimal">71,679,768</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares, representing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20240802_FirstShareBuybackProgramMember" name="ts:PercentageOfSharesPurchasedOfIssuedShareCapital" unitRef="Pure" id="Tag278" decimals="4" scale="-2" format="ixt:num-dot-decimal">6.07</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the Company&#8217;s issued share capital at the beginning of the program, for a total consideration of $<ix:nonFraction contextRef="D20240802_FirstShareBuybackProgramMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag725" decimals="-8" scale="9" format="ixt:num-dot-decimal">1.2</ix:nonFraction> billion. </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;">Second </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share Buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Program</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 November 6, 2024 the Company&#8217;s board of directors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approved a follow-on share buyback program </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 up to $<ix:nonFraction contextRef="I20241106_SecondShareBuybackProgramMember" name="ts:StockRepurchasedProgramPaymentAuthorised" unitRef="USD" id="Tag287" decimals="-6" scale="6" format="ixt:num-dot-decimal">700</ix:nonFraction> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with the intention to cancel the ordinary shares acquired through the program, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under the authority granted by the annual general meeting of shareholders held on June 2, 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;">up to a maximum of <ix:nonFraction contextRef="I20200602" name="ts:PercentageOfLimitSharesBuybackAuthorized" unitRef="Pure" id="Tag841" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% of the Company&#8217;s shares.</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="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;">This follow-on share buyback program will cover up to $<ix:nonFraction contextRef="I20241106_SecondShareBuybackProgramMember" name="ts:StockRepurchasedProgramPaymentAuthorised" unitRef="USD" id="Tag3309" decimals="-6" scale="6" format="ixt:num-dot-decimal">700</ix:nonFraction> million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(excluding incidental transaction </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;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, subject to a maximum of <ix:nonFraction contextRef="I20241106_SecondShareBuybackProgramMember" name="ts:StockRepurchasedProgramSharesAuthorised" unitRef="Shares" id="Tag283" decimals="0" format="ixt:num-dot-decimal">46,373,915</ix:nonFraction> ordinary shares representing the remainder <ix:nonFraction contextRef="I20241106_SecondShareBuybackProgramMember" name="ts:PercentageOfStockRepurchasedProgramSharesAuthorised" unitRef="Pure" id="Tag280" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.93</ix:nonFraction>% of the Company&#8217;s issued share capital (measured also as at the launch of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">first share buyback</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> program)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, to complete the maximum </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of <ix:nonFraction contextRef="I20200602" name="ts:PercentageOfLimitSharesBuybackAuthorized" unitRef="Pure" id="Tag263" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% of the share capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that may be repurchased by the Company</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;">During the year ended December 31, 2024, the Company purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:NumberOfTreasurySharesPurchased" unitRef="Shares" id="Tag723" decimals="0" format="ixt:num-dot-decimal">83,616,548</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares, for $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag46" decimals="-5" scale="6" format="ixt:num-dot-decimal">1,441.8</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;"> (net of a performance amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241231" name="ts:TreasurySharesPurchasedPerformanceAmount" unitRef="USD" id="Tag284" decimals="-5" scale="6" format="ixt:num-dot-decimal">7.4</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;">, out of which, $<ix:nonFraction contextRef="D20241231" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="USD" id="Tag282" decimals="-5" scale="6" format="ixt:num-dot-decimal">1,439.6</ix:nonFraction> were paid.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> During the year ended December 31, 2023, the Company purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ts:NumberOfTreasurySharesPurchased" unitRef="Shares" id="Tag261" decimals="0" format="ixt:num-dot-decimal">12,648,091</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares, for a value of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag286" decimals="-5" scale="6" format="ixt:num-dot-decimal">213.7</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;"> (net of a performance amount of $<ix:nonFraction contextRef="D20231231" name="ts:TreasurySharesPurchasedPerformanceAmount" unitRef="USD" id="Tag51" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.7</ix:nonFraction></span>&#160;<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;">out of which, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="USD" id="Tag842" decimals="-5" scale="6" format="ixt:num-dot-decimal">213.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were paid.</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;">For purposes of carrying out the second share buyback program, Tenaris entered into non-discretionary buyback agreement with a primary financial institution that will make trading decisions concerning the timing of the purchases of Tenaris&#8217;s ordinary shares independently of and uninfluenced by Tenaris and will 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>.</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 April 30, 2024, the extraordinary shareholders meeting approved the cancellation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20240430_TreasurySharesMember" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" unitRef="Shares" id="Tag281" decimals="0" format="ixt:num-dot-decimal" sign="-">17,779,302</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares held in treasury by the Company, which had been acquired throughout the first tranche of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the first</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> share buyback program, and resolved to approve the corresponding reduction of the issued share capital of the Company and the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">corresponding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amendment of the first paragraph of article <span>5</span> of the Company&#8217;s articles of association. As a result, effective April 30, 2024, the share capital of the Company was reduced from $<ix:nonFraction contextRef="I20240430" name="ifrs-full:IssuedCapital" unitRef="USD" id="Tag3267" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction> (represented by <ix:nonFraction contextRef="I20240430" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag259" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction> shares with a par value of $<ix:nonFraction contextRef="I20240430" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag279" decimals="0" format="ixt:num-dot-decimal">1</ix:nonFraction> per share) to $<ix:nonFraction contextRef="I20241231" name="ifrs-full:IssuedCapital" unitRef="USD" id="Tag268" decimals="0" format="ixt:num-dot-decimal">1,162,757,528</ix:nonFraction> (represented by <ix:nonFraction contextRef="I20241231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag260" decimals="0" format="ixt:num-dot-decimal">1,162,757,528</ix:nonFraction> shares with a par value of $<ix:nonFraction contextRef="I20241231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2496" decimals="0" format="ixt:num-dot-decimal">1</ix:nonFraction> per share).</span></p>
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<td style="height: 10px; vertical-align: top; width: 80%; padding: 0px 0px 5px;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666; line-height: inherit; font-family: 'Frutiger 45 Light';"> Consolidated Financial Statements </span><br/></td>
<td style="height: 20px; text-align: right; vertical-align: top; border-bottom: 1pt solid #000000; width: 20%;" rowspan="2" valign="top"><img src="img26692bcf779b44cca746.jpg" alt="Graphics"/></td> </tr>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></td> </tr> </tbody> </table> </div> </ix:exclude>
<p style="line-height: 1.2; 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;">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>2024</span>, the Company held </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20241231_TreasurySharesMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag724" decimals="0" format="ixt:num-dot-decimal">78,485,337</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares as treasury shares. The Company intends to cancel all treasury shares purchased under the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">program</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 due course.</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, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span>, the Company held a liability in connection to the shares to be settled under the </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;"> buyback program</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;"> that 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;"><ix:nonFraction contextRef="I20241231" name="ts:AmountPayableUnderShareBuyback" unitRef="USD" id="Tag52" decimals="-5" scale="6" format="ixt:num-dot-decimal">243.3</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="I20231231" name="ts:AmountPayableUnderShareBuyback" unitRef="USD" id="Tag3366" decimals="-5" scale="6" format="ixt:num-dot-decimal">86.2</ix:nonFraction> 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;">, valued at fair value.</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;">Further information on the buyback transactions is available on Tenaris&#8217;s corporate website under the Share Buyback Program Section.</span></p> </ix:nonNumeric> </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;"><br/></span></p><div id="D2k7q3a4o13q4wf23ood6iv" style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"><span style="font-weight: bold;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">36</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Climate</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;"> change</span></span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">&#160;</span></p>
<p style="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="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 February 2021 Tenaris set a medium-term target to reduce its carbon emissions intensity rate by <ix:nonFraction contextRef="D20210228_MediumTermTargetMember" name="ts:PercentageOfTargetForReducingCarbonEmissionsIntensity" unitRef="Pure" id="Tag1061" decimals="2" scale="-2" format="ixt:num-dot-decimal">30</ix:nonFraction>% by <ix:nonNumeric contextRef="D20210228_MediumTermTargetMember" name="ts:PeriodOverClimateRelatedTargetApplies" id="Tag1060" escape="true">2030</ix:nonNumeric>, compared to a <ix:nonNumeric contextRef="D20210228_MediumTermTargetMember" name="ts:BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" id="Tag1074" escape="true">2018</ix:nonNumeric> 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;">In February 2025, the baseline for this medium-term target was reset to take into account the expanded perimeter of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> through various acquisitions since <span>2018</span>, the inclusion of intermill transportation emissions within the target scope, and additions and other changes in raw material emission factors to more accurately represent their use in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> operations.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company aims to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by making investments to increase energy efficiency and the use of renewable energy in its energy requirements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and selective sourcing for raw material and steel purchases.</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 particular, a large proportion of these investments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in projects aimed at reducing emissions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are being directed to installing renewable energy capacity for use in the Company&#8217;s operations. In October 2023, following an investment of approximately $<ix:nonFraction contextRef="I20231031_WindFarmInArgentinaMember" name="ts:InvestmentsInWindfarm" unitRef="USD" id="Tag1069" decimals="-6" scale="6" format="ixt:num-dot-decimal">200</ix:nonFraction> million, Tenaris put into operation a wind farm in Argentina, which supplies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, through the interconnected grid,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231031_WindFarmInArgentinaMember" name="ts:ElectricPowerGenerationCapacity" unitRef="Megawatt" id="Tag297" decimals="1" format="ixt:num-dot-decimal">103.2</ix:nonFraction> MW of power, or close to <ix:nonFraction contextRef="D20231031_WindFarmInArgentinaMember" name="ts:PercentageOfEnergyRequirementsSupplied" unitRef="Pure" id="Tag1071" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> total electric power requirements, to its industrial facilities in Campana.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In November 2023</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 Board of Directors approved an investment plan to build a second wind farm in Argentina at a cost of approximately $<ix:nonFraction contextRef="I20231130_SecondWindFarmInArgentinaMember" name="ts:EstimatedInvestmentsPlanWindfarm" unitRef="USD" id="Tag1068" decimals="-6" scale="6" format="ixt:num-dot-decimal">214</ix:nonFraction> million, which would supply a further <ix:nonFraction contextRef="D20231130_SecondWindFarmInArgentinaMember" name="ts:PercentageOfEnergyRequirementsInThatMillToBeSupplied" unitRef="Pure" id="Tag1059" decimals="2" scale="-2" format="ixt:num-dot-decimal">30</ix:nonFraction>% of the current energy requirements of its facilities in Campana</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;">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 opportunities for improvement in line with its reduction target.</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;">Th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> medium-term target forms part of a broader objective of decarbonizing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"> 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 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">carbon capture and
storage</span>. These sales currently account for a relatively small proportion of overall sales but are expected to grow in the coming years.</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 its assessment</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of climate change and energy transition potential impact on operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 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;">Environmental, Social and Governance (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ESG</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> practices in their supply chain, and that they may adjust their supply practices in light of that 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: 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 </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;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or the valuation of the above mentioned areas.</span></p> </ix:nonNumeric>
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<td style="height: 10px; vertical-align: top; border-bottom: 1pt solid #000000;" valign="top"><span style="font-style: italic; font-size: 8pt; color: #666666;"><span style="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; float: none; display: inline !important; font-family: 'Frutiger 45 Light';">For the years ended <span>2024</span>, <span>2023</span> and <span>2022</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></span></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;"><span>37</span></span><span style="font: 10pt 'Times New Roman';">&#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&#160;<sup>11</sup></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">Recently Announced <ix:nonFraction contextRef="I20241231_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" name="ts:PercentageOfTariffRateOnSteelImports" unitRef="Pure" id="Tag3339" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>% Tariff on Steel Imports in the United States</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; letter-spacing: -0.1pt;">&#160;</span></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;">Early in 2025, the U.S. government imposed a <ix:nonFraction contextRef="I20241231_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" name="ts:PercentageOfTariffRateOnSteelImports" unitRef="Pure" id="Tag3404" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>% tariff on virtually all imports of steel and steel derivatives, revoking previously negotiated country-specific exemptions and quota arrangements. As a result, all previously exempted or quota-managed countries became subject to the full <ix:nonFraction contextRef="I20241231_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember" name="ts:PercentageOfTariffRateOnSteelImports" unitRef="Pure" id="Tag722" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>% tariff on their steel exports to the United States.</span></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;"><br/></span></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 addition, on February 1, 2025, the U.S. government announced the imposition, through the International Emergency Economic Powers Act (&#8220;IEEPA&#8221;), of across-the-board tariffs applicable to all products imported from Mexico, Canada and China (with the exception, as of the date of this Consolidated Financial Statements), of Mexican and Canadian products that comply with USMCA preferential rules of origin). These tariffs could apply to certain products that Tenaris and other companies are currently importing under previously granted exclusions or tariff-free quotas.</span></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;"><br/></span></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 light of the foregoing uncertainties, at this time, Tenaris is unable to predict the evolution or ultimate outcome of these developments or to quantify the impact that the new tariffs and measures could have on its business or financial condition.</span></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;">&#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; letter-spacing: -0.1pt;">Annual Dividend Proposal</span></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;">&#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;">Upon approval of the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#180;s annual accounts </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;">April</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>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Board of Directors intends to propose, for the approval of the Annual General Shareholders' meeting to be held on </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;"><span>6</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>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the payment of an annual dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20250506_AnnualDividendProposalMember" name="ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" unitRef="USDPerShare" id="Tag3432" decimals="2" format="ixt:num-dot-decimal">0.83</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20250506_AnnualDividendProposalMember" name="ts:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag3430" decimals="2" format="ixt:num-dot-decimal">1.66</ix:nonFraction></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;"><ix:nonFraction contextRef="D20250506_AnnualDividendProposalMember" name="ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" unitRef="USD" id="Tag3228" decimals="-8" scale="9" format="ixt:num-dot-decimal">0.9</ix:nonFraction></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;">illion, which includes the interim dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241120" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" unitRef="USDPerShare" id="Tag3258" decimals="2" format="ixt:num-dot-decimal">0.27</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20241120" name="ts:DividendsPaidPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag3421" decimals="2" format="ixt:num-dot-decimal">0.54</ix:nonFraction></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;"><ix:nonFraction contextRef="D20241120" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag3268" decimals="-8" scale="9" format="ixt:num-dot-decimal">0.3</ix:nonFraction></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;">illion, paid 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>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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. If the annual dividend is approved by the shareholders, a dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20250520_AnnualDividendProposalMember" name="ts:DividendsPayableAmountPerShares" unitRef="USDPerShare" id="Tag258" decimals="2" format="ixt:num-dot-decimal">0.56</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20250520_AnnualDividendProposalMember" name="ts:DividendsPayableAmountPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag267" decimals="2" format="ixt:num-dot-decimal">1.12</ix:nonFraction></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;"><ix:nonFraction contextRef="I20250520_AnnualDividendProposalMember" name="ts:AnnualDividendPayable" unitRef="USD" id="Tag3420" decimals="-8" scale="9" format="ixt:num-dot-decimal">0.6</ix:nonFraction></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;">illion will be paid on May </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>1</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>5</span></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;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecord date on May </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>2025</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;">These Consolidated Financial Statements do not reflect this dividend payable.</span></p>
<p style="line-height: 1.2; 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; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">Share buyback Second Program Completion</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 March 4, 2025, the Company announced the completion of its second Share Buyback Program. During the Program, which ran from November 11, 2024, until March 4, 2025, the Company purchased a total of <ix:nonFraction contextRef="D20250304_TreasurySharesMember" name="ts:NumberOfTreasurySharesPurchased" unitRef="Shares" id="Tag3338" decimals="0" format="ixt:num-dot-decimal">36,862,132</ix:nonFraction> ordinary shares, for a total consideration of approximately $<ix:nonFraction contextRef="D20250304_TreasurySharesMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag3429" decimals="-5" scale="6" format="ixt:num-dot-decimal">691.6</ix:nonFraction> million (net of a performance amount of approximately $<ix:nonFraction contextRef="D20250304_TreasurySharesMember" name="ts:TreasurySharesPurchasedPerformanceAmount" unitRef="USD" id="Tag3337" decimals="-5" scale="6" format="ixt:num-dot-decimal">8.4</ix:nonFraction> million). As of March 4, 2025, the Company held <ix:nonFraction contextRef="I20250304_TreasurySharesMember_MajorOrdinaryShareTransactionsMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag3340" decimals="0" format="ixt:num-dot-decimal">90,762,598</ix:nonFraction> treasury shares. The Company intends to cancel all treasury shares purchased under the share buyback programs in due course.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<div id="t_ft_F438FVVP4W00000000000000000000b">
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<td style="width: 33.3333%;"><br/></td>
<td style="width: 50.2422%;"><br/></td>
<td style="width: 16.4244%; text-align: center;"><span style="text-decoration: underline; text-indent: -9.46667px;">/s/<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: -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; float: none; display: inline !important;">Alicia&#160;</span><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-transform: none; widows: 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;">M&#243;ndolo</span></span></td> </tr>
<tr>
<td style="width: 33.3333%;"><br/></td>
<td style="width: 50.2422%;"><br/></td>
<td style="width: 16.4244%; text-align: center;"><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: -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; float: none; display: inline !important;">Alicia M&#243;ndolo</span></td> </tr>
<tr>
<td style="width: 33.3333%;"><br/></td>
<td style="width: 50.2422%;"><br/></td>
<td style="width: 16.4244%; text-align: center;"><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: 6px; text-transform: none; widows: 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;">Chief Financial Officer</span></td> </tr> </tbody> </table> </div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
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<td style="width: 22.7666%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
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<tr>
<td style="width: 22.7666%; line-height: 1.2; margin: 0pt; text-align: justify;" colspan="2"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"><sup><span style="font-size: 8pt;">11</span>&#160;</sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">This</span> note was updated subsequently to the approval of these Consolidated Financial Statements by the Company&#8217;s Board of Directors on February 19, 2025.</span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt; text-indent: -7.1pt; text-align: justify;"><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-82</span></span></td> </tr> </tbody> </table> </div>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>33
<FILENAME>ts-20241231_cal.xml
<DESCRIPTION>CALCULATION
<TEXT>
<XBRL>
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:title="Calculation : ifrs-full_SellingGeneralAndAdministrativeExpense to ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" order="2" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:label="ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:title="ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:title="Calculation : ifrs-full_SellingGeneralAndAdministrativeExpense to ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" order="3" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:label="ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:title="ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:title="Calculation : ifrs-full_SellingGeneralAndAdministrativeExpense to ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" order="4" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:title="Calculation : ifrs-full_SellingGeneralAndAdministrativeExpense to ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" order="5" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:title="Calculation : ifrs-full_SellingGeneralAndAdministrativeExpense to ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" order="6" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:title="Calculation : ifrs-full_SellingGeneralAndAdministrativeExpense to ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" order="7" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:to="ts_SellingGeneralAndAdministrativeExpensesTaxes" xlink:title="Calculation : ifrs-full_SellingGeneralAndAdministrativeExpense to ts_SellingGeneralAndAdministrativeExpensesTaxes" order="8" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ProfitLossFromDiscontinuedOperations" xlink:to="ifrs-full_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:title="Calculation : ifrs-full_ProfitLossFromDiscontinuedOperations to ifrs-full_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" order="0" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ts_CurrentTradeReceivablesGross" xlink:to="ts_CurrentTradeReceivablesNotGuaranteed" xlink:title="Calculation : ts_CurrentTradeReceivablesGross to ts_CurrentTradeReceivablesNotGuaranteed" order="1" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:to="ts_OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndChangesInFinancialInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:title="Calculation : ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax to ts_OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndChangesInFinancialInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncome" order="2" weight="1" />
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>34
<FILENAME>ts-20241231_lab.xml
<DESCRIPTION>LABEL
<TEXT>
<XBRL>
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<!--Created by IRIS Business Services_Direct, Powered by IRIS Carbon, Unique Code 67ec23b32eea2b2b44edc4ee, Generated At Tue, 01 Apr 2025 17:39:37 GMT-->
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" xlink:to="label_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" xlink:title="Label : CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag to label_CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_InsiderTradingPoliciesProcLineItems" xlink:label="InsiderTradingPoliciesProcLineItems" xlink:title="InsiderTradingPoliciesProcLineItems" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" xlink:label="CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" xlink:title="CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:label="CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:title="CybersecurityRiskManagementThirdPartyEngagedFlag" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:to="label_CybersecurityRiskManagementThirdPartyEngagedFlag" xlink:title="Label : CybersecurityRiskManagementThirdPartyEngagedFlag to label_CybersecurityRiskManagementThirdPartyEngagedFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementProcessesIntegratedTextBlock" xlink:label="CybersecurityRiskManagementProcessesIntegratedTextBlock" xlink:title="CybersecurityRiskManagementProcessesIntegratedTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementProcessesIntegratedFlag" xlink:label="CybersecurityRiskManagementProcessesIntegratedFlag" xlink:title="CybersecurityRiskManagementProcessesIntegratedFlag" />
    <link:label xlink:type="resource" xlink:label="label_CybersecurityRiskManagementProcessesIntegratedFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CybersecurityRiskManagementProcessesIntegratedFlag" xml:lang="en-US" id="label_CybersecurityRiskManagementProcessesIntegratedFlag">Cybersecurity Risk Management Processes Integrated [Flag]</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/cyd/2024/cyd-2024.xsd#cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract" xlink:label="CybersecurityRiskManagementStrategyAndGovernanceAbstract" xlink:title="CybersecurityRiskManagementStrategyAndGovernanceAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CybersecurityRiskManagementStrategyAndGovernanceAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CybersecurityRiskManagementStrategyAndGovernanceAbstract" xml:lang="en-US" id="label_CybersecurityRiskManagementStrategyAndGovernanceAbstract">Cybersecurity Risk Management, Strategy, and Governance [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve" xlink:label="PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve" xlink:title="PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve" />
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    <link:label xlink:type="resource" xlink:label="label_PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve_2" xml:lang="en-US" id="label_PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve_2">Percent Of Maximum Issued Share Capital Until Which Transfer Of Net Profit To Legal Reserve</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue" xlink:label="IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue" xlink:title="IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue" />
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    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsDefinedBenefitPlanAssetsAtFairValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsDefinedBenefitPlanAssetsAtFairValue_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsDefinedBenefitPlanAssetsAtFairValue_2">Increase Decrease Through Business Combinations And Disposals Defined Benefit Plan Assets At Fair Value</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue" xlink:label="ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue" xlink:title="ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation" xlink:label="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation" xlink:title="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation" />
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    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation_1">Represents the increase in investments in subsidiaries, joint ventures and associates during the period due to increase in participation.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation_2">Investments In Subsidiaries Joint Ventures And Associates Increase Due To Increase In Participation</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SecondShareBuybackProgramMember" xlink:label="SecondShareBuybackProgramMember" xlink:title="SecondShareBuybackProgramMember" />
    <link:label xlink:type="resource" xlink:label="label_SecondShareBuybackProgramMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SecondShareBuybackProgramMember" xml:lang="en-US" id="label_SecondShareBuybackProgramMember">Second Share Buyback Program [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondShareBuybackProgramMember" xlink:to="label_SecondShareBuybackProgramMember" xlink:title="Label : SecondShareBuybackProgramMember to label_SecondShareBuybackProgramMember" />
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    <link:label xlink:type="resource" xlink:label="label_SecondShareBuybackProgramMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecondShareBuybackProgramMember_2" xml:lang="en-US" id="label_SecondShareBuybackProgramMember_2">Second Share Buyback Program [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondShareBuybackProgramMember" xlink:to="label_SecondShareBuybackProgramMember_2" xlink:title="Label : SecondShareBuybackProgramMember to label_SecondShareBuybackProgramMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ShareRepurchaseProgramDomain" xlink:label="ShareRepurchaseProgramDomain" xlink:title="ShareRepurchaseProgramDomain" />
    <link:label xlink:type="resource" xlink:label="label_ShareRepurchaseProgramDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareRepurchaseProgramDomain" xml:lang="en-US" id="label_ShareRepurchaseProgramDomain">Share Repurchase Program [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareRepurchaseProgramDomain" xlink:to="label_ShareRepurchaseProgramDomain" xlink:title="Label : ShareRepurchaseProgramDomain to label_ShareRepurchaseProgramDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ShareRepurchaseProgramAxis" xlink:label="ShareRepurchaseProgramAxis" xlink:title="ShareRepurchaseProgramAxis" />
    <link:label xlink:type="resource" xlink:label="label_ShareRepurchaseProgramAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareRepurchaseProgramAxis" xml:lang="en-US" id="label_ShareRepurchaseProgramAxis">Share Repurchase Program [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareRepurchaseProgramAxis" xlink:to="label_ShareRepurchaseProgramAxis" xlink:title="Label : ShareRepurchaseProgramAxis to label_ShareRepurchaseProgramAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BusinessAcquisitionConsiderationPaymentReceivable" xlink:label="BusinessAcquisitionConsiderationPaymentReceivable" xlink:title="BusinessAcquisitionConsiderationPaymentReceivable" />
    <link:label xlink:type="resource" xlink:label="label_BusinessAcquisitionConsiderationPaymentReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessAcquisitionConsiderationPaymentReceivable" xml:lang="en-US" id="label_BusinessAcquisitionConsiderationPaymentReceivable">Business acquisition aggregate shortfall payment receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionConsiderationPaymentReceivable" xlink:to="label_BusinessAcquisitionConsiderationPaymentReceivable" xlink:title="Label : BusinessAcquisitionConsiderationPaymentReceivable to label_BusinessAcquisitionConsiderationPaymentReceivable" />
    <link:label xlink:type="resource" xlink:label="label_BusinessAcquisitionConsiderationPaymentReceivable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessAcquisitionConsiderationPaymentReceivable_1" xml:lang="en-US" id="label_BusinessAcquisitionConsiderationPaymentReceivable_1">The amount of payment receivable for business acquisition consideration.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionConsiderationPaymentReceivable" xlink:to="label_BusinessAcquisitionConsiderationPaymentReceivable_1" xlink:title="Label : BusinessAcquisitionConsiderationPaymentReceivable to label_BusinessAcquisitionConsiderationPaymentReceivable_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessAcquisitionConsiderationPaymentReceivable_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessAcquisitionConsiderationPaymentReceivable_2" xml:lang="en-US" id="label_BusinessAcquisitionConsiderationPaymentReceivable_2">Business Acquisition Consideration Payment Receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionConsiderationPaymentReceivable" xlink:to="label_BusinessAcquisitionConsiderationPaymentReceivable_2" xlink:title="Label : BusinessAcquisitionConsiderationPaymentReceivable to label_BusinessAcquisitionConsiderationPaymentReceivable_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" xlink:label="DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" xlink:title="DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock">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="DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_1">Disclosure of Foreign Exchange Control Measures in Foreign Countries [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_1" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ConfabIndustrialSaMember" xlink:label="ConfabIndustrialSaMember" xlink:title="ConfabIndustrialSaMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConfabIndustrialSaMember" xml:lang="en-US" id="label_ConfabIndustrialSaMember">CONFAB INDUSTRIAL S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaMember" xlink:to="label_ConfabIndustrialSaMember" xlink:title="Label : ConfabIndustrialSaMember to label_ConfabIndustrialSaMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConfabIndustrialSaMember_1" xml:lang="en-US" id="label_ConfabIndustrialSaMember_1">This member stands for the information pertaining to "CONFAB INDUSTRIAL S.A.".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaMember" xlink:to="label_ConfabIndustrialSaMember_1" xlink:title="Label : ConfabIndustrialSaMember to label_ConfabIndustrialSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConfabIndustrialSaMember_2" xml:lang="en-US" id="label_ConfabIndustrialSaMember_2">Confab Industrial Sa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaMember" xlink:to="label_ConfabIndustrialSaMember_2" xlink:title="Label : ConfabIndustrialSaMember to label_ConfabIndustrialSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ConfabIndustrialSaAndTerniumSubsidiariesMember" xlink:label="ConfabIndustrialSaAndTerniumSubsidiariesMember" xlink:title="ConfabIndustrialSaAndTerniumSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaAndTerniumSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConfabIndustrialSaAndTerniumSubsidiariesMember" xml:lang="en-US" id="label_ConfabIndustrialSaAndTerniumSubsidiariesMember">CONFAB INDUSTRIAL S.A. and Ternium Subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaAndTerniumSubsidiariesMember" xlink:to="label_ConfabIndustrialSaAndTerniumSubsidiariesMember" xlink:title="Label : ConfabIndustrialSaAndTerniumSubsidiariesMember to label_ConfabIndustrialSaAndTerniumSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaAndTerniumSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConfabIndustrialSaAndTerniumSubsidiariesMember_1" xml:lang="en-US" id="label_ConfabIndustrialSaAndTerniumSubsidiariesMember_1">This member stands for the information pertaining to "CONFAB INDUSTRIAL S.A. and Ternium Subsidiaries".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaAndTerniumSubsidiariesMember" xlink:to="label_ConfabIndustrialSaAndTerniumSubsidiariesMember_1" xlink:title="Label : ConfabIndustrialSaAndTerniumSubsidiariesMember to label_ConfabIndustrialSaAndTerniumSubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaAndTerniumSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConfabIndustrialSaAndTerniumSubsidiariesMember_2" xml:lang="en-US" id="label_ConfabIndustrialSaAndTerniumSubsidiariesMember_2">Confab Industrial Sa And Ternium Subsidiaries [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaAndTerniumSubsidiariesMember" xlink:to="label_ConfabIndustrialSaAndTerniumSubsidiariesMember_2" xlink:title="Label : ConfabIndustrialSaAndTerniumSubsidiariesMember to label_ConfabIndustrialSaAndTerniumSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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">Plan assets, at fair value</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:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_1">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_1" xlink:title="Label : IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue to label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_2">Increase Decrease Through Other Changes Defined Benefit Plan Assets At Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_2" xlink:title="Label : IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue to label_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" xlink:label="BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" xlink:title="BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" xml:lang="en-US" id="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue">Benefits paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" xlink:title="Label : BenefitsPaidDefinedBenefitPlanAssetsAtFairValue to label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_1" xml:lang="en-US" id="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_1">Decrease in defined benefit plan assets resulting from benefits paid to the plan assets, defined benefit plan assets at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_1" xlink:title="Label : BenefitsPaidDefinedBenefitPlanAssetsAtFairValue to label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_2" xml:lang="en-US" id="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_2">Benefits Paid Defined Benefit Plan Assets At Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BenefitsPaidDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_2" xlink:title="Label : BenefitsPaidDefinedBenefitPlanAssetsAtFairValue to label_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ContributionsToDefinedBenefitPlanAssetsAtFairValue" xlink:label="ContributionsToDefinedBenefitPlanAssetsAtFairValue" xlink:title="ContributionsToDefinedBenefitPlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue" xml:lang="en-US" id="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue">Contributions paid to the plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributionsToDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue" xlink:title="Label : ContributionsToDefinedBenefitPlanAssetsAtFairValue to label_ContributionsToDefinedBenefitPlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_1" xml:lang="en-US" id="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_1">Increase in defined benefit plan assets resulting from contributions paid to the plan assets, defined benefit plan assets at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributionsToDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_1" xlink:title="Label : ContributionsToDefinedBenefitPlanAssetsAtFairValue to label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_2" xml:lang="en-US" id="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_2">Contributions To Defined Benefit Plan Assets At Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributionsToDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_2" xlink:title="Label : ContributionsToDefinedBenefitPlanAssetsAtFairValue to label_ContributionsToDefinedBenefitPlanAssetsAtFairValue_2" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue_1" xml:lang="en-US" id="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue_1">Remeasurements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue_1" xlink:title="Label : ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue to label_ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" xlink:label="ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" xlink:title="ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" xml:lang="en-US" id="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue">Return On Plan Assets Defined Benefit Plan Assets At Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" xlink:title="Label : ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue to label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_1" xml:lang="en-US" id="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_1">Increase (decrease) in defined benefit plan assets resulting from changes plan assets, defined benefit plan assets at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_1" xlink:title="Label : ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue to label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_2" xml:lang="en-US" id="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_2">Return on plan assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_2" xlink:title="Label : ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue to label_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" xlink:label="IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" xlink:title="IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" xml:lang="en-US" id="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" xlink:to="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" xlink:title="Label : IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue to label_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnusedTaxLossesMember" xlink:label="UnusedTaxLossesMember" xlink:title="UnusedTaxLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusedTaxLossesMember" xml:lang="en-US" id="label_UnusedTaxLossesMember">Unused tax losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesMember" xlink:to="label_UnusedTaxLossesMember" xlink:title="Label : UnusedTaxLossesMember to label_UnusedTaxLossesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:title="OtherComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeAttributableToOwnersOfParent" xml:lang="en-US" id="label_OtherComprehensiveIncomeAttributableToOwnersOfParent">Other comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:title="Label : OtherComprehensiveIncomeAttributableToOwnersOfParent to label_OtherComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeAttributableToOwnersOfParent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeAttributableToOwnersOfParent_1">Other 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="OtherComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_OtherComprehensiveIncomeAttributableToOwnersOfParent_1" xlink:title="Label : OtherComprehensiveIncomeAttributableToOwnersOfParent to label_OtherComprehensiveIncomeAttributableToOwnersOfParent_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_RepaymentOfInterestOnLeaseLiabilities" xlink:label="RepaymentOfInterestOnLeaseLiabilities" xlink:title="RepaymentOfInterestOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentOfInterestOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepaymentOfInterestOnLeaseLiabilities" xml:lang="en-US" id="label_RepaymentOfInterestOnLeaseLiabilities">Repayment of interest on lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfInterestOnLeaseLiabilities" xlink:to="label_RepaymentOfInterestOnLeaseLiabilities" xlink:title="Label : RepaymentOfInterestOnLeaseLiabilities to label_RepaymentOfInterestOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentOfInterestOnLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RepaymentOfInterestOnLeaseLiabilities_1" xml:lang="en-US" id="label_RepaymentOfInterestOnLeaseLiabilities_1">The cash outflow for repayment of interest on lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfInterestOnLeaseLiabilities" xlink:to="label_RepaymentOfInterestOnLeaseLiabilities_1" xlink:title="Label : RepaymentOfInterestOnLeaseLiabilities to label_RepaymentOfInterestOnLeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentOfInterestOnLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentOfInterestOnLeaseLiabilities_2" xml:lang="en-US" id="label_RepaymentOfInterestOnLeaseLiabilities_2">Repayment Of Interest On Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfInterestOnLeaseLiabilities" xlink:to="label_RepaymentOfInterestOnLeaseLiabilities_2" xlink:title="Label : RepaymentOfInterestOnLeaseLiabilities to label_RepaymentOfInterestOnLeaseLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ServicesToThirdPartiesMember" xlink:label="ServicesToThirdPartiesMember" xlink:title="ServicesToThirdPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ServicesToThirdPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ServicesToThirdPartiesMember" xml:lang="en-US" id="label_ServicesToThirdPartiesMember">Services to third parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServicesToThirdPartiesMember" xlink:to="label_ServicesToThirdPartiesMember" xlink:title="Label : ServicesToThirdPartiesMember to label_ServicesToThirdPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ServicesToThirdPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ServicesToThirdPartiesMember_1" xml:lang="en-US" id="label_ServicesToThirdPartiesMember_1">This member stands for the information pertaining to services to third parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServicesToThirdPartiesMember" xlink:to="label_ServicesToThirdPartiesMember_1" xlink:title="Label : ServicesToThirdPartiesMember to label_ServicesToThirdPartiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ServicesToThirdPartiesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ServicesToThirdPartiesMember_2" xml:lang="en-US" id="label_ServicesToThirdPartiesMember_2">Services To Third Parties [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServicesToThirdPartiesMember" xlink:to="label_ServicesToThirdPartiesMember_2" xlink:title="Label : ServicesToThirdPartiesMember to label_ServicesToThirdPartiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CollectionFromThirdParty" xlink:label="CollectionFromThirdParty" xlink:title="CollectionFromThirdParty" />
    <link:label xlink:type="resource" xlink:label="label_CollectionFromThirdParty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CollectionFromThirdParty" xml:lang="en-US" id="label_CollectionFromThirdParty">Debt issued fee to pay off mexican subsidiaries outstanding debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollectionFromThirdParty" xlink:to="label_CollectionFromThirdParty" xlink:title="Label : CollectionFromThirdParty to label_CollectionFromThirdParty" />
    <link:label xlink:type="resource" xlink:label="label_CollectionFromThirdParty_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CollectionFromThirdParty_1" xml:lang="en-US" id="label_CollectionFromThirdParty_1">Amount of collection from third party.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollectionFromThirdParty" xlink:to="label_CollectionFromThirdParty_1" xlink:title="Label : CollectionFromThirdParty to label_CollectionFromThirdParty_1" />
    <link:label xlink:type="resource" xlink:label="label_CollectionFromThirdParty_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CollectionFromThirdParty_2" xml:lang="en-US" id="label_CollectionFromThirdParty_2">Collection From Third Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollectionFromThirdParty" xlink:to="label_CollectionFromThirdParty_2" xlink:title="Label : CollectionFromThirdParty to label_CollectionFromThirdParty_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CollectionTransactionFee" xlink:label="CollectionTransactionFee" xlink:title="CollectionTransactionFee" />
    <link:label xlink:type="resource" xlink:label="label_CollectionTransactionFee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CollectionTransactionFee" xml:lang="en-US" id="label_CollectionTransactionFee">Debt issued fee to pay off mexican subsidiaries outstanding debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollectionTransactionFee" xlink:to="label_CollectionTransactionFee" xlink:title="Label : CollectionTransactionFee to label_CollectionTransactionFee" />
    <link:label xlink:type="resource" xlink:label="label_CollectionTransactionFee_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CollectionTransactionFee_1" xml:lang="en-US" id="label_CollectionTransactionFee_1">Amount of collecction transaction fee.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollectionTransactionFee" xlink:to="label_CollectionTransactionFee_1" xlink:title="Label : CollectionTransactionFee to label_CollectionTransactionFee_1" />
    <link:label xlink:type="resource" xlink:label="label_CollectionTransactionFee_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CollectionTransactionFee_2" xml:lang="en-US" id="label_CollectionTransactionFee_2">Collection Transaction Fee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollectionTransactionFee" xlink:to="label_CollectionTransactionFee_2" xlink:title="Label : CollectionTransactionFee to label_CollectionTransactionFee_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xml:lang="en-US" id="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges">Movements</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:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_1" xlink:role="http://www.xbrl.org/2003/role/label" 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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" xlink:label="IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" xlink:title="IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" xml:lang="en-US" id="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions">Increase (Decrease) through Changes due to Business Combinations, Other Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" xlink:to="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" xlink:title="Label : IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions to label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_1">Changes due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" xlink:to="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_1" xlink:title="Label : IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions to label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_2">The increase (decrease) in other provisions resulting from business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" xlink:to="label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_2" xlink:title="Label : IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions to label_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:label="DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:title="DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xml:lang="en-US" id="label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">Income statement credit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:to="label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:title="Label : DeferredTaxExpenseIncomeRecognisedInProfitOrLoss to label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:title="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xml:lang="en-US" id="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome">Charged to other comprehensive income</link:label>
    <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" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="DeferredTaxLiabilityAsset" xlink:title="DeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_DeferredTaxLiabilityAsset" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset">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="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_DeferredTaxLiabilityAsset_1" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset_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="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset_1" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset">Changes 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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset">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" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" xlink:label="DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" xlink:title="DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" />
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    <link:label xlink:type="resource" xlink:label="label_PercentageOfTariffRateOnSteelImports_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfTariffRateOnSteelImports_1" xml:lang="en-US" id="label_PercentageOfTariffRateOnSteelImports_1">Expected percentage of tariff on steel imports by U.S government</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfTariffRateOnSteelImports" xlink:to="label_PercentageOfTariffRateOnSteelImports_1" xlink:title="Label : PercentageOfTariffRateOnSteelImports to label_PercentageOfTariffRateOnSteelImports_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfTariffRateOnSteelImports_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfTariffRateOnSteelImports_2" xml:lang="en-US" id="label_PercentageOfTariffRateOnSteelImports_2">Percentage of tariff rate on steel imports.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfTariffRateOnSteelImports" xlink:to="label_PercentageOfTariffRateOnSteelImports_2" xlink:title="Label : PercentageOfTariffRateOnSteelImports to label_PercentageOfTariffRateOnSteelImports_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/verboseLabel" xlink:title="label_ParValuePerShare" xml:lang="en-US" id="label_ParValuePerShare">Par 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" xlink:title="Label : ParValuePerShare to label_ParValuePerShare" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/verboseLabel" xlink:title="label_NumberOfSharesIssued" xml:lang="en-US" id="label_NumberOfSharesIssued">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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IssuedCapital" xlink:label="IssuedCapital" xlink:title="IssuedCapital" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuedCapital" xml:lang="en-US" id="label_IssuedCapital">Shares capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital" xlink:title="Label : IssuedCapital to label_IssuedCapital" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapital_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuedCapital_1" xml:lang="en-US" id="label_IssuedCapital_1">Issued capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital_1" xlink:title="Label : IssuedCapital to label_IssuedCapital_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:label="PaymentsToAcquireOrRedeemEntitysShares" xlink:title="PaymentsToAcquireOrRedeemEntitysShares" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsToAcquireOrRedeemEntitysShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsToAcquireOrRedeemEntitysShares" xml:lang="en-US" id="label_PaymentsToAcquireOrRedeemEntitysShares">Purchase of treasury shares, amount paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireOrRedeemEntitysShares" xlink:to="label_PaymentsToAcquireOrRedeemEntitysShares" xlink:title="Label : PaymentsToAcquireOrRedeemEntitysShares to label_PaymentsToAcquireOrRedeemEntitysShares" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsForDebtIssueCosts" xlink:label="PaymentsForDebtIssueCosts" xlink:title="PaymentsForDebtIssueCosts" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForDebtIssueCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsForDebtIssueCosts" xml:lang="en-US" id="label_PaymentsForDebtIssueCosts">Debt issued fee to pay off mexican subsidiaries outstanding debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDebtIssueCosts" xlink:to="label_PaymentsForDebtIssueCosts" xlink:title="Label : PaymentsForDebtIssueCosts to label_PaymentsForDebtIssueCosts" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForDebtIssueCosts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForDebtIssueCosts_1" xml:lang="en-US" id="label_PaymentsForDebtIssueCosts_1">Payments for debt issue costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDebtIssueCosts" xlink:to="label_PaymentsForDebtIssueCosts_1" xlink:title="Label : PaymentsForDebtIssueCosts to label_PaymentsForDebtIssueCosts_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_OutstandingDebtReceivableWithSubsidiary" xlink:label="OutstandingDebtReceivableWithSubsidiary" xlink:title="OutstandingDebtReceivableWithSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_OutstandingDebtReceivableWithSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OutstandingDebtReceivableWithSubsidiary" xml:lang="en-US" id="label_OutstandingDebtReceivableWithSubsidiary">Amount of outstanding debt receivable with subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OutstandingDebtReceivableWithSubsidiary" xlink:to="label_OutstandingDebtReceivableWithSubsidiary" xlink:title="Label : OutstandingDebtReceivableWithSubsidiary to label_OutstandingDebtReceivableWithSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_OutstandingDebtReceivableWithSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OutstandingDebtReceivableWithSubsidiary_1" xml:lang="en-US" id="label_OutstandingDebtReceivableWithSubsidiary_1">Outstnding debt receivable with mexican subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OutstandingDebtReceivableWithSubsidiary" xlink:to="label_OutstandingDebtReceivableWithSubsidiary_1" xlink:title="Label : OutstandingDebtReceivableWithSubsidiary to label_OutstandingDebtReceivableWithSubsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_OutstandingDebtReceivableWithSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OutstandingDebtReceivableWithSubsidiary_2" xml:lang="en-US" id="label_OutstandingDebtReceivableWithSubsidiary_2">Outstanding Debt Receivable With Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OutstandingDebtReceivableWithSubsidiary" xlink:to="label_OutstandingDebtReceivableWithSubsidiary_2" xlink:title="Label : OutstandingDebtReceivableWithSubsidiary to label_OutstandingDebtReceivableWithSubsidiary_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_TreasurySharesPurchasedPerformanceAmount" xlink:label="TreasurySharesPurchasedPerformanceAmount" xlink:title="TreasurySharesPurchasedPerformanceAmount" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesPurchasedPerformanceAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TreasurySharesPurchasedPerformanceAmount" xml:lang="en-US" id="label_TreasurySharesPurchasedPerformanceAmount">Purchase of treasury shares, performance amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesPurchasedPerformanceAmount" xlink:to="label_TreasurySharesPurchasedPerformanceAmount" xlink:title="Label : TreasurySharesPurchasedPerformanceAmount to label_TreasurySharesPurchasedPerformanceAmount" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesPurchasedPerformanceAmount_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasurySharesPurchasedPerformanceAmount_1" xml:lang="en-US" id="label_TreasurySharesPurchasedPerformanceAmount_1">Treasury Shares Purchased Performance Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesPurchasedPerformanceAmount" xlink:to="label_TreasurySharesPurchasedPerformanceAmount_1" xlink:title="Label : TreasurySharesPurchasedPerformanceAmount to label_TreasurySharesPurchasedPerformanceAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesPurchasedPerformanceAmount_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TreasurySharesPurchasedPerformanceAmount_2" xml:lang="en-US" id="label_TreasurySharesPurchasedPerformanceAmount_2">Amount of performance for treasury share purchased.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesPurchasedPerformanceAmount" xlink:to="label_TreasurySharesPurchasedPerformanceAmount_2" xlink:title="Label : TreasurySharesPurchasedPerformanceAmount to label_TreasurySharesPurchasedPerformanceAmount_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/periodEndLabel" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities">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="FinancialLiabilities" xlink:to="label_FinancialLiabilities" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_IncreaseDecreaseInShareBuybackProgramLiability" xlink:label="IncreaseDecreaseInShareBuybackProgramLiability" xlink:title="IncreaseDecreaseInShareBuybackProgramLiability" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInShareBuybackProgramLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInShareBuybackProgramLiability" xml:lang="en-US" id="label_IncreaseDecreaseInShareBuybackProgramLiability">The increase (decrease) in share buyback program liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInShareBuybackProgramLiability" xlink:to="label_IncreaseDecreaseInShareBuybackProgramLiability" xlink:title="Label : IncreaseDecreaseInShareBuybackProgramLiability to label_IncreaseDecreaseInShareBuybackProgramLiability" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">Increase (decrease) through transfers, property, plant and equipment</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:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1">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_1" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/verboseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">Additions</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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">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" xlink:title="Label : AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment to label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_ReportableSegmentsMember" xml:lang="en-US" id="label_ReportableSegmentsMember">Total</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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_AllOtherSegmentsMember" xml:lang="en-US" id="label_AllOtherSegmentsMember">Other</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-20241231.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/terseLabel" xlink:title="label_TubesMember" xml:lang="en-US" id="label_TubesMember">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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentDomain" xlink:label="ClassesOfPropertyPlantAndEquipmentDomain" xlink:title="ClassesOfPropertyPlantAndEquipmentDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfPropertyPlantAndEquipmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfPropertyPlantAndEquipmentDomain" xml:lang="en-US" id="label_ClassesOfPropertyPlantAndEquipmentDomain">Classes of property, plant and equipment [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfPropertyPlantAndEquipmentDomain" xlink:to="label_ClassesOfPropertyPlantAndEquipmentDomain" xlink:title="Label : ClassesOfPropertyPlantAndEquipmentDomain to label_ClassesOfPropertyPlantAndEquipmentDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xml:lang="en-US" id="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse">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" xlink:title="Label : DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse to label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" xlink:role="http://www.xbrl.org/2003/role/label" 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="ts-20241231.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/label" xlink:title="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xml:lang="en-US" id="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts">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" xlink:title="Label : CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts to label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ElectricPowerGenerationCapacity" xlink:label="ElectricPowerGenerationCapacity" xlink:title="ElectricPowerGenerationCapacity" />
    <link:label xlink:type="resource" xlink:label="label_ElectricPowerGenerationCapacity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ElectricPowerGenerationCapacity" xml:lang="en-US" id="label_ElectricPowerGenerationCapacity">Measures unit of electic power generation capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ElectricPowerGenerationCapacity" xlink:to="label_ElectricPowerGenerationCapacity" xlink:title="Label : ElectricPowerGenerationCapacity to label_ElectricPowerGenerationCapacity" />
    <link:label xlink:type="resource" xlink:label="label_ElectricPowerGenerationCapacity_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ElectricPowerGenerationCapacity_1" xml:lang="en-US" id="label_ElectricPowerGenerationCapacity_1">Electric Power Generation Capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ElectricPowerGenerationCapacity" xlink:to="label_ElectricPowerGenerationCapacity_1" xlink:title="Label : ElectricPowerGenerationCapacity to label_ElectricPowerGenerationCapacity_1" />
    <link:label xlink:type="resource" xlink:label="label_ElectricPowerGenerationCapacity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ElectricPowerGenerationCapacity_2" xml:lang="en-US" id="label_ElectricPowerGenerationCapacity_2">Electric power generation capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ElectricPowerGenerationCapacity" xlink:to="label_ElectricPowerGenerationCapacity_2" xlink:title="Label : ElectricPowerGenerationCapacity to label_ElectricPowerGenerationCapacity_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BusinessCombinationBargainPurchaseGainRecognized" xlink:label="BusinessCombinationBargainPurchaseGainRecognized" xlink:title="BusinessCombinationBargainPurchaseGainRecognized" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationBargainPurchaseGainRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessCombinationBargainPurchaseGainRecognized" xml:lang="en-US" id="label_BusinessCombinationBargainPurchaseGainRecognized">Business Combination Bargain Purchase Gain Recognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationBargainPurchaseGainRecognized" xlink:to="label_BusinessCombinationBargainPurchaseGainRecognized" xlink:title="Label : BusinessCombinationBargainPurchaseGainRecognized to label_BusinessCombinationBargainPurchaseGainRecognized" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationBargainPurchaseGainRecognized_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessCombinationBargainPurchaseGainRecognized_1" xml:lang="en-US" id="label_BusinessCombinationBargainPurchaseGainRecognized_1">Business combination bargain purchase recognized in other operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationBargainPurchaseGainRecognized" xlink:to="label_BusinessCombinationBargainPurchaseGainRecognized_1" xlink:title="Label : BusinessCombinationBargainPurchaseGainRecognized to label_BusinessCombinationBargainPurchaseGainRecognized_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BusinessAcquisitionConsiderationPaymentPayable" xlink:label="BusinessAcquisitionConsiderationPaymentPayable" xlink:title="BusinessAcquisitionConsiderationPaymentPayable" />
    <link:label xlink:type="resource" xlink:label="label_BusinessAcquisitionConsiderationPaymentPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessAcquisitionConsiderationPaymentPayable" xml:lang="en-US" id="label_BusinessAcquisitionConsiderationPaymentPayable">The amount of payment payable for business acquisition consideration.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionConsiderationPaymentPayable" xlink:to="label_BusinessAcquisitionConsiderationPaymentPayable" xlink:title="Label : BusinessAcquisitionConsiderationPaymentPayable to label_BusinessAcquisitionConsiderationPaymentPayable" />
    <link:label xlink:type="resource" xlink:label="label_BusinessAcquisitionConsiderationPaymentPayable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessAcquisitionConsiderationPaymentPayable_1" xml:lang="en-US" id="label_BusinessAcquisitionConsiderationPaymentPayable_1">Business acquisition aggregate shortfall payment payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionConsiderationPaymentPayable" xlink:to="label_BusinessAcquisitionConsiderationPaymentPayable_1" xlink:title="Label : BusinessAcquisitionConsiderationPaymentPayable to label_BusinessAcquisitionConsiderationPaymentPayable_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessAcquisitionConsiderationPaymentPayable_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessAcquisitionConsiderationPaymentPayable_2" xml:lang="en-US" id="label_BusinessAcquisitionConsiderationPaymentPayable_2">Business Acquisition Consideration Payment Payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessAcquisitionConsiderationPaymentPayable" xlink:to="label_BusinessAcquisitionConsiderationPaymentPayable_2" xlink:title="Label : BusinessAcquisitionConsiderationPaymentPayable to label_BusinessAcquisitionConsiderationPaymentPayable_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ScenarioUnspecifiedDomain" xlink:label="ScenarioUnspecifiedDomain" xlink:title="ScenarioUnspecifiedDomain" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScenarioUnspecifiedDomain" xml:lang="en-US" id="label_ScenarioUnspecifiedDomain">Scenario [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioUnspecifiedDomain" xlink:to="label_ScenarioUnspecifiedDomain" xlink:title="Label : ScenarioUnspecifiedDomain to label_ScenarioUnspecifiedDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StatementScenarioAxis" xlink:label="StatementScenarioAxis" xlink:title="StatementScenarioAxis" />
    <link:label xlink:type="resource" xlink:label="label_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementScenarioAxis" xml:lang="en-US" id="label_StatementScenarioAxis">Scenario [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementScenarioAxis" xlink:to="label_StatementScenarioAxis" xlink:title="Label : StatementScenarioAxis to label_StatementScenarioAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PreliminaryValueMember" xlink:label="PreliminaryValueMember" xlink:title="PreliminaryValueMember" />
    <link:label xlink:type="resource" xlink:label="label_PreliminaryValueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PreliminaryValueMember" xml:lang="en-US" id="label_PreliminaryValueMember">This member stands for the information pertaining to preliminary value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreliminaryValueMember" xlink:to="label_PreliminaryValueMember" xlink:title="Label : PreliminaryValueMember to label_PreliminaryValueMember" />
    <link:label xlink:type="resource" xlink:label="label_PreliminaryValueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreliminaryValueMember_1" xml:lang="en-US" id="label_PreliminaryValueMember_1">Preliminary Value [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreliminaryValueMember" xlink:to="label_PreliminaryValueMember_1" xlink:title="Label : PreliminaryValueMember to label_PreliminaryValueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PreliminaryValueMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreliminaryValueMember_2" xml:lang="en-US" id="label_PreliminaryValueMember_2">Preliminary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreliminaryValueMember" xlink:to="label_PreliminaryValueMember_2" xlink:title="Label : PreliminaryValueMember to label_PreliminaryValueMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SettlementAgreementMember" xlink:label="SettlementAgreementMember" xlink:title="SettlementAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAgreementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SettlementAgreementMember" xml:lang="en-US" id="label_SettlementAgreementMember">This member stands for the information pertaining to settlement agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAgreementMember" xlink:to="label_SettlementAgreementMember" xlink:title="Label : SettlementAgreementMember to label_SettlementAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAgreementMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementAgreementMember_1" xml:lang="en-US" id="label_SettlementAgreementMember_1">Settlement Agreement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAgreementMember" xlink:to="label_SettlementAgreementMember_1" xlink:title="Label : SettlementAgreementMember to label_SettlementAgreementMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementAgreementMember_2" xml:lang="en-US" id="label_SettlementAgreementMember_2">Settlement agreement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAgreementMember" xlink:to="label_SettlementAgreementMember_2" xlink:title="Label : SettlementAgreementMember to label_SettlementAgreementMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_AgreementDomain" xlink:label="AgreementDomain" xlink:title="AgreementDomain" />
    <link:label xlink:type="resource" xlink:label="label_AgreementDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AgreementDomain" xml:lang="en-US" id="label_AgreementDomain">Information by agreement disclosure.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AgreementDomain" xlink:to="label_AgreementDomain" xlink:title="Label : AgreementDomain to label_AgreementDomain" />
    <link:label xlink:type="resource" xlink:label="label_AgreementDomain_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AgreementDomain_1" xml:lang="en-US" id="label_AgreementDomain_1">Agreement [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AgreementDomain" xlink:to="label_AgreementDomain_1" xlink:title="Label : AgreementDomain to label_AgreementDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_AgreementDomain_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AgreementDomain_2" xml:lang="en-US" id="label_AgreementDomain_2">Agreement [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AgreementDomain" xlink:to="label_AgreementDomain_2" xlink:title="Label : AgreementDomain to label_AgreementDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_AgreementAxis" xlink:label="AgreementAxis" xlink:title="AgreementAxis" />
    <link:label xlink:type="resource" xlink:label="label_AgreementAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AgreementAxis" xml:lang="en-US" id="label_AgreementAxis">Information by agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AgreementAxis" xlink:to="label_AgreementAxis" xlink:title="Label : AgreementAxis to label_AgreementAxis" />
    <link:label xlink:type="resource" xlink:label="label_AgreementAxis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AgreementAxis_1" xml:lang="en-US" id="label_AgreementAxis_1">Agreement [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AgreementAxis" xlink:to="label_AgreementAxis_1" xlink:title="Label : AgreementAxis to label_AgreementAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_AgreementAxis_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AgreementAxis_2" xml:lang="en-US" id="label_AgreementAxis_2">Agreement [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AgreementAxis" xlink:to="label_AgreementAxis_2" xlink:title="Label : AgreementAxis to label_AgreementAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency Cop.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1">Foreign Exchange Contract Purchase Currency Usd Sell Currency Cop [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_2" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_2">Foreign exchange contract, purchase currency USD, sell currency COP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_2" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency Ngn.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_1">Foreign Exchange Contract Purchase Currency Usd Sell Currency Ngn [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_2" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_2">Foreign exchange contract, purchase currency USD, sell currency NGN [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_2" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CurrencyDevaluationPercentageRatePerMonth" xlink:label="CurrencyDevaluationPercentageRatePerMonth" xlink:title="CurrencyDevaluationPercentageRatePerMonth" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyDevaluationPercentageRatePerMonth" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencyDevaluationPercentageRatePerMonth" xml:lang="en-US" id="label_CurrencyDevaluationPercentageRatePerMonth">The percentage of currency devaluation rate per month.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyDevaluationPercentageRatePerMonth" xlink:to="label_CurrencyDevaluationPercentageRatePerMonth" xlink:title="Label : CurrencyDevaluationPercentageRatePerMonth to label_CurrencyDevaluationPercentageRatePerMonth" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyDevaluationPercentageRatePerMonth_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyDevaluationPercentageRatePerMonth_1" xml:lang="en-US" id="label_CurrencyDevaluationPercentageRatePerMonth_1">Currency devaluation percentage rate, monthly devaluation during the period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyDevaluationPercentageRatePerMonth" xlink:to="label_CurrencyDevaluationPercentageRatePerMonth_1" xlink:title="Label : CurrencyDevaluationPercentageRatePerMonth to label_CurrencyDevaluationPercentageRatePerMonth_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyDevaluationPercentageRatePerMonth_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyDevaluationPercentageRatePerMonth_2" xml:lang="en-US" id="label_CurrencyDevaluationPercentageRatePerMonth_2">Currency Devaluation Percentage Rate Per Month</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyDevaluationPercentageRatePerMonth" xlink:to="label_CurrencyDevaluationPercentageRatePerMonth_2" xlink:title="Label : CurrencyDevaluationPercentageRatePerMonth to label_CurrencyDevaluationPercentageRatePerMonth_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ForeignExchangeRatesMember" xlink:label="ForeignExchangeRatesMember" xlink:title="ForeignExchangeRatesMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRatesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeRatesMember" xml:lang="en-US" id="label_ForeignExchangeRatesMember">This member stands for the information pertaining to foreign exchage rates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRatesMember" xlink:to="label_ForeignExchangeRatesMember" xlink:title="Label : ForeignExchangeRatesMember to label_ForeignExchangeRatesMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRatesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeRatesMember_1" xml:lang="en-US" id="label_ForeignExchangeRatesMember_1">Foreign exchange rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRatesMember" xlink:to="label_ForeignExchangeRatesMember_1" xlink:title="Label : ForeignExchangeRatesMember to label_ForeignExchangeRatesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRatesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeRatesMember_2" xml:lang="en-US" id="label_ForeignExchangeRatesMember_2">Foreign Exchange Rates [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRatesMember" xlink:to="label_ForeignExchangeRatesMember_2" xlink:title="Label : ForeignExchangeRatesMember to label_ForeignExchangeRatesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2003/role/verboseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions">Changes 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/2009/role/negatedTerseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2">Changes 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_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsOtherProvisions to label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_3" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_3">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_3" xlink:title="Label : AcquisitionsThroughBusinessCombinationsOtherProvisions to label_AcquisitionsThroughBusinessCombinationsOtherProvisions_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_OtherComprehensiveIncome" xml:lang="en-US" id="label_OtherComprehensiveIncome">Other comprehensive income</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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BusinessCombinationsIntangibleAssetsIncreaseDecrease" xlink:label="BusinessCombinationsIntangibleAssetsIncreaseDecrease" xlink:title="BusinessCombinationsIntangibleAssetsIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease" xml:lang="en-US" id="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease">The increase decrease in intangible assets resulting from business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsIntangibleAssetsIncreaseDecrease" xlink:to="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease" xlink:title="Label : BusinessCombinationsIntangibleAssetsIncreaseDecrease to label_BusinessCombinationsIntangibleAssetsIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_1" xml:lang="en-US" id="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_1">Changes due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsIntangibleAssetsIncreaseDecrease" xlink:to="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_1" xlink:title="Label : BusinessCombinationsIntangibleAssetsIncreaseDecrease to label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_2" xml:lang="en-US" id="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_2">Business Combinations Intangible Assets Increase Decrease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsIntangibleAssetsIncreaseDecrease" xlink:to="label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_2" xlink:title="Label : BusinessCombinationsIntangibleAssetsIncreaseDecrease to label_BusinessCombinationsIntangibleAssetsIncreaseDecrease_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/periodEndLabel" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings">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="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/periodStartLabel" xlink:title="label_Borrowings_1" xml:lang="en-US" id="label_Borrowings_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="Borrowings" xlink:to="label_Borrowings_1" xlink:title="Label : Borrowings to label_Borrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfOverdraftsVariationOnBorrowings" xlink:label="EffectOfOverdraftsVariationOnBorrowings" xlink:title="EffectOfOverdraftsVariationOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfOverdraftsVariationOnBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfOverdraftsVariationOnBorrowings" xml:lang="en-US" id="label_EffectOfOverdraftsVariationOnBorrowings">The increase (decrease) in borrowings resulting from overdrafts variation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfOverdraftsVariationOnBorrowings" xlink:to="label_EffectOfOverdraftsVariationOnBorrowings" xlink:title="Label : EffectOfOverdraftsVariationOnBorrowings to label_EffectOfOverdraftsVariationOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfOverdraftsVariationOnBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfOverdraftsVariationOnBorrowings_1" xml:lang="en-US" id="label_EffectOfOverdraftsVariationOnBorrowings_1">Overdrafts variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfOverdraftsVariationOnBorrowings" xlink:to="label_EffectOfOverdraftsVariationOnBorrowings_1" xlink:title="Label : EffectOfOverdraftsVariationOnBorrowings to label_EffectOfOverdraftsVariationOnBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfOverdraftsVariationOnBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfOverdraftsVariationOnBorrowings_2" xml:lang="en-US" id="label_EffectOfOverdraftsVariationOnBorrowings_2">Effect of Overdrafts Variation on Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfOverdraftsVariationOnBorrowings" xlink:to="label_EffectOfOverdraftsVariationOnBorrowings_2" xlink:title="Label : EffectOfOverdraftsVariationOnBorrowings to label_EffectOfOverdraftsVariationOnBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfBusinessCombinationsOnBorrowings" xlink:label="EffectOfBusinessCombinationsOnBorrowings" xlink:title="EffectOfBusinessCombinationsOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfBusinessCombinationsOnBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfBusinessCombinationsOnBorrowings" xml:lang="en-US" id="label_EffectOfBusinessCombinationsOnBorrowings">Represents the effect of business combinations on borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfBusinessCombinationsOnBorrowings" xlink:to="label_EffectOfBusinessCombinationsOnBorrowings" xlink:title="Label : EffectOfBusinessCombinationsOnBorrowings to label_EffectOfBusinessCombinationsOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfBusinessCombinationsOnBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfBusinessCombinationsOnBorrowings_1" xml:lang="en-US" id="label_EffectOfBusinessCombinationsOnBorrowings_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="EffectOfBusinessCombinationsOnBorrowings" xlink:to="label_EffectOfBusinessCombinationsOnBorrowings_1" xlink:title="Label : EffectOfBusinessCombinationsOnBorrowings to label_EffectOfBusinessCombinationsOnBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfBusinessCombinationsOnBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfBusinessCombinationsOnBorrowings_2" xml:lang="en-US" id="label_EffectOfBusinessCombinationsOnBorrowings_2">Effect of Business Combinations on Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfBusinessCombinationsOnBorrowings" xlink:to="label_EffectOfBusinessCombinationsOnBorrowings_2" xlink:title="Label : EffectOfBusinessCombinationsOnBorrowings to label_EffectOfBusinessCombinationsOnBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" xlink:label="EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" xlink:title="EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings">The increase (decrease) in borrowings resulting from interests accrued net of payments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_1" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_1">Interests accrued less payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_1" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_2" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_2">Effect of Interests Accrued Net of Payments on Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_2" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfNetProceedsAndRepaymentsOnBorrowings" xlink:label="EffectOfNetProceedsAndRepaymentsOnBorrowings" xlink:title="EffectOfNetProceedsAndRepaymentsOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnBorrowings" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnBorrowings">The increase (decrease) in 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="EffectOfNetProceedsAndRepaymentsOnBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnBorrowings" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnBorrowings to label_EffectOfNetProceedsAndRepaymentsOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnBorrowings_1" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnBorrowings_1">Proceeds and repayments, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnBorrowings_1" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnBorrowings to label_EffectOfNetProceedsAndRepaymentsOnBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnBorrowings_2" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnBorrowings_2">Effect of Net Proceedsand Repayments on Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnBorrowings_2" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnBorrowings to label_EffectOfNetProceedsAndRepaymentsOnBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfTranslationDifferencesOnBorrowings" xlink:label="EffectOfTranslationDifferencesOnBorrowings" xlink:title="EffectOfTranslationDifferencesOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfTranslationDifferencesOnBorrowings" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnBorrowings">The increase (decrease) in borrowings resulting from translation differences.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnBorrowings" xlink:title="Label : EffectOfTranslationDifferencesOnBorrowings to label_EffectOfTranslationDifferencesOnBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfTranslationDifferencesOnBorrowings_1" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnBorrowings_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnBorrowings_1" xlink:title="Label : EffectOfTranslationDifferencesOnBorrowings to label_EffectOfTranslationDifferencesOnBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfTranslationDifferencesOnBorrowings_2" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnBorrowings_2">Effect of Translation Differences on Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnBorrowings_2" xlink:title="Label : EffectOfTranslationDifferencesOnBorrowings to label_EffectOfTranslationDifferencesOnBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_OtherInvestmentsNonCurrentFixedIncome" xlink:label="OtherInvestmentsNonCurrentFixedIncome" xlink:title="OtherInvestmentsNonCurrentFixedIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNonCurrentFixedIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestmentsNonCurrentFixedIncome" xml:lang="en-US" id="label_OtherInvestmentsNonCurrentFixedIncome">The amount of fixed income non-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="OtherInvestmentsNonCurrentFixedIncome" xlink:to="label_OtherInvestmentsNonCurrentFixedIncome" xlink:title="Label : OtherInvestmentsNonCurrentFixedIncome to label_OtherInvestmentsNonCurrentFixedIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNonCurrentFixedIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsNonCurrentFixedIncome_1" xml:lang="en-US" id="label_OtherInvestmentsNonCurrentFixedIncome_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="OtherInvestmentsNonCurrentFixedIncome" xlink:to="label_OtherInvestmentsNonCurrentFixedIncome_1" xlink:title="Label : OtherInvestmentsNonCurrentFixedIncome to label_OtherInvestmentsNonCurrentFixedIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNonCurrentFixedIncome_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsNonCurrentFixedIncome_2" xml:lang="en-US" id="label_OtherInvestmentsNonCurrentFixedIncome_2">Other Investments Non-current Fixed Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNonCurrentFixedIncome" xlink:to="label_OtherInvestmentsNonCurrentFixedIncome_2" xlink:title="Label : OtherInvestmentsNonCurrentFixedIncome to label_OtherInvestmentsNonCurrentFixedIncome_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/positiveLabel" xlink:title="label_Revenue" xml:lang="en-US" id="label_Revenue">Revenues from services performed</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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ContractAssets" xlink:label="ContractAssets" xlink:title="ContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_ContractAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContractAssets" xml:lang="en-US" id="label_ContractAssets">Contract assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssets" xlink:to="label_ContractAssets" xlink:title="Label : ContractAssets to label_ContractAssets" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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 attributable to the Company&#x2019;s country of incorporation</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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_LessThan10PercentMember" xlink:label="LessThan10PercentMember" xlink:title="LessThan10PercentMember" />
    <link:label xlink:type="resource" xlink:label="label_LessThan10PercentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LessThan10PercentMember" xml:lang="en-US" id="label_LessThan10PercentMember">This member stands for the information pertaining to less than 10 percent.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThan10PercentMember" xlink:to="label_LessThan10PercentMember" xlink:title="Label : LessThan10PercentMember to label_LessThan10PercentMember" />
    <link:label xlink:type="resource" xlink:label="label_LessThan10PercentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LessThan10PercentMember_1" xml:lang="en-US" id="label_LessThan10PercentMember_1">Less than 10 Percent [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThan10PercentMember" xlink:to="label_LessThan10PercentMember_1" xlink:title="Label : LessThan10PercentMember to label_LessThan10PercentMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ConcentrationsOfRiskDomain" xlink:label="ConcentrationsOfRiskDomain" xlink:title="ConcentrationsOfRiskDomain" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationsOfRiskDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationsOfRiskDomain" xml:lang="en-US" id="label_ConcentrationsOfRiskDomain">Concentrations of risk [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationsOfRiskDomain" xlink:to="label_ConcentrationsOfRiskDomain" xlink:title="Label : ConcentrationsOfRiskDomain to label_ConcentrationsOfRiskDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ConcentrationsOfRiskAxis" xlink:label="ConcentrationsOfRiskAxis" xlink:title="ConcentrationsOfRiskAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationsOfRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationsOfRiskAxis" xml:lang="en-US" id="label_ConcentrationsOfRiskAxis">Concentrations of risk [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationsOfRiskAxis" xlink:to="label_ConcentrationsOfRiskAxis" xlink:title="Label : ConcentrationsOfRiskAxis to label_ConcentrationsOfRiskAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RelatedPartiesMember" xlink:label="RelatedPartiesMember" xlink:title="RelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartiesMember" xml:lang="en-US" id="label_RelatedPartiesMember">Related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesMember" xlink:to="label_RelatedPartiesMember" xlink:title="Label : RelatedPartiesMember to label_RelatedPartiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/positiveLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates">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" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_RightofuseAssets" xml:lang="en-US" id="label_RightofuseAssets">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" xlink:title="Label : RightofuseAssets to label_RightofuseAssets" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" xlink:label="StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" xlink:title="StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" xml:lang="en-US" id="label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes">Pillar two legislation description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" xlink:to="label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" xlink:title="Label : StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes to label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes_1" xml:lang="en-US" id="label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes_1">Statement that entity has applied exception to deferred tax accounting related to Pillar Two income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes" xlink:to="label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes_1" xlink:title="Label : StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes to label_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:label="InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:title="InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xml:lang="en-US" id="label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome">Interest related to instruments carried at FVOCI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:to="label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:title="Label : InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome to label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_1" xml:lang="en-US" id="label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_1">Interest revenue for financial assets measured 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="InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:to="label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_1" xlink:title="Label : InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome to label_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BrazilianRealUsDollarForeignExchangeRiskMember" xlink:label="BrazilianRealUsDollarForeignExchangeRiskMember" xlink:title="BrazilianRealUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianRealUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BrazilianRealUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_BrazilianRealUsDollarForeignExchangeRiskMember">This member stands for the information pertaining to 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="BrazilianRealUsDollarForeignExchangeRiskMember" xlink:to="label_BrazilianRealUsDollarForeignExchangeRiskMember" xlink:title="Label : BrazilianRealUsDollarForeignExchangeRiskMember to label_BrazilianRealUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianRealUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BrazilianRealUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_BrazilianRealUsDollarForeignExchangeRiskMember_1">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="BrazilianRealUsDollarForeignExchangeRiskMember" xlink:to="label_BrazilianRealUsDollarForeignExchangeRiskMember_1" xlink:title="Label : BrazilianRealUsDollarForeignExchangeRiskMember to label_BrazilianRealUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_AdjustmentsForLitigationProvisionRelatedToAcquisition" xlink:label="AdjustmentsForLitigationProvisionRelatedToAcquisition" xlink:title="AdjustmentsForLitigationProvisionRelatedToAcquisition" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForLitigationProvisionRelatedToAcquisition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForLitigationProvisionRelatedToAcquisition" xml:lang="en-US" id="label_AdjustmentsForLitigationProvisionRelatedToAcquisition">The amount of adjustments for litigation provision related to acquisition 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="AdjustmentsForLitigationProvisionRelatedToAcquisition" xlink:to="label_AdjustmentsForLitigationProvisionRelatedToAcquisition" xlink:title="Label : AdjustmentsForLitigationProvisionRelatedToAcquisition to label_AdjustmentsForLitigationProvisionRelatedToAcquisition" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_USSteelCorporationMember" xlink:label="USSteelCorporationMember" xlink:title="USSteelCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_USSteelCorporationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_USSteelCorporationMember" xml:lang="en-US" id="label_USSteelCorporationMember">Refers to information regarding U.S. Steel Corporation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USSteelCorporationMember" xlink:to="label_USSteelCorporationMember" xlink:title="Label : USSteelCorporationMember to label_USSteelCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_USSteelCorporationMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_USSteelCorporationMember_1" xml:lang="en-US" id="label_USSteelCorporationMember_1">U.S. Steel Corporation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USSteelCorporationMember" xlink:to="label_USSteelCorporationMember_1" xlink:title="Label : USSteelCorporationMember to label_USSteelCorporationMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_COARCOSAMember" xlink:label="COARCOSAMember" xlink:title="COARCOSAMember" />
    <link:label xlink:type="resource" xlink:label="label_COARCOSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_COARCOSAMember" xml:lang="en-US" id="label_COARCOSAMember">This member stands for the information pertaining to COARCO S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="COARCOSAMember" xlink:to="label_COARCOSAMember" xlink:title="Label : COARCOSAMember to label_COARCOSAMember" />
    <link:label xlink:type="resource" xlink:label="label_COARCOSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_COARCOSAMember_1" xml:lang="en-US" id="label_COARCOSAMember_1">COARCO S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="COARCOSAMember" xlink:to="label_COARCOSAMember_1" xlink:title="Label : COARCOSAMember to label_COARCOSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfessionalFeesExpense" xlink:label="ProfessionalFeesExpense" xlink:title="ProfessionalFeesExpense" />
    <link:label xlink:type="resource" xlink:label="label_ProfessionalFeesExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfessionalFeesExpense" xml:lang="en-US" id="label_ProfessionalFeesExpense">Professional fees expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfessionalFeesExpense" xlink:to="label_ProfessionalFeesExpense" xlink:title="Label : ProfessionalFeesExpense to label_ProfessionalFeesExpense" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxAssets" xlink:label="DeferredTaxAssets" xlink:title="DeferredTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredTaxAssets" xml:lang="en-US" id="label_DeferredTaxAssets">Deferred tax assets to be recovered after 12 months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" xlink:label="BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" xlink:title="BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" xml:lang="en-US" id="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease">The increase decrease in property, plant and equipment resulting from business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" xlink:to="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" xlink:title="Label : BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease to label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_1" xml:lang="en-US" id="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_1">Changes due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" xlink:to="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_1" xlink:title="Label : BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease to label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_2" xml:lang="en-US" id="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_2">Business Combinations Property Plant and Equipment Increase Decrease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" xlink:to="label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_2" xlink:title="Label : BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease to label_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" xlink:label="CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" xlink:title="CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" xml:lang="en-US" id="label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes">Current tax expense, related to Pillar Two income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" xlink:to="label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" xlink:title="Label : CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes to label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_1" xml:lang="en-US" id="label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_1">Current tax expense (income), related to Pillar Two income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes" xlink:to="label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_1" xlink:title="Label : CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes to label_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.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/verboseLabel" xlink:title="label_LU" xml:lang="en-US" id="label_LU">Luxembourg Ville</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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_GainLossRelatedToProvisionForLitigationRelatedToAcquisition" xlink:label="GainLossRelatedToProvisionForLitigationRelatedToAcquisition" xlink:title="GainLossRelatedToProvisionForLitigationRelatedToAcquisition" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition" xml:lang="en-US" id="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition">Gain (Loss) Related to Provision for Litigation Related to Acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToProvisionForLitigationRelatedToAcquisition" xlink:to="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition" xlink:title="Label : GainLossRelatedToProvisionForLitigationRelatedToAcquisition to label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_1" xml:lang="en-US" id="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_1">Loss related to provision for the ongoing litigation related to the acquisition of participation in Usiminas</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToProvisionForLitigationRelatedToAcquisition" xlink:to="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_1" xlink:title="Label : GainLossRelatedToProvisionForLitigationRelatedToAcquisition to label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_1" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_2" xml:lang="en-US" id="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_2">The amount of gain loss related to provision for litigation related to acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToProvisionForLitigationRelatedToAcquisition" xlink:to="label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_2" xlink:title="Label : GainLossRelatedToProvisionForLitigationRelatedToAcquisition to label_GainLossRelatedToProvisionForLitigationRelatedToAcquisition_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PercentageOfOutstandingSharesInAssociate" xlink:label="PercentageOfOutstandingSharesInAssociate" xlink:title="PercentageOfOutstandingSharesInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfOutstandingSharesInAssociate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfOutstandingSharesInAssociate" xml:lang="en-US" id="label_PercentageOfOutstandingSharesInAssociate">Percentage of outstanding shares held in associate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOutstandingSharesInAssociate" xlink:to="label_PercentageOfOutstandingSharesInAssociate" xlink:title="Label : PercentageOfOutstandingSharesInAssociate to label_PercentageOfOutstandingSharesInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfOutstandingSharesInAssociate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfOutstandingSharesInAssociate_1" xml:lang="en-US" id="label_PercentageOfOutstandingSharesInAssociate_1">Percentage of outstanding shares in associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOutstandingSharesInAssociate" xlink:to="label_PercentageOfOutstandingSharesInAssociate_1" xlink:title="Label : PercentageOfOutstandingSharesInAssociate to label_PercentageOfOutstandingSharesInAssociate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2003/role/terseLabel" xlink:title="label_OtherFinanceCost" xml:lang="en-US" id="label_OtherFinanceCost">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" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" xlink:label="MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" xlink:title="MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance">The amount of recovery of insurance included in miscellaneous other operating income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" xlink:to="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" xlink:title="Label : MiscellaneousOtherOperatingIncomeRecoveryOfInsurance to label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_1" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_1">Insurance recovery</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" xlink:to="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_1" xlink:title="Label : MiscellaneousOtherOperatingIncomeRecoveryOfInsurance to label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_1" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_2" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_2">Miscellaneous Other Operating Income Recovery of Insurance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" xlink:to="label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_2" xlink:title="Label : MiscellaneousOtherOperatingIncomeRecoveryOfInsurance to label_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" xlink:label="MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" xlink:title="MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings">The amount of recovery of legal proceedings included in miscellaneous other operating income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" xlink:to="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" xlink:title="Label : MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings to label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_1" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_1">Recovery of legal proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" xlink:to="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_1" xlink:title="Label : MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings to label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_1" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_2" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_2">Miscellaneous Other Operating Income Recovery of Legal Proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" xlink:to="label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_2" xlink:title="Label : MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings to label_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ProvisionForLitigationRelatedToAcquisition" xlink:label="ProvisionForLitigationRelatedToAcquisition" xlink:title="ProvisionForLitigationRelatedToAcquisition" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLitigationRelatedToAcquisition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForLitigationRelatedToAcquisition" xml:lang="en-US" id="label_ProvisionForLitigationRelatedToAcquisition">The amount of provision for litigation related to acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLitigationRelatedToAcquisition" xlink:to="label_ProvisionForLitigationRelatedToAcquisition" xlink:title="Label : ProvisionForLitigationRelatedToAcquisition to label_ProvisionForLitigationRelatedToAcquisition" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLitigationRelatedToAcquisition_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionForLitigationRelatedToAcquisition_1" xml:lang="en-US" id="label_ProvisionForLitigationRelatedToAcquisition_1">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLitigationRelatedToAcquisition" xlink:to="label_ProvisionForLitigationRelatedToAcquisition_1" xlink:title="Label : ProvisionForLitigationRelatedToAcquisition to label_ProvisionForLitigationRelatedToAcquisition_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLitigationRelatedToAcquisition_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForLitigationRelatedToAcquisition_2" xml:lang="en-US" id="label_ProvisionForLitigationRelatedToAcquisition_2">Provision for Litigation Related to Acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLitigationRelatedToAcquisition" xlink:to="label_ProvisionForLitigationRelatedToAcquisition_2" xlink:title="Label : ProvisionForLitigationRelatedToAcquisition to label_ProvisionForLitigationRelatedToAcquisition_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ChangesInShareBuybackProgramLiability" xlink:label="ChangesInShareBuybackProgramLiability" xlink:title="ChangesInShareBuybackProgramLiability" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInShareBuybackProgramLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInShareBuybackProgramLiability" xml:lang="en-US" id="label_ChangesInShareBuybackProgramLiability">Changes in Share Buyback Program Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInShareBuybackProgramLiability" xlink:to="label_ChangesInShareBuybackProgramLiability" xlink:title="Label : ChangesInShareBuybackProgramLiability to label_ChangesInShareBuybackProgramLiability" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInShareBuybackProgramLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangesInShareBuybackProgramLiability_1" xml:lang="en-US" id="label_ChangesInShareBuybackProgramLiability_1">Changes in share buyback program liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInShareBuybackProgramLiability" xlink:to="label_ChangesInShareBuybackProgramLiability_1" xlink:title="Label : ChangesInShareBuybackProgramLiability to label_ChangesInShareBuybackProgramLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInShareBuybackProgramLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInShareBuybackProgramLiability_2" xml:lang="en-US" id="label_ChangesInShareBuybackProgramLiability_2">The amount needed to adjust previously recorded stockholders' equity balances, to acquire the shares purchased under share buyback program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInShareBuybackProgramLiability" xlink:to="label_ChangesInShareBuybackProgramLiability_2" xlink:title="Label : ChangesInShareBuybackProgramLiability to label_ChangesInShareBuybackProgramLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PurchaseOfOtherInvestmentsAtFairValue" xlink:label="PurchaseOfOtherInvestmentsAtFairValue" xlink:title="PurchaseOfOtherInvestmentsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfOtherInvestmentsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchaseOfOtherInvestmentsAtFairValue" xml:lang="en-US" id="label_PurchaseOfOtherInvestmentsAtFairValue">The cash outflow for the purchase of other investments at fair value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfOtherInvestmentsAtFairValue" xlink:to="label_PurchaseOfOtherInvestmentsAtFairValue" xlink:title="Label : PurchaseOfOtherInvestmentsAtFairValue to label_PurchaseOfOtherInvestmentsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfOtherInvestmentsAtFairValue_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PurchaseOfOtherInvestmentsAtFairValue_1" xml:lang="en-US" id="label_PurchaseOfOtherInvestmentsAtFairValue_1">Other investments at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfOtherInvestmentsAtFairValue" xlink:to="label_PurchaseOfOtherInvestmentsAtFairValue_1" xlink:title="Label : PurchaseOfOtherInvestmentsAtFairValue to label_PurchaseOfOtherInvestmentsAtFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfOtherInvestmentsAtFairValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseOfOtherInvestmentsAtFairValue_2" xml:lang="en-US" id="label_PurchaseOfOtherInvestmentsAtFairValue_2">Purchase of Other Investments at Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfOtherInvestmentsAtFairValue" xlink:to="label_PurchaseOfOtherInvestmentsAtFairValue_2" xlink:title="Label : PurchaseOfOtherInvestmentsAtFairValue to label_PurchaseOfOtherInvestmentsAtFairValue_2" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForLitigationProvisionRelatedToAcquisition_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForLitigationProvisionRelatedToAcquisition_1" xml:lang="en-US" id="label_AdjustmentsForLitigationProvisionRelatedToAcquisition_1">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForLitigationProvisionRelatedToAcquisition" xlink:to="label_AdjustmentsForLitigationProvisionRelatedToAcquisition_1" xlink:title="Label : AdjustmentsForLitigationProvisionRelatedToAcquisition to label_AdjustmentsForLitigationProvisionRelatedToAcquisition_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForLitigationProvisionRelatedToAcquisition_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForLitigationProvisionRelatedToAcquisition_2" xml:lang="en-US" id="label_AdjustmentsForLitigationProvisionRelatedToAcquisition_2">Adjustments for Litigation Provision Related to Acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForLitigationProvisionRelatedToAcquisition" xlink:to="label_AdjustmentsForLitigationProvisionRelatedToAcquisition_2" xlink:title="Label : AdjustmentsForLitigationProvisionRelatedToAcquisition to label_AdjustmentsForLitigationProvisionRelatedToAcquisition_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_AdjustmentsForBargainPurchaseGain" xlink:label="AdjustmentsForBargainPurchaseGain" xlink:title="AdjustmentsForBargainPurchaseGain" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForBargainPurchaseGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForBargainPurchaseGain" xml:lang="en-US" id="label_AdjustmentsForBargainPurchaseGain">Adjustments for Bargain Purchase Gain</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForBargainPurchaseGain" xlink:to="label_AdjustmentsForBargainPurchaseGain" xlink:title="Label : AdjustmentsForBargainPurchaseGain to label_AdjustmentsForBargainPurchaseGain" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForBargainPurchaseGain_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsForBargainPurchaseGain_1" xml:lang="en-US" id="label_AdjustmentsForBargainPurchaseGain_1">Bargain purchase gain</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForBargainPurchaseGain" xlink:to="label_AdjustmentsForBargainPurchaseGain_1" xlink:title="Label : AdjustmentsForBargainPurchaseGain to label_AdjustmentsForBargainPurchaseGain_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForBargainPurchaseGain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForBargainPurchaseGain_2" xml:lang="en-US" id="label_AdjustmentsForBargainPurchaseGain_2">The amount of adjustments for bargain purchase gain 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="AdjustmentsForBargainPurchaseGain" xlink:to="label_AdjustmentsForBargainPurchaseGain_2" xlink:title="Label : AdjustmentsForBargainPurchaseGain to label_AdjustmentsForBargainPurchaseGain_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:label="IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:title="IncreaseDecreaseInNumberOfOrdinarySharesIssued" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued">Increase (decrease) in number of ordinary shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:title="Label : IncreaseDecreaseInNumberOfOrdinarySharesIssued to label_IncreaseDecreaseInNumberOfOrdinarySharesIssued" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued_1" xml:lang="en-US" id="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued_1">Cancellation of ordinary shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNumberOfOrdinarySharesIssued" xlink:to="label_IncreaseDecreaseInNumberOfOrdinarySharesIssued_1" xlink:title="Label : IncreaseDecreaseInNumberOfOrdinarySharesIssued to label_IncreaseDecreaseInNumberOfOrdinarySharesIssued_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentContractAssets" xlink:label="CurrentContractAssets" xlink:title="CurrentContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentContractAssets" xml:lang="en-US" id="label_CurrentContractAssets">Contract assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractAssets" xlink:to="label_CurrentContractAssets" xlink:title="Label : CurrentContractAssets to label_CurrentContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentContractAssets_1" xml:lang="en-US" id="label_CurrentContractAssets_1">Current contract assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractAssets" xlink:to="label_CurrentContractAssets_1" xlink:title="Label : CurrentContractAssets to label_CurrentContractAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_1" xml:lang="en-US" id="label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_1">Income statement (credit) / charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:to="label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_1" xlink:title="Label : DeferredTaxExpenseIncomeRecognisedInProfitOrLoss to label_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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" />
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    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_1">Non-refundable signing payment as reimbursement of expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" xlink:to="label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_1" xlink:title="Label : NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses to label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_2">Nationalization of subsidiaries non-refundable signing payment as reimbursement of expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" xlink:to="label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_2" xlink:title="Label : NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses to label_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:to="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:title="Label : NationalizationOfSubsidiariesBasisSpreadOnVariableRate to label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:label="NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:title="NationalizationOfSubsidiariesInterestRateBasisSpread" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesInterestRateBasisSpread" xml:lang="en-US" id="label_NationalizationOfSubsidiariesInterestRateBasisSpread">The basis (reference rate) used for calculation of the interest rate on 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="NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:to="label_NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:title="Label : NationalizationOfSubsidiariesInterestRateBasisSpread to label_NationalizationOfSubsidiariesInterestRateBasisSpread" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest">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="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" />
    <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:loc xlink:type="locator" xlink:href="ts-20241231.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_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-20241231.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: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-20241231.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_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:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest">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" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_NationalizationOfSubsidiariesPostawardInterestRate" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPostawardInterestRate">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" xlink:title="Label : NationalizationOfSubsidiariesPostawardInterestRate to label_NationalizationOfSubsidiariesPostawardInterestRate" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment_1">Nationalization of subsidiaries, grace period granted from date of award to make payment</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember_2" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember to label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_2" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_2">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_2" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYears2014And2015Member to label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsTitleTransferFacilityGasMember" xlink:to="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember" xlink:title="Label : CommoditiesDerivativeContractsTitleTransferFacilityGasMember to label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" xlink:label="CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" xlink:title="CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" xml:lang="en-US" id="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember">This member stands for the information pertaining to London Metal Exchange Scrap, commodities derivative contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" xlink:to="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" xlink:title="Label : CommoditiesDerivativeContractsLondonMetalExchangeScrapMember to label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsHoustonShipChannelGasMember" xlink:to="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember" xlink:title="Label : CommoditiesDerivativeContractsHoustonShipChannelGasMember to label_CommoditiesDerivativeContractsHoustonShipChannelGasMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:label="DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:title="DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems">Disclosure of detailed information about hedging instruments [line items]</link:label>
    <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-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:label="DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:title="DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable">Disclosure of detailed information about hedging instruments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:to="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:title="Label : DisclosureOfDetailedInformationAboutHedgingInstrumentsTable to label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:label="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:title="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:label="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:title="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:label="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:title="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:label="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:title="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:label="SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:title="SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:label="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:title="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" />
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    <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:loc xlink:type="locator" xlink:href="ts-20241231.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/terseLabel" xlink:title="label_OtherOperatingIncomeNetIncomeFromOtherSales" xml:lang="en-US" id="label_OtherOperatingIncomeNetIncomeFromOtherSales">Results from sundry assets</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_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_3" xml:lang="en-US" id="label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_3">Amount of other operating expense attributable to 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_3" xlink:title="Label : OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement to label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_3" />
    <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:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_3" xml:lang="en-US" id="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_3">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_3" xlink:title="Label : OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations to label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:label="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:title="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xml:lang="en-US" id="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts">Amount of other operating income attributable to 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" xlink:title="Label : OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts to label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" xlink:label="OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" xlink:title="OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" xml:lang="en-US" id="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve">Amount of other operating income attributable to 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" xlink:title="Label : OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve to label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" />
    <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_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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xml:lang="en-US" id="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost">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" xlink:title="Label : GainsLossesRecognisedWhenControlInSubsidiaryIsLost to label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_NumberOfSharesOutstanding" xml:lang="en-US" id="label_NumberOfSharesOutstanding">Number of outstanding 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" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:label="ReserveOfExchangeDifferencesOnTranslation" xlink:title="ReserveOfExchangeDifferencesOnTranslation" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ReserveOfExchangeDifferencesOnTranslation" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslation">Currency translation adjustment reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslation" xlink:to="label_ReserveOfExchangeDifferencesOnTranslation" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslation to label_ReserveOfExchangeDifferencesOnTranslation" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslation_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfExchangeDifferencesOnTranslation_1" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslation_1">ifrs-full_ReserveOfExchangeDifferencesOnTranslation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslation" xlink:to="label_ReserveOfExchangeDifferencesOnTranslation_1" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslation to label_ReserveOfExchangeDifferencesOnTranslation_1" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslation_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReserveOfExchangeDifferencesOnTranslation_2" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslation_2">Reserve of exchange differences on translation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslation" xlink:to="label_ReserveOfExchangeDifferencesOnTranslation_2" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslation to label_ReserveOfExchangeDifferencesOnTranslation_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_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: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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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="ts-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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:label xlink:type="resource" xlink:label="label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations_2" xml:lang="en-US" id="label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations_2">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_2" xlink:title="Label : TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations to label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xml:lang="en-US" id="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent">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" 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/terseLabel" xlink:title="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent_1">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_1" xlink:title="Label : IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent to label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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-20241231.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-20241231.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="ts-20241231.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="ts-20241231.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" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionOfIPSCOMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionOfIPSCOMember_1" xml:lang="en-US" id="label_AcquisitionOfIPSCOMember_1">Acquisition of IPSCO [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionOfIPSCOMember" xlink:to="label_AcquisitionOfIPSCOMember_1" xlink:title="Label : AcquisitionOfIPSCOMember to label_AcquisitionOfIPSCOMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:to="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1" xlink:title="Label : TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity to label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2" xml:lang="en-US" id="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2">The amount of tax expense on gain from tax claims of Program of Social Integration (&#x201C;PIS&#x201D;) and Contribution for Financing of Social Security (&#x201C;COFINS&#x201D;) during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:to="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2" xlink:title="Label : TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity to label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xlink:label="TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xlink:title="TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xml:lang="en-US" id="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome">Tax credit from program of social integration and contribution for financing of social security other operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xlink:to="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xlink:title="Label : TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome to label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" />
    <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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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-20241231.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:label xlink:type="resource" xlink:label="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1" xml:lang="en-US" id="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1">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_1" xlink:title="Label : EstimatedReductionOfCarbonDioxideEmissionsInThatCountry to label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_2" xml:lang="en-US" id="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_2">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_2" xlink:title="Label : EstimatedReductionOfCarbonDioxideEmissionsInThatCountry to label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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: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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_1" xml:lang="en-US" id="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_1">Tax recovery in Brazilian subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xlink:to="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_1" xlink:title="Label : TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome to label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_1" />
    <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:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1">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_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2">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_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPostawardInterestRate_1" xlink:role="http://www.xbrl.org/2003/role/label" 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:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPostawardInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesPostawardInterestRate_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPostawardInterestRate_2">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_2" xlink:title="Label : NationalizationOfSubsidiariesPostawardInterestRate to label_NationalizationOfSubsidiariesPostawardInterestRate_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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" />
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    <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: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>
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    <link:label xlink:type="resource" xlink:label="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_2" xml:lang="en-US" id="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_2">The amount of tax credit from Program of Social Integration (&#x201C;PIS&#x201D;) and Contribution for Financing of Social Security (&#x201C;COFINS&#x201D;) recognized in other operating income during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xlink:to="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_2" xlink:title="Label : TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome to label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_2" />
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    <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-20241231.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: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" />
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    <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:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" xlink:to="label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_3" xlink:title="Label : TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome to label_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome_3" />
    <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:label xlink:type="resource" xlink:label="label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember_2" xml:lang="en-US" id="label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember_2">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_2" xlink:title="Label : InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember to label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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/2024/elts/srt-2024.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LitigationCaseAxis" xlink:to="label_LitigationCaseAxis" xlink:title="Label : LitigationCaseAxis to label_LitigationCaseAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VE" xlink:to="label_VE" xlink:title="Label : VE to label_VE" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TavsaAndComsiguaMember" xlink:to="label_TavsaAndComsiguaMember" xlink:title="Label : TavsaAndComsiguaMember to label_TavsaAndComsiguaMember" />
    <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" />
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    <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="ts-20241231.xsd#ts_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:label="TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:title="TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:to="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:title="Label : TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity to label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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="ts-20241231.xsd#ts_NumberOfPlantsAcquired" xlink:label="NumberOfPlantsAcquired" xlink:title="NumberOfPlantsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfPlantsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfPlantsAcquired" xml:lang="en-US" id="label_NumberOfPlantsAcquired">Number Of Plants Acquired</link:label>
    <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:label xlink:type="resource" xlink:label="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1" xml:lang="en-US" id="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1">Tax expense (credit) from PIS and COFINS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:to="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1" xlink:title="Label : TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity to label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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: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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:label="GoodwillRecognisedAsOfAcquisitionDate" xlink:title="GoodwillRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GoodwillRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_GoodwillRecognisedAsOfAcquisitionDate">Goodwill recognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillRecognisedAsOfAcquisitionDate" xlink:to="label_GoodwillRecognisedAsOfAcquisitionDate" xlink:title="Label : GoodwillRecognisedAsOfAcquisitionDate to label_GoodwillRecognisedAsOfAcquisitionDate" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillRecognisedAsOfAcquisitionDate" xlink:to="label_GoodwillRecognisedAsOfAcquisitionDate_1" xlink:title="Label : GoodwillRecognisedAsOfAcquisitionDate to label_GoodwillRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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="ts-20241231.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-20241231.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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumed to label_IdentifiableAssetsAcquiredLiabilitiesAssumed" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumed to label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2" xml:lang="en-US" id="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2">The amount of tax expense (credit) from Program of Social Integration (&#x201C;PIS&#x201D;) and Contribution for Financing of Social Security (&#x201C;COFINS&#x201D;) during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:to="label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2" xlink:title="Label : TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity to label_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_2" />
    <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: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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2003/role/label" xlink:title="label_BorrowingsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_BorrowingsRecognisedAsOfAcquisitionDate">Borrowings recognised as of acquisition date</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/2009/role/negatedLabel" xlink:title="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_BorrowingsRecognisedAsOfAcquisitionDate_1">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_1" xlink:title="Label : BorrowingsRecognisedAsOfAcquisitionDate to label_BorrowingsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" xlink:label="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" xlink:title="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems">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="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" xlink:to="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" xlink:title="Label : DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems to label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems_1">Disclosure of detailed information about other operating income and expenses [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" xlink:to="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems_1" xlink:title="Label : DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems to label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems_1" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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: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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisQingdaoSteelPipesLtdMember" xlink:to="label_TenarisQingdaoSteelPipesLtdMember_3" xlink:title="Label : TenarisQingdaoSteelPipesLtdMember to label_TenarisQingdaoSteelPipesLtdMember_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EntitySTotalForBusinessDivestituresAcquirerDomain" xlink:label="EntitySTotalForBusinessDivestituresAcquirerDomain" xlink:title="EntitySTotalForBusinessDivestituresAcquirerDomain" />
    <link:label xlink:type="resource" xlink:label="label_EntitySTotalForBusinessDivestituresAcquirerDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EntitySTotalForBusinessDivestituresAcquirerDomain" xml:lang="en-US" id="label_EntitySTotalForBusinessDivestituresAcquirerDomain">Identification of the acquirer in a material business divestitures, which may include the name or other type of identification of the acquirer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitySTotalForBusinessDivestituresAcquirerDomain" xlink:to="label_EntitySTotalForBusinessDivestituresAcquirerDomain" xlink:title="Label : EntitySTotalForBusinessDivestituresAcquirerDomain to label_EntitySTotalForBusinessDivestituresAcquirerDomain" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" xlink:to="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" xlink:title="Label : TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember to label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" />
    <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" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_2" xml:lang="en-US" id="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_2">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_2" xlink:title="Label : TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember to label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:label="TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:title="TenarisInvestmentsNLBVAndSubsidiariesMember" />
    <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:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisInvestmentsNLBVAndSubsidiariesMember_2" xml:lang="en-US" id="label_TenarisInvestmentsNLBVAndSubsidiariesMember_2">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_2" xlink:title="Label : TenarisInvestmentsNLBVAndSubsidiariesMember to label_TenarisInvestmentsNLBVAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EntitySTotalForBusinessDivestituresMember" xlink:label="EntitySTotalForBusinessDivestituresMember" xlink:title="EntitySTotalForBusinessDivestituresMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitySTotalForBusinessDivestituresMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EntitySTotalForBusinessDivestituresMember" xml:lang="en-US" id="label_EntitySTotalForBusinessDivestituresMember">Identification of the acquiree in a material business divestitures, which may include the name or other type of identification of the acquiree.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitySTotalForBusinessDivestituresMember" xlink:to="label_EntitySTotalForBusinessDivestituresMember" xlink:title="Label : EntitySTotalForBusinessDivestituresMember to label_EntitySTotalForBusinessDivestituresMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" xlink:label="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" xlink:title="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable">Schedule reflecting each material business divestitures completed during the period, including background, timing, and recognized assets and liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" xlink:to="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" xlink:title="Label : DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable to label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable_1">Disclosure of detailed information about other operating income and expenses [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" xlink:to="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable_1" xlink:title="Label : DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable to label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesSaAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisGlobalServicesSaAndSubsidiariesMember_2" xml:lang="en-US" id="label_TenarisGlobalServicesSaAndSubsidiariesMember_2">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_2" xlink:title="Label : TenarisGlobalServicesSaAndSubsidiariesMember to label_TenarisGlobalServicesSaAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUkLtdMember" xlink:to="label_TenarisGlobalServicesUkLtdMember_2" xlink:title="Label : TenarisGlobalServicesUkLtdMember to label_TenarisGlobalServicesUkLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUsaCorporationMember" xlink:to="label_TenarisGlobalServicesUsaCorporationMember_2" xlink:title="Label : TenarisGlobalServicesUsaCorporationMember to label_TenarisGlobalServicesUsaCorporationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesCanadaIncMember" xlink:to="label_TenarisGlobalServicesCanadaIncMember_2" xlink:title="Label : TenarisGlobalServicesCanadaIncMember to label_TenarisGlobalServicesCanadaIncMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisConnectionsBvMember" xlink:to="label_TenarisConnectionsBvMember_2" xlink:title="Label : TenarisConnectionsBvMember to label_TenarisConnectionsBvMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:label="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:title="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xml:lang="en-US" id="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment">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" xlink:title="Label : PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment to label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiatSociedadAnonimaMember" xlink:to="label_SiatSociedadAnonimaMember_2" xlink:title="Label : SiatSociedadAnonimaMember to label_SiatSociedadAnonimaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/terseLabel" xlink:title="label_ScSilcotubSaMember" xml:lang="en-US" id="label_ScSilcotubSaMember">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:label xlink:type="resource" xlink:label="label_ScSilcotubSaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScSilcotubSaMember_2" xml:lang="en-US" id="label_ScSilcotubSaMember_2">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_2" xlink:title="Label : ScSilcotubSaMember to label_ScSilcotubSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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:label xlink:type="resource" xlink:label="label_BrederoShawInternationaBVAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BrederoShawInternationaBVAndSubsidiariesMember_1" xml:lang="en-US" id="label_BrederoShawInternationaBVAndSubsidiariesMember_1">Information related to the entity BREDERO SHAW INTERNATIONAL B.V. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrederoShawInternationaBVAndSubsidiariesMember" xlink:to="label_BrederoShawInternationaBVAndSubsidiariesMember_1" xlink:title="Label : BrederoShawInternationaBVAndSubsidiariesMember to label_BrederoShawInternationaBVAndSubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BrederoShawInternationaBVAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BrederoShawInternationaBVAndSubsidiariesMember_2" xml:lang="en-US" id="label_BrederoShawInternationaBVAndSubsidiariesMember_2">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_2" xlink:title="Label : BrederoShawInternationaBVAndSubsidiariesMember to label_BrederoShawInternationaBVAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AlgomaTubesIncMember" xlink:to="label_AlgomaTubesIncMember_2" xlink:title="Label : AlgomaTubesIncMember to label_AlgomaTubesIncMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.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.sec.gov/country/2024/country-2024.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:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.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: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/2024/country-2024.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GB" xlink:to="label_GB" xlink:title="Label : GB to label_GB" />
    <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:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.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: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/2024/country-2024.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/2024/country-2024.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.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.xsd#ts_ExirosBVAndSubsidiariesMember" xlink:label="ExirosBVAndSubsidiariesMember" xlink:title="ExirosBVAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ExirosBVAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExirosBVAndSubsidiariesMember" xml:lang="en-US" id="label_ExirosBVAndSubsidiariesMember">EXIROS B.V. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExirosBVAndSubsidiariesMember" xlink:to="label_ExirosBVAndSubsidiariesMember" xlink:title="Label : ExirosBVAndSubsidiariesMember to label_ExirosBVAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ExirosBVAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExirosBVAndSubsidiariesMember_1" xml:lang="en-US" id="label_ExirosBVAndSubsidiariesMember_1">The information pertaining to EXIROS B.V. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExirosBVAndSubsidiariesMember" xlink:to="label_ExirosBVAndSubsidiariesMember_1" xlink:title="Label : ExirosBVAndSubsidiariesMember to label_ExirosBVAndSubsidiariesMember_1" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExirosBVAndSubsidiariesMember" xlink:to="label_ExirosBVAndSubsidiariesMember_2" xlink:title="Label : ExirosBVAndSubsidiariesMember to label_ExirosBVAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1">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_1" xlink:title="Label : FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2">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_2" xlink:title="Label : FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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_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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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">Third party [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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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-20241231.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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_InterestPaidClassifiedAsOperatingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_InterestPaidClassifiedAsOperatingActivities_1" xml:lang="en-US" id="label_InterestPaidClassifiedAsOperatingActivities_1">Interest paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsOperatingActivities" xlink:to="label_InterestPaidClassifiedAsOperatingActivities_1" xlink:title="Label : InterestPaidClassifiedAsOperatingActivities to label_InterestPaidClassifiedAsOperatingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestPaidClassifiedAsOperatingActivities_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestPaidClassifiedAsOperatingActivities_2" xml:lang="en-US" id="label_InterestPaidClassifiedAsOperatingActivities_2">Interest paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsOperatingActivities" xlink:to="label_InterestPaidClassifiedAsOperatingActivities_2" xlink:title="Label : InterestPaidClassifiedAsOperatingActivities to label_InterestPaidClassifiedAsOperatingActivities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForInterestIncome" xlink:label="AdjustmentsForInterestIncome" xlink:title="AdjustmentsForInterestIncome" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForInterestIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForInterestIncome" xml:lang="en-US" id="label_AdjustmentsForInterestIncome">Adjustments for interest income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestIncome" xlink:to="label_AdjustmentsForInterestIncome" xlink:title="Label : AdjustmentsForInterestIncome to label_AdjustmentsForInterestIncome" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForInterestIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForInterestIncome_1" xml:lang="en-US" id="label_AdjustmentsForInterestIncome_1">Interest received</link:label>
    <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-20241231.xsd#ts_InterestAccrued" xlink:label="InterestAccrued" xlink:title="InterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestAccrued" xml:lang="en-US" id="label_InterestAccrued">The amount of interest accrued during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAccrued" xlink:to="label_InterestAccrued" xlink:title="Label : InterestAccrued to label_InterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrued_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestAccrued_1" xml:lang="en-US" id="label_InterestAccrued_1">Interest accrued, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAccrued" xlink:to="label_InterestAccrued_1" xlink:title="Label : InterestAccrued to label_InterestAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrued_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestAccrued_2" xml:lang="en-US" id="label_InterestAccrued_2">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAccrued" xlink:to="label_InterestAccrued_2" xlink:title="Label : InterestAccrued to label_InterestAccrued_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_InterestAccrualsLessPaymentsNetAbstract" xlink:label="InterestAccrualsLessPaymentsNetAbstract" xlink:title="InterestAccrualsLessPaymentsNetAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrualsLessPaymentsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestAccrualsLessPaymentsNetAbstract" xml:lang="en-US" id="label_InterestAccrualsLessPaymentsNetAbstract">Interest accruals less payments net [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAccrualsLessPaymentsNetAbstract" xlink:to="label_InterestAccrualsLessPaymentsNetAbstract" xlink:title="Label : InterestAccrualsLessPaymentsNetAbstract to label_InterestAccrualsLessPaymentsNetAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrualsLessPaymentsNetAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestAccrualsLessPaymentsNetAbstract_1" xml:lang="en-US" id="label_InterestAccrualsLessPaymentsNetAbstract_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="InterestAccrualsLessPaymentsNetAbstract" xlink:to="label_InterestAccrualsLessPaymentsNetAbstract_1" xlink:title="Label : InterestAccrualsLessPaymentsNetAbstract to label_InterestAccrualsLessPaymentsNetAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_1" xml:lang="en-US" id="label_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_1">Taxes paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="label_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_1" xlink:title="Label : IncomeTaxesPaidRefundClassifiedAsOperatingActivities to label_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_IncomeTaxesAccrued" xlink:label="IncomeTaxesAccrued" xlink:title="IncomeTaxesAccrued" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxesAccrued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeTaxesAccrued" xml:lang="en-US" id="label_IncomeTaxesAccrued">The amount of income taxes accrued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesAccrued" xlink:to="label_IncomeTaxesAccrued" xlink:title="Label : IncomeTaxesAccrued to label_IncomeTaxesAccrued" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxesAccrued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeTaxesAccrued_1" xml:lang="en-US" id="label_IncomeTaxesAccrued_1">Tax accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesAccrued" xlink:to="label_IncomeTaxesAccrued_1" xlink:title="Label : IncomeTaxesAccrued to label_IncomeTaxesAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxesAccrued_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxesAccrued_2" xml:lang="en-US" id="label_IncomeTaxesAccrued_2">Income taxes accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesAccrued" xlink:to="label_IncomeTaxesAccrued_2" xlink:title="Label : IncomeTaxesAccrued to label_IncomeTaxesAccrued_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_IncomeTaxAccrualsLessPaymentsAbstract" xlink:label="IncomeTaxAccrualsLessPaymentsAbstract" xlink:title="IncomeTaxAccrualsLessPaymentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxAccrualsLessPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxAccrualsLessPaymentsAbstract" xml:lang="en-US" id="label_IncomeTaxAccrualsLessPaymentsAbstract">Income tax accruals less payments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxAccrualsLessPaymentsAbstract" xlink:to="label_IncomeTaxAccrualsLessPaymentsAbstract" xlink:title="Label : IncomeTaxAccrualsLessPaymentsAbstract to label_IncomeTaxAccrualsLessPaymentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxAccrualsLessPaymentsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeTaxAccrualsLessPaymentsAbstract_1" xml:lang="en-US" id="label_IncomeTaxAccrualsLessPaymentsAbstract_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="IncomeTaxAccrualsLessPaymentsAbstract" xlink:to="label_IncomeTaxAccrualsLessPaymentsAbstract_1" xlink:title="Label : IncomeTaxAccrualsLessPaymentsAbstract to label_IncomeTaxAccrualsLessPaymentsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_1">Trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:to="label_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_1" xlink:title="Label : AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables to label_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1">Customer advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" xlink:to="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers to label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:label="AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:title="AdjustmentsForIncreaseDecreaseInOtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherLiabilities to label_AdjustmentsForIncreaseDecreaseInOtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherLiabilities to label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:to="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables to label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="AdjustmentsForDecreaseIncreaseInInventories" xlink:title="AdjustmentsForDecreaseIncreaseInInventories" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInInventories" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInInventories">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DistributionOfDividendInKind" xlink:label="DistributionOfDividendInKind" xlink:title="DistributionOfDividendInKind" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PercentageOfEntitysNetEquity" xlink:label="PercentageOfEntitysNetEquity" xlink:title="PercentageOfEntitysNetEquity" />
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    <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>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BondMaturityTerm" xlink:label="BondMaturityTerm" xlink:title="BondMaturityTerm" />
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    <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" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:label="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:title="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" />
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    <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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:label="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:title="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" />
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    <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-20241231.xsd#ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:label="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:title="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" />
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    <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_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:label xlink:type="resource" xlink:label="label_MaximumPercentageOfExportProceedsWhichCanBeSold_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumPercentageOfExportProceedsWhichCanBeSold_1" xml:lang="en-US" id="label_MaximumPercentageOfExportProceedsWhichCanBeSold_1">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_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/label" xlink:title="label_MaximumPercentageOfExportProceedsWhichCanBeSold_2" xml:lang="en-US" id="label_MaximumPercentageOfExportProceedsWhichCanBeSold_2">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_2" xlink:title="Label : MaximumPercentageOfExportProceedsWhichCanBeSold to label_MaximumPercentageOfExportProceedsWhichCanBeSold_2" />
    <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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_UsDollarDenominatedArgentineBondsMember" xlink:label="UsDollarDenominatedArgentineBondsMember" xlink:title="UsDollarDenominatedArgentineBondsMember" />
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    <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" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:to="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses to label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_2" />
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    <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" />
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    <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-20241231.xsd#ts_ArgentineSubsidiariesMember" xlink:label="ArgentineSubsidiariesMember" xlink:title="ArgentineSubsidiariesMember" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets">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" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets to label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1">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_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets to label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" />
    <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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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_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:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInShareBuybackProgramLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInShareBuybackProgramLiability_1" xml:lang="en-US" id="label_IncreaseDecreaseInShareBuybackProgramLiability_1">Increase in share buyback program liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInShareBuybackProgramLiability" xlink:to="label_IncreaseDecreaseInShareBuybackProgramLiability_1" xlink:title="Label : IncreaseDecreaseInShareBuybackProgramLiability to label_IncreaseDecreaseInShareBuybackProgramLiability_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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-20241231.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_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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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_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-20241231.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-20241231.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_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_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-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1">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_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsContingentLiability to label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2">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_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsContingentLiability to label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1">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_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsPercentage to label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2">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_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsPercentage to label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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_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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:label="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:title="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses">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" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1">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_1" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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: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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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-20241231.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/2024/elts/srt-2024.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/2024/elts/srt-2024.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-20241231.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_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-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LinePipeProductMember" xlink:to="label_LinePipeProductMember_1" xlink:title="Label : LinePipeProductMember to label_LinePipeProductMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LinePipeProductMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LinePipeProductMember_2" xml:lang="en-US" id="label_LinePipeProductMember_2">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_2" xlink:title="Label : LinePipeProductMember to label_LinePipeProductMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_OctgProductMember" xlink:label="OctgProductMember" xlink:title="OctgProductMember" />
    <link:label xlink:type="resource" xlink:label="label_OctgProductMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OctgProductMember" xml:lang="en-US" id="label_OctgProductMember">OCTG product [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OctgProductMember" xlink:to="label_OctgProductMember" xlink:title="Label : OctgProductMember to label_OctgProductMember" />
    <link:label xlink:type="resource" xlink:label="label_OctgProductMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OctgProductMember_1" xml:lang="en-US" id="label_OctgProductMember_1">This member stands for the information pertaining to "OCTG product".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OctgProductMember" xlink:to="label_OctgProductMember_1" xlink:title="Label : OctgProductMember to label_OctgProductMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OctgProductMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OctgProductMember_2" xml:lang="en-US" id="label_OctgProductMember_2">OCTG product [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OctgProductMember" xlink:to="label_OctgProductMember_2" xlink:title="Label : OctgProductMember to label_OctgProductMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ContingentLiabilityForCivilPenaltyMember" xlink:label="ContingentLiabilityForCivilPenaltyMember" xlink:title="ContingentLiabilityForCivilPenaltyMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForCivilPenaltyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilityForCivilPenaltyMember" xml:lang="en-US" id="label_ContingentLiabilityForCivilPenaltyMember">Contingent liability for civil penalty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForCivilPenaltyMember" xlink:to="label_ContingentLiabilityForCivilPenaltyMember" xlink:title="Label : ContingentLiabilityForCivilPenaltyMember to label_ContingentLiabilityForCivilPenaltyMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForCivilPenaltyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentLiabilityForCivilPenaltyMember_1" xml:lang="en-US" id="label_ContingentLiabilityForCivilPenaltyMember_1">This member stands for the information pertaining to contingent liability for civil penalty.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForCivilPenaltyMember" xlink:to="label_ContingentLiabilityForCivilPenaltyMember_1" xlink:title="Label : ContingentLiabilityForCivilPenaltyMember to label_ContingentLiabilityForCivilPenaltyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForCivilPenaltyMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilityForCivilPenaltyMember_2" xml:lang="en-US" id="label_ContingentLiabilityForCivilPenaltyMember_2">Contingent liability for civil penalty [member]</link:label>
    <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" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_1" xml:lang="en-US" id="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_1">Contingent liability for disgorgement and prejudgment interest [member]</link:label>
    <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" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_2" xml:lang="en-US" id="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_2">Contingent liability for disgorgement and prejudgment interest [member]</link:label>
    <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" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1">Tax contingent liability related to fiscal year 2015, principal [member]</link:label>
    <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" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2015Member" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015Member" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015Member">Represents information about a tax contingent liability related to the 2015 fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015Member to label_TaxContingentLiabilityRelatedToFiscalYear2015Member" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1">Tax contingent liability related to fiscal year 2015 [member]</link:label>
    <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:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1">Tax contingent liability related to fiscal year 2014, principal [member]</link:label>
    <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" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2014Member" />
    <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:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1">Tax contingent liability related to fiscal year 2014 [member]</link:label>
    <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" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_1">Tax contingent liability related to fiscal years 2014 and 2015 [member]</link:label>
    <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" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_2" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_2">Tax contingent liability related to fiscal years 2014 and 2015 [member]</link:label>
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfContingentLiabilitiesDomain" xlink:label="ClassesOfContingentLiabilitiesDomain" xlink:title="ClassesOfContingentLiabilitiesDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfContingentLiabilitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfContingentLiabilitiesDomain" xml:lang="en-US" id="label_ClassesOfContingentLiabilitiesDomain">Classes of contingent liabilities [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfContingentLiabilitiesDomain" xlink:to="label_ClassesOfContingentLiabilitiesDomain" xlink:title="Label : ClassesOfContingentLiabilitiesDomain to label_ClassesOfContingentLiabilitiesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:label="ClassesOfContingentLiabilitiesAxis" xlink:title="ClassesOfContingentLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfContingentLiabilitiesAxis" xml:lang="en-US" id="label_ClassesOfContingentLiabilitiesAxis">Classes of contingent liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfContingentLiabilitiesAxis" xlink:to="label_ClassesOfContingentLiabilitiesAxis" xlink:title="Label : ClassesOfContingentLiabilitiesAxis to label_ClassesOfContingentLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ProductLiabilityLitigationMember" xlink:label="ProductLiabilityLitigationMember" xlink:title="ProductLiabilityLitigationMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductLiabilityLitigationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProductLiabilityLitigationMember" xml:lang="en-US" id="label_ProductLiabilityLitigationMember">This member stands for a component of product liability litigation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductLiabilityLitigationMember" xlink:to="label_ProductLiabilityLitigationMember" xlink:title="Label : ProductLiabilityLitigationMember to label_ProductLiabilityLitigationMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductLiabilityLitigationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProductLiabilityLitigationMember_1" xml:lang="en-US" id="label_ProductLiabilityLitigationMember_1">Product liability litigation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductLiabilityLitigationMember" xlink:to="label_ProductLiabilityLitigationMember_1" xlink:title="Label : ProductLiabilityLitigationMember to label_ProductLiabilityLitigationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProductLiabilityLitigationMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductLiabilityLitigationMember_2" xml:lang="en-US" id="label_ProductLiabilityLitigationMember_2">Product Liability Litigation [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductLiabilityLitigationMember" xlink:to="label_ProductLiabilityLitigationMember_2" xlink:title="Label : ProductLiabilityLitigationMember to label_ProductLiabilityLitigationMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ItemsOfContingentLiabilitiesDomain" xlink:label="ItemsOfContingentLiabilitiesDomain" xlink:title="ItemsOfContingentLiabilitiesDomain" />
    <link:label xlink:type="resource" xlink:label="label_ItemsOfContingentLiabilitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ItemsOfContingentLiabilitiesDomain" xml:lang="en-US" id="label_ItemsOfContingentLiabilitiesDomain">Items of contingent liabilities [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsOfContingentLiabilitiesDomain" xlink:to="label_ItemsOfContingentLiabilitiesDomain" xlink:title="Label : ItemsOfContingentLiabilitiesDomain to label_ItemsOfContingentLiabilitiesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:label="ItemsOfContingentLiabilitiesAxis" xlink:title="ItemsOfContingentLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ItemsOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ItemsOfContingentLiabilitiesAxis" xml:lang="en-US" id="label_ItemsOfContingentLiabilitiesAxis">Items of contingent liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsOfContingentLiabilitiesAxis" xlink:to="label_ItemsOfContingentLiabilitiesAxis" xlink:title="Label : ItemsOfContingentLiabilitiesAxis to label_ItemsOfContingentLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.xsd#ts_TenarisBayCityIncMember" xlink:label="TenarisBayCityIncMember" xlink:title="TenarisBayCityIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisBayCityIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisBayCityIncMember" xml:lang="en-US" id="label_TenarisBayCityIncMember">TENARIS BAY CITY, INC. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBayCityIncMember" xlink:to="label_TenarisBayCityIncMember" xlink:title="Label : TenarisBayCityIncMember to label_TenarisBayCityIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisBayCityIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisBayCityIncMember_1" xml:lang="en-US" id="label_TenarisBayCityIncMember_1">The entity TENARIS BAY CITY, INC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBayCityIncMember" xlink:to="label_TenarisBayCityIncMember_1" xlink:title="Label : TenarisBayCityIncMember to label_TenarisBayCityIncMember_1" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBayCityIncMember" xlink:to="label_TenarisBayCityIncMember_2" xlink:title="Label : TenarisBayCityIncMember to label_TenarisBayCityIncMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DalmineSPAAndSubsidiariesMember" xlink:label="DalmineSPAAndSubsidiariesMember" xlink:title="DalmineSPAAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_DalmineSPAAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DalmineSPAAndSubsidiariesMember" xml:lang="en-US" id="label_DalmineSPAAndSubsidiariesMember">Information related to the entity DALMINE S.p.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DalmineSPAAndSubsidiariesMember" xlink:to="label_DalmineSPAAndSubsidiariesMember" xlink:title="Label : DalmineSPAAndSubsidiariesMember to label_DalmineSPAAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_DalmineSPAAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DalmineSPAAndSubsidiariesMember_1" xml:lang="en-US" id="label_DalmineSPAAndSubsidiariesMember_1">DALMINE S.p.A. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DalmineSPAAndSubsidiariesMember" xlink:to="label_DalmineSPAAndSubsidiariesMember_1" xlink:title="Label : DalmineSPAAndSubsidiariesMember to label_DalmineSPAAndSubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DalmineSPAAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DalmineSPAAndSubsidiariesMember_2" xml:lang="en-US" id="label_DalmineSPAAndSubsidiariesMember_2">DALMINE S.p.A. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DalmineSPAAndSubsidiariesMember" xlink:to="label_DalmineSPAAndSubsidiariesMember_2" xlink:title="Label : DalmineSPAAndSubsidiariesMember to label_DalmineSPAAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_TenarisFinancialServicesSaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisFinancialServicesSaMember_2" xml:lang="en-US" id="label_TenarisFinancialServicesSaMember_2">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_2" xlink:title="Label : TenarisFinancialServicesSaMember to label_TenarisFinancialServicesSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfContingentLiabilitiesTable" xlink:label="DisclosureOfContingentLiabilitiesTable" xlink:title="DisclosureOfContingentLiabilitiesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingentLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContingentLiabilitiesTable" xml:lang="en-US" id="label_DisclosureOfContingentLiabilitiesTable">Disclosure of contingent liabilities [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingentLiabilitiesTable" xlink:to="label_DisclosureOfContingentLiabilitiesTable" xlink:title="Label : DisclosureOfContingentLiabilitiesTable to label_DisclosureOfContingentLiabilitiesTable" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeAndCommoditiesDerivativesContractsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeAndCommoditiesDerivativesContractsMember_1" xml:lang="en-US" id="label_ForeignExchangeAndCommoditiesDerivativesContractsMember_1">Foreign Exchange &amp; Commodities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeAndCommoditiesDerivativesContractsMember" xlink:to="label_ForeignExchangeAndCommoditiesDerivativesContractsMember_1" xlink:title="Label : ForeignExchangeAndCommoditiesDerivativesContractsMember to label_ForeignExchangeAndCommoditiesDerivativesContractsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeAndCommoditiesDerivativesContractsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeAndCommoditiesDerivativesContractsMember_2" xml:lang="en-US" id="label_ForeignExchangeAndCommoditiesDerivativesContractsMember_2">Foreign exchange and commodities derivatives contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeAndCommoditiesDerivativesContractsMember" xlink:to="label_ForeignExchangeAndCommoditiesDerivativesContractsMember_2" xlink:title="Label : ForeignExchangeAndCommoditiesDerivativesContractsMember to label_ForeignExchangeAndCommoditiesDerivativesContractsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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_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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_1" xml:lang="en-US" id="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_1">Commodities derivative contracts, TTF Gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsTitleTransferFacilityGasMember" xlink:to="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_1" xlink:title="Label : CommoditiesDerivativeContractsTitleTransferFacilityGasMember to label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_2" xml:lang="en-US" id="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_2">Commodities derivative contracts, Title Transfer Facility Gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsTitleTransferFacilityGasMember" xlink:to="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_2" xlink:title="Label : CommoditiesDerivativeContractsTitleTransferFacilityGasMember to label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CommoditiesDerivativeContractsElectricEnergyMember" xlink:label="CommoditiesDerivativeContractsElectricEnergyMember" xlink:title="CommoditiesDerivativeContractsElectricEnergyMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsElectricEnergyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommoditiesDerivativeContractsElectricEnergyMember" xml:lang="en-US" id="label_CommoditiesDerivativeContractsElectricEnergyMember">Commodities derivative contracts, Electric Energy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsElectricEnergyMember" xlink:to="label_CommoditiesDerivativeContractsElectricEnergyMember" xlink:title="Label : CommoditiesDerivativeContractsElectricEnergyMember to label_CommoditiesDerivativeContractsElectricEnergyMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsElectricEnergyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommoditiesDerivativeContractsElectricEnergyMember_1" xml:lang="en-US" id="label_CommoditiesDerivativeContractsElectricEnergyMember_1">This member stands for the information pertaining to Electric Energy, commodities derivative contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsElectricEnergyMember" xlink:to="label_CommoditiesDerivativeContractsElectricEnergyMember_1" xlink:title="Label : CommoditiesDerivativeContractsElectricEnergyMember to label_CommoditiesDerivativeContractsElectricEnergyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsElectricEnergyMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommoditiesDerivativeContractsElectricEnergyMember_2" xml:lang="en-US" id="label_CommoditiesDerivativeContractsElectricEnergyMember_2">Commodities derivative contracts, Electric Energy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsElectricEnergyMember" xlink:to="label_CommoditiesDerivativeContractsElectricEnergyMember_2" xlink:title="Label : CommoditiesDerivativeContractsElectricEnergyMember to label_CommoditiesDerivativeContractsElectricEnergyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CommoditiesDerivativeContractsIronOreMember" xlink:label="CommoditiesDerivativeContractsIronOreMember" xlink:title="CommoditiesDerivativeContractsIronOreMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsIronOreMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommoditiesDerivativeContractsIronOreMember" xml:lang="en-US" id="label_CommoditiesDerivativeContractsIronOreMember">Commodities derivative contracts, Iron Ore [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsIronOreMember" xlink:to="label_CommoditiesDerivativeContractsIronOreMember" xlink:title="Label : CommoditiesDerivativeContractsIronOreMember to label_CommoditiesDerivativeContractsIronOreMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsIronOreMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommoditiesDerivativeContractsIronOreMember_1" xml:lang="en-US" id="label_CommoditiesDerivativeContractsIronOreMember_1">This member stands for the information pertaining to Iron Ore, commodities derivative contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsIronOreMember" xlink:to="label_CommoditiesDerivativeContractsIronOreMember_1" xlink:title="Label : CommoditiesDerivativeContractsIronOreMember to label_CommoditiesDerivativeContractsIronOreMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsIronOreMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommoditiesDerivativeContractsIronOreMember_2" xml:lang="en-US" id="label_CommoditiesDerivativeContractsIronOreMember_2">Commodities derivative contracts, Iron Ore [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsIronOreMember" xlink:to="label_CommoditiesDerivativeContractsIronOreMember_2" xlink:title="Label : CommoditiesDerivativeContractsIronOreMember to label_CommoditiesDerivativeContractsIronOreMember_2" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_1" xml:lang="en-US" id="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_1">Commodities derivative contracts, LME 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_1" xlink:title="Label : CommoditiesDerivativeContractsLondonMetalExchangeScrapMember to label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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: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-20241231.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_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="ts-20241231.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: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-20241231.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_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1">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_1" xlink:title="Label : LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency to label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" />
    <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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfHedgesDomain" xlink:label="TypesOfHedgesDomain" xlink:title="TypesOfHedgesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfHedgesDomain" xml:lang="en-US" id="label_TypesOfHedgesDomain">Types of hedges [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesDomain" xlink:to="label_TypesOfHedgesDomain" xlink:title="Label : TypesOfHedgesDomain to label_TypesOfHedgesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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_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_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_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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_HedgedItemsDomain" xlink:label="HedgedItemsDomain" xlink:title="HedgedItemsDomain" />
    <link:label xlink:type="resource" xlink:label="label_HedgedItemsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgedItemsDomain" xml:lang="en-US" id="label_HedgedItemsDomain">Hedged items [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgedItemsDomain" xlink:to="label_HedgedItemsDomain" xlink:title="Label : HedgedItemsDomain to label_HedgedItemsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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="ts-20241231.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-20241231.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-20241231.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/label" xlink:title="label_ProvisionUsedOtherProvisionsMovements" xml:lang="en-US" id="label_ProvisionUsedOtherProvisionsMovements">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" xlink:title="Label : ProvisionUsedOtherProvisionsMovements to label_ProvisionUsedOtherProvisionsMovements" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisionsMovements_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" 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/documentation" xlink:title="label_ProvisionUsedOtherProvisionsMovements_2" xml:lang="en-US" id="label_ProvisionUsedOtherProvisionsMovements_2">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_2" xlink:title="Label : ProvisionUsedOtherProvisionsMovements to label_ProvisionUsedOtherProvisionsMovements_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2003/role/label" 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:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" 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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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_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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfOtherProvisionsDomain" xlink:label="ClassesOfOtherProvisionsDomain" xlink:title="ClassesOfOtherProvisionsDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfOtherProvisionsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfOtherProvisionsDomain" xml:lang="en-US" id="label_ClassesOfOtherProvisionsDomain">Classes of other provisions [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfOtherProvisionsDomain" xlink:to="label_ClassesOfOtherProvisionsDomain" xlink:title="Label : ClassesOfOtherProvisionsDomain to label_ClassesOfOtherProvisionsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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/label" xlink:title="label_AmountPayableUnderShareBuyback" xml:lang="en-US" id="label_AmountPayableUnderShareBuyback">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" 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:label xlink:type="resource" xlink:label="label_AmountPayableUnderShareBuyback_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmountPayableUnderShareBuyback_2" xml:lang="en-US" id="label_AmountPayableUnderShareBuyback_2">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_2" xlink:title="Label : AmountPayableUnderShareBuyback to label_AmountPayableUnderShareBuyback_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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_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: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:loc xlink:type="locator" xlink:href="ts-20241231.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_PlanAssetsAtFairValue_2" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:title="label_PlanAssetsAtFairValue_2" xml:lang="en-US" id="label_PlanAssetsAtFairValue_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="PlanAssetsAtFairValue" xlink:to="label_PlanAssetsAtFairValue_2" xlink:title="Label : PlanAssetsAtFairValue to label_PlanAssetsAtFairValue_2" />
    <link:label xlink:type="resource" xlink:label="label_PlanAssetsAtFairValue_3" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_PlanAssetsAtFairValue_3" xml:lang="en-US" id="label_PlanAssetsAtFairValue_3">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="PlanAssetsAtFairValue" xlink:to="label_PlanAssetsAtFairValue_3" xlink:title="Label : PlanAssetsAtFairValue to label_PlanAssetsAtFairValue_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1">Remeasurements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset to label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1" />
    <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:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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: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: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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:label="ActuarialAssumptionOfDiscountRatesMember" xlink:title="ActuarialAssumptionOfDiscountRatesMember" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FundingArrangementsOfDefinedBenefitPlansDomain" xlink:label="FundingArrangementsOfDefinedBenefitPlansDomain" xlink:title="FundingArrangementsOfDefinedBenefitPlansDomain" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis" xlink:label="FundingArrangementsOfDefinedBenefitPlansAxis" xlink:title="FundingArrangementsOfDefinedBenefitPlansAxis" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DefinedBenefitPlansDomain" xlink:label="DefinedBenefitPlansDomain" xlink:title="DefinedBenefitPlansDomain" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitPlansDomain" xml:lang="en-US" id="label_DefinedBenefitPlansDomain">Defined benefit plans [domain]</link:label>
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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_1" xlink:title="Label : IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome to label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_1" />
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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_2" xlink:title="Label : IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome to label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_2" />
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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_3" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_3" />
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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_4" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_4" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset_5" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_DeferredTaxLiabilityAsset_5" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset_5">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="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset_5" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_5" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DeferredTaxAssetsMember" xlink:label="DeferredTaxAssetsMember" xlink:title="DeferredTaxAssetsMember" />
    <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:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:to="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:title="Label : AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage to label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" />
    <link:label xlink:type="resource" xlink:label="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1" xml:lang="en-US" id="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1">Increase (decrease) in key assumption</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:to="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1" xlink:title="Label : AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage to label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1" />
    <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-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" xlink:label="DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" xlink:title="DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems">Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" xlink:to="label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" xlink:title="Label : DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems to label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xml:lang="en-US" id="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember">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" xlink:title="Label : ProjectedChangeRateInFutureCashFlowsMeasurementInputMember to label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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-20241231.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" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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" />
    <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-20241231.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" />
    <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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="DisclosureOfPropertyPlantAndEquipmentTable" xlink:title="DisclosureOfPropertyPlantAndEquipmentTable" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" xlink:label="RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" xlink:title="RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_RecognizedTaxLossesExpiringWithinOneYearPercentage" xlink:label="RecognizedTaxLossesExpiringWithinOneYearPercentage" xlink:title="RecognizedTaxLossesExpiringWithinOneYearPercentage" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" xlink:label="DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" xlink:title="DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" xlink:to="label_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries_1" xlink:title="Label : DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries to label_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries_1" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfOverdraftsVariationOnLongtermBorrowings" xlink:label="EffectOfOverdraftsVariationOnLongtermBorrowings" xlink:title="EffectOfOverdraftsVariationOnLongtermBorrowings" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:label="EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:title="EffectOfBusinessCombinationsOnLongtermBorrowings" />
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    <link:label xlink:type="resource" xlink:label="label_EffectOfBusinessCombinationsOnLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfBusinessCombinationsOnLongtermBorrowings_2" xml:lang="en-US" id="label_EffectOfBusinessCombinationsOnLongtermBorrowings_2">Represents the effect of business combinations on long-term borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:to="label_EffectOfBusinessCombinationsOnLongtermBorrowings_2" xlink:title="Label : EffectOfBusinessCombinationsOnLongtermBorrowings to label_EffectOfBusinessCombinationsOnLongtermBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_EffectOfReclassificationsOnLongtermBorrowings" xlink:label="EffectOfReclassificationsOnLongtermBorrowings" xlink:title="EffectOfReclassificationsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfReclassificationsOnLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfReclassificationsOnLongtermBorrowings" xml:lang="en-US" id="label_EffectOfReclassificationsOnLongtermBorrowings">Effect of reclassifications on long term borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfReclassificationsOnLongtermBorrowings" xlink:to="label_EffectOfReclassificationsOnLongtermBorrowings" xlink:title="Label : EffectOfReclassificationsOnLongtermBorrowings to label_EffectOfReclassificationsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfReclassificationsOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfReclassificationsOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfReclassificationsOnLongtermBorrowings_1">The increase (decrease) in the non-current portion of non-current borrowings resulting from reclassifications.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfReclassificationsOnLongtermBorrowings" xlink:to="label_EffectOfReclassificationsOnLongtermBorrowings_1" xlink:title="Label : EffectOfReclassificationsOnLongtermBorrowings to label_EffectOfReclassificationsOnLongtermBorrowings_1" />
    <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:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1">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_1" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings to label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2">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_2" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings to label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1">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_1" xlink:title="Label : EffectOfTranslationDifferencesOnLongtermBorrowings to label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfTranslationDifferencesOnLongtermBorrowings_2" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnLongtermBorrowings_2">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_2" xlink:title="Label : EffectOfTranslationDifferencesOnLongtermBorrowings to label_EffectOfTranslationDifferencesOnLongtermBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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/2024/currency-2024.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:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.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.sec.gov/currency/2024/currency-2024.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/2024/currency-2024.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/2024/currency-2024.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:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.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/2024/currency-2024.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/terseLabel" 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:label xlink:type="resource" xlink:label="label_TenarisTubocaribeLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisTubocaribeLtdaMember_2" xml:lang="en-US" id="label_TenarisTubocaribeLtdaMember_2">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_2" xlink:title="Label : TenarisTubocaribeLtdaMember to label_TenarisTubocaribeLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember" xml:lang="en-US" id="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember">The entity TUBOS DE ACERO DE MEXICO, SA 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 [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:label xlink:type="resource" xlink:label="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_2" xml:lang="en-US" id="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_2">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_2" xlink:title="Label : TubosDeAceroDeMexicoSaAndSubsidiariesMember to label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/terseLabel" xlink:title="label_SidercaSaicAndSubsidiariesMember" xml:lang="en-US" id="label_SidercaSaicAndSubsidiariesMember">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" 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 SAIC [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:label xlink:type="resource" xlink:label="label_SidercaSaicAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SidercaSaicAndSubsidiariesMember_2" xml:lang="en-US" id="label_SidercaSaicAndSubsidiariesMember_2">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_2" xlink:title="Label : SidercaSaicAndSubsidiariesMember to label_SidercaSaicAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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_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_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-20241231.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-20241231.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-20241231.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: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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesMember_2" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesMember to label_MaverickTubeCorporationAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections">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" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections to label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PercentageOfVotingRightsHeldInUnconsolidatedEntities" xlink:label="PercentageOfVotingRightsHeldInUnconsolidatedEntities" xlink:title="PercentageOfVotingRightsHeldInUnconsolidatedEntities" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities" xml:lang="en-US" id="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities">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" xlink:title="Label : PercentageOfVotingRightsHeldInUnconsolidatedEntities to label_PercentageOfVotingRightsHeldInUnconsolidatedEntities" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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="ts-20241231.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: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-20241231.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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_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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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 allowance 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/documentation" xlink:title="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" xml:lang="en-US" id="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2">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_2" xlink:title="Label : CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts to label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances">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" 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">Allowance 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/label" xlink:title="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_2" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_2">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-20241231.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-20241231.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_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-20241231.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-20241231.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-20241231.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-20241231.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:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" xml:lang="en-US" id="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1">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_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/2009/role/negatedLabel" xlink:title="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" xml:lang="en-US" id="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2">Allowance for doubtful accounts, see note&#xA0;25&#xA0;(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_2" xlink:title="Label : CurrentTradeReceivablesAllowanceForDoubtfulAccounts to label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xml:lang="en-US" id="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares">Dilutive effect of share options on weighted average number of ordinary 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:loc xlink:type="locator" xlink:href="ts-20241231.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_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" xml:lang="en-US" id="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1">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_1" xlink:title="Label : DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares to label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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: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&#xA0;25&#xA0;(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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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: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-20241231.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/label" xlink:title="label_InventoriesAllowanceForObsolescence" xml:lang="en-US" id="label_InventoriesAllowanceForObsolescence">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" 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&#xA0;25&#xA0;(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/documentation" xlink:title="label_InventoriesAllowanceForObsolescence_2" xml:lang="en-US" id="label_InventoriesAllowanceForObsolescence_2">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_2" xlink:title="Label : InventoriesAllowanceForObsolescence to label_InventoriesAllowanceForObsolescence_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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_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-20241231.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-20241231.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_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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" 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/terseLabel" xlink:title="label_CashTransferred_1" xml:lang="en-US" id="label_CashTransferred_1">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_1" xlink:title="Label : CashTransferred to label_CashTransferred_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" 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/terseLabel" xlink:title="label_DebtSecurities_1" xml:lang="en-US" id="label_DebtSecurities_1">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_1" xlink:title="Label : DebtSecurities to label_DebtSecurities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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:label xlink:type="resource" xlink:label="label_ExposureToPurchaseAndOtherServiceAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" 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:label xlink:type="resource" xlink:label="label_ExposureToPurchaseAndOtherServiceAgreements_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExposureToPurchaseAndOtherServiceAgreements_2" xml:lang="en-US" id="label_ExposureToPurchaseAndOtherServiceAgreements_2">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_2" xlink:title="Label : ExposureToPurchaseAndOtherServiceAgreements to label_ExposureToPurchaseAndOtherServiceAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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-20241231.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-20241231.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: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-20241231.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-20241231.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets">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" 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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BorrowingsByNameDomain" xlink:label="BorrowingsByNameDomain" xlink:title="BorrowingsByNameDomain" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameDomain" xml:lang="en-US" id="label_BorrowingsByNameDomain">Borrowings by name [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameDomain" xlink:to="label_BorrowingsByNameDomain" xlink:title="Label : BorrowingsByNameDomain to label_BorrowingsByNameDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:label="CategoriesOfRelatedPartiesDomain" xlink:title="CategoriesOfRelatedPartiesDomain" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfRelatedPartiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfRelatedPartiesDomain" xml:lang="en-US" id="label_CategoriesOfRelatedPartiesDomain">Categories of related parties [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfRelatedPartiesDomain" xlink:to="label_CategoriesOfRelatedPartiesDomain" xlink:title="Label : CategoriesOfRelatedPartiesDomain to label_CategoriesOfRelatedPartiesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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/label" xlink:title="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xml:lang="en-US" id="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations">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" 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">Changes 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/documentation" xlink:title="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" xml:lang="en-US" id="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2">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_2" xlink:title="Label : LeaseLiabilitiesIncreaseDueToBusinessCombinations to label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_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-20241231.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_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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_1">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_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="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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: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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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-20241231.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: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:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConfabIndustrialSaAndSubsidiariesMember_2" xml:lang="en-US" id="label_ConfabIndustrialSaAndSubsidiariesMember_2">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_2" xlink:title="Label : ConfabIndustrialSaAndSubsidiariesMember to label_ConfabIndustrialSaAndSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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="ts-20241231.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:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2">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_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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">Depreciation, property, plant and equipment</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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment_1" xlink:title="Label : DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:label="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:title="DisposalsAndRetirementsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xml:lang="en-US" id="label_DisposalsAndRetirementsPropertyPlantAndEquipment">Disposals and retirements, property, plant and equipment</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/2009/role/negatedTerseLabel" xlink:title="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1">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_1" xlink:title="Label : DisposalsAndRetirementsPropertyPlantAndEquipment to label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_PropertyPlantAndEquipmentCapitalizedInterest" xml:lang="en-US" id="label_PropertyPlantAndEquipmentCapitalizedInterest">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" 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/label" xlink:title="label_PropertyPlantAndEquipmentCapitalizedInterest_2" xml:lang="en-US" id="label_PropertyPlantAndEquipmentCapitalizedInterest_2">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.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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: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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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>
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    <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>
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    <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/2009/role/negatedLabel" xlink:title="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_2" xml:lang="en-US" id="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_2">Tax revaluation, withholding tax and others</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxEffectOfTaxLosses" xlink:label="TaxEffectOfTaxLosses" xlink:title="TaxEffectOfTaxLosses" />
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    <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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxEffectFromChangeInTaxRate" xlink:label="TaxEffectFromChangeInTaxRate" xlink:title="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" xlink:title="Label : TaxEffectFromChangeInTaxRate to label_TaxEffectFromChangeInTaxRate" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="TaxExpenseIncomeAtApplicableTaxRate" xlink:title="TaxExpenseIncomeAtApplicableTaxRate" />
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    <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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:label="DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:title="DeferredTaxIncomeRecognisedInProfitOrLoss" />
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    <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" />
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    <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" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.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" />
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    <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" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PercentageOfVotingCapitalIncreasedInControlGroup" xlink:label="PercentageOfVotingCapitalIncreasedInControlGroup" xlink:title="PercentageOfVotingCapitalIncreasedInControlGroup" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/terseLabel" xlink:title="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xml:lang="en-US" id="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption">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" xlink:title="Label : ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption to label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" />
    <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>
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    <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_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>
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    <link:label xlink:type="resource" xlink:label="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" 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:label xlink:type="resource" xlink:label="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" xml:lang="en-US" id="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2">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_2" xlink:title="Label : AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss to label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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-20241231.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: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: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_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_2" xml:lang="en-US" id="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_2">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_2" xlink:title="Label : LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies to label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/terseLabel" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies">Earnings 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" 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/documentation" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1">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_1" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2">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_2" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_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-20241231.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:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" 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/2009/role/negatedLabel" 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:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_4" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_4">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_4" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies to label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_4" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_5" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_5" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_5">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_5" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies to label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_5" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_PAOPSeverstalMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PAOPSeverstalMember_2" xml:lang="en-US" id="label_PAOPSeverstalMember_2">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_2" xlink:title="Label : PAOPSeverstalMember to label_PAOPSeverstalMember_2" />
    <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" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceCost_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherFinanceCost_2" xml:lang="en-US" id="label_OtherFinanceCost_2">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_2" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ForeignExchangeDerivativesContractsResults" xlink:label="ForeignExchangeDerivativesContractsResults" xlink:title="ForeignExchangeDerivativesContractsResults" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeDerivativesContractsResults" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeDerivativesContractsResults" xml:lang="en-US" id="label_ForeignExchangeDerivativesContractsResults">The amount of income or cost associated with foreign exchange derivatives contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeDerivativesContractsResults" xlink:to="label_ForeignExchangeDerivativesContractsResults" xlink:title="Label : ForeignExchangeDerivativesContractsResults to label_ForeignExchangeDerivativesContractsResults" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeDerivativesContractsResults_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeDerivativesContractsResults_1" xml:lang="en-US" id="label_ForeignExchangeDerivativesContractsResults_1">Net Foreign exchange derivatives contracts results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeDerivativesContractsResults" xlink:to="label_ForeignExchangeDerivativesContractsResults_1" xlink:title="Label : ForeignExchangeDerivativesContractsResults to label_ForeignExchangeDerivativesContractsResults_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:label="GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:title="GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xml:lang="en-US" id="label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss">Net foreign exchange transactions results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:to="label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:title="Label : GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss to label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_1" xml:lang="en-US" id="label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_1">Foreign exchange gain (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:to="label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_1" xlink:title="Label : GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss to label_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ImpairmentLossOnFinancialAssets" xlink:label="ImpairmentLossOnFinancialAssets" xlink:title="ImpairmentLossOnFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossOnFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossOnFinancialAssets" xml:lang="en-US" id="label_ImpairmentLossOnFinancialAssets">Impairment loss on financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOnFinancialAssets" xlink:to="label_ImpairmentLossOnFinancialAssets" xlink:title="Label : ImpairmentLossOnFinancialAssets to label_ImpairmentLossOnFinancialAssets" />
    <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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOnFinancialAssets" xlink:to="label_ImpairmentLossOnFinancialAssets_1" xlink:title="Label : ImpairmentLossOnFinancialAssets to label_ImpairmentLossOnFinancialAssets_1" />
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    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueFromInterest" xlink:label="RevenueFromInterest" xlink:title="RevenueFromInterest" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.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" />
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    <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" />
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    <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-20241231.xsd#ts_DisclosureOfFinancialResultsLineItems" xlink:label="DisclosureOfFinancialResultsLineItems" xlink:title="DisclosureOfFinancialResultsLineItems" />
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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" xlink:title="Label : DisclosureOfFinancialResultsLineItems to label_DisclosureOfFinancialResultsLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:label="DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:title="DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" />
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    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:label="DisclosureOfBusinessCombinationsLineItems" xlink:title="DisclosureOfBusinessCombinationsLineItems" />
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    <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_DisclosureOfFinancialResultsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialResultsLineItems_1" xml:lang="en-US" id="label_DisclosureOfFinancialResultsLineItems_1">Disclosure of Financial Results [Line Items]</link:label>
    <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-20241231.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" />
    <link:label xlink:type="resource" xlink:label="label_ArgentineSovereignBondsMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ArgentineSovereignBondsMember_3" xml:lang="en-US" id="label_ArgentineSovereignBondsMember_3">This member stands for the information pertaining to 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_3" xlink:title="Label : ArgentineSovereignBondsMember to label_ArgentineSovereignBondsMember_3" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialResultsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfFinancialResultsTable" xml:lang="en-US" id="label_DisclosureOfFinancialResultsTable">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="DisclosureOfFinancialResultsTable" xlink:to="label_DisclosureOfFinancialResultsTable" xlink:title="Label : DisclosureOfFinancialResultsTable to label_DisclosureOfFinancialResultsTable" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/totalLabel" xlink:title="label_OtherOperatingIncomeExpense" xml:lang="en-US" id="label_OtherOperatingIncomeExpense">Other operating income and expenses, 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" 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/label" xlink:title="label_OtherOperatingIncomeExpense_1" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_1">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_1" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_1" />
    <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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:label="DisclosureOfBusinessCombinationsTable" xlink:title="DisclosureOfBusinessCombinationsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsTable" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsTable">Disclosure of detailed information about business combination [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsTable" xlink:to="label_DisclosureOfBusinessCombinationsTable" xlink:title="Label : DisclosureOfBusinessCombinationsTable to label_DisclosureOfBusinessCombinationsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesExplanatory to label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:label="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:title="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock to label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherOperatingExpense_2" xml:lang="en-US" id="label_MiscellaneousOtherOperatingExpense_2">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_2" xlink:title="Label : MiscellaneousOtherOperatingExpense to label_MiscellaneousOtherOperatingExpense_2" />
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    <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/label" xlink:title="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" xml:lang="en-US" id="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2">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_2" xlink:title="Label : OtherOperatingExpensesAllowanceForDoubtfulReceivables to label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_3" xml:lang="en-US" id="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_3">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_3" xlink:title="Label : OtherOperatingExpensesAllowanceForDoubtfulReceivables to label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock_1">The disclosure of detailed information about cash flow disclosures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock to label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:label="SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:title="SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainRecognisedInBargainPurchaseTransaction" xlink:label="GainRecognisedInBargainPurchaseTransaction" xlink:title="GainRecognisedInBargainPurchaseTransaction" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:label="DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:title="DisclosureOfDetailedInformationAboutFinancialIncomeCost" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_InterestIncomeOnTaxAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestIncomeOnTaxAssets_1" xml:lang="en-US" id="label_InterestIncomeOnTaxAssets_1">Tax credit from PIS and COFINS recognized in financial results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeOnTaxAssets" xlink:to="label_InterestIncomeOnTaxAssets_1" xlink:title="Label : InterestIncomeOnTaxAssets to label_InterestIncomeOnTaxAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestIncomeOnTaxAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestIncomeOnTaxAssets_2" xml:lang="en-US" id="label_InterestIncomeOnTaxAssets_2">Interest income on tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeOnTaxAssets" xlink:to="label_InterestIncomeOnTaxAssets_2" xlink:title="Label : InterestIncomeOnTaxAssets to label_InterestIncomeOnTaxAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_InterestIncomeOnTaxAssets_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InterestIncomeOnTaxAssets_3" xml:lang="en-US" id="label_InterestIncomeOnTaxAssets_3">Non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeOnTaxAssets" xlink:to="label_InterestIncomeOnTaxAssets_3" xlink:title="Label : InterestIncomeOnTaxAssets to label_InterestIncomeOnTaxAssets_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_MkkUsaIncMember" xlink:label="MkkUsaIncMember" xlink:title="MkkUsaIncMember" />
    <link:label xlink:type="resource" xlink:label="label_MkkUsaIncMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MkkUsaIncMember" xml:lang="en-US" id="label_MkkUsaIncMember">This member stands for the information pertaining to MKK USA Inc, a acquirer in a material business divestiture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MkkUsaIncMember" xlink:to="label_MkkUsaIncMember" xlink:title="Label : MkkUsaIncMember to label_MkkUsaIncMember" />
    <link:label xlink:type="resource" xlink:label="label_MkkUsaIncMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MkkUsaIncMember_1" xml:lang="en-US" id="label_MkkUsaIncMember_1">MKK USA Inc</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MkkUsaIncMember" xlink:to="label_MkkUsaIncMember_1" xlink:title="Label : MkkUsaIncMember to label_MkkUsaIncMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MkkUsaIncMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MkkUsaIncMember_2" xml:lang="en-US" id="label_MkkUsaIncMember_2">Mkk Usa Inc [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MkkUsaIncMember" xlink:to="label_MkkUsaIncMember_2" xlink:title="Label : MkkUsaIncMember to label_MkkUsaIncMember_2" />
    <link:label xlink:type="resource" xlink:label="label_EntitySTotalForBusinessDivestituresAcquirerDomain_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitySTotalForBusinessDivestituresAcquirerDomain_1" xml:lang="en-US" id="label_EntitySTotalForBusinessDivestituresAcquirerDomain_1">Entity's total for business divestitures, acquirer [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitySTotalForBusinessDivestituresAcquirerDomain" xlink:to="label_EntitySTotalForBusinessDivestituresAcquirerDomain_1" xlink:title="Label : EntitySTotalForBusinessDivestituresAcquirerDomain to label_EntitySTotalForBusinessDivestituresAcquirerDomain_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_BusinessDivestituresAcquirerAxis" xlink:label="BusinessDivestituresAcquirerAxis" xlink:title="BusinessDivestituresAcquirerAxis" />
    <link:label xlink:type="resource" xlink:label="label_BusinessDivestituresAcquirerAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessDivestituresAcquirerAxis" xml:lang="en-US" id="label_BusinessDivestituresAcquirerAxis">Information by business divestitures, acquirer name or other type of identification of the acquirer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessDivestituresAcquirerAxis" xlink:to="label_BusinessDivestituresAcquirerAxis" xlink:title="Label : BusinessDivestituresAcquirerAxis to label_BusinessDivestituresAcquirerAxis" />
    <link:label xlink:type="resource" xlink:label="label_BusinessDivestituresAcquirerAxis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessDivestituresAcquirerAxis_1" xml:lang="en-US" id="label_BusinessDivestituresAcquirerAxis_1">Business divestitures, acquirer [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessDivestituresAcquirerAxis" xlink:to="label_BusinessDivestituresAcquirerAxis_1" xlink:title="Label : BusinessDivestituresAcquirerAxis to label_BusinessDivestituresAcquirerAxis_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:label="DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:title="DisclosureOfFairValueMeasurementOfAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfFairValueMeasurementOfAssetsExplanatory">Disclosure of fair value measurement of assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:to="label_DisclosureOfFairValueMeasurementOfAssetsExplanatory" xlink:title="Label : DisclosureOfFairValueMeasurementOfAssetsExplanatory to label_DisclosureOfFairValueMeasurementOfAssetsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_GenevaStructuralTubesLlcMember" xlink:label="GenevaStructuralTubesLlcMember" xlink:title="GenevaStructuralTubesLlcMember" />
    <link:label xlink:type="resource" xlink:label="label_GenevaStructuralTubesLlcMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GenevaStructuralTubesLlcMember" xml:lang="en-US" id="label_GenevaStructuralTubesLlcMember">This member stands for the information pertaining to Geneva Structural Tubes LLC (&#x201C;Geneva&#x201D;), a acquiree in a material business divestitures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GenevaStructuralTubesLlcMember" xlink:to="label_GenevaStructuralTubesLlcMember" xlink:title="Label : GenevaStructuralTubesLlcMember to label_GenevaStructuralTubesLlcMember" />
    <link:label xlink:type="resource" xlink:label="label_GenevaStructuralTubesLlcMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GenevaStructuralTubesLlcMember_1" xml:lang="en-US" id="label_GenevaStructuralTubesLlcMember_1">Geneva Structural Tubes LLC (&#x201C;Geneva&#x201D;)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GenevaStructuralTubesLlcMember" xlink:to="label_GenevaStructuralTubesLlcMember_1" xlink:title="Label : GenevaStructuralTubesLlcMember to label_GenevaStructuralTubesLlcMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GenevaStructuralTubesLlcMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GenevaStructuralTubesLlcMember_2" xml:lang="en-US" id="label_GenevaStructuralTubesLlcMember_2">Geneva Structural Tubes Llc [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GenevaStructuralTubesLlcMember" xlink:to="label_GenevaStructuralTubesLlcMember_2" xlink:title="Label : GenevaStructuralTubesLlcMember to label_GenevaStructuralTubesLlcMember_2" />
    <link:label xlink:type="resource" xlink:label="label_EntitySTotalForBusinessDivestituresMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitySTotalForBusinessDivestituresMember_1" xml:lang="en-US" id="label_EntitySTotalForBusinessDivestituresMember_1">Entity's total for business divestitures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitySTotalForBusinessDivestituresMember" xlink:to="label_EntitySTotalForBusinessDivestituresMember_1" xlink:title="Label : EntitySTotalForBusinessDivestituresMember to label_EntitySTotalForBusinessDivestituresMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesDomain" xlink:label="SignificantInvestmentsInSubsidiariesDomain" xlink:title="SignificantInvestmentsInSubsidiariesDomain" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInSubsidiariesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInSubsidiariesDomain" xml:lang="en-US" id="label_SignificantInvestmentsInSubsidiariesDomain">Subsidiaries [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInSubsidiariesDomain" xlink:to="label_SignificantInvestmentsInSubsidiariesDomain" xlink:title="Label : SignificantInvestmentsInSubsidiariesDomain to label_SignificantInvestmentsInSubsidiariesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock">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" xlink:title="Label : DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock to label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" />
    <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_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_1">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_1" xlink:title="Label : DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock to label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_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-20241231.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-20241231.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-20241231.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="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsDomain" xlink:label="IndividualAssetsOrCashgeneratingUnitsDomain" xlink:title="IndividualAssetsOrCashgeneratingUnitsDomain" />
    <link:label xlink:type="resource" xlink:label="label_IndividualAssetsOrCashgeneratingUnitsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndividualAssetsOrCashgeneratingUnitsDomain" xml:lang="en-US" id="label_IndividualAssetsOrCashgeneratingUnitsDomain">Individual assets or cash-generating units [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndividualAssetsOrCashgeneratingUnitsDomain" xlink:to="label_IndividualAssetsOrCashgeneratingUnitsDomain" xlink:title="Label : IndividualAssetsOrCashgeneratingUnitsDomain to label_IndividualAssetsOrCashgeneratingUnitsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" xlink:label="DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" xlink:title="DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory">Disclosure of financial instruments by type of interest rate [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" xlink:to="label_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" xlink:title="Label : DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory to label_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" xlink:label="DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" xlink:title="DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" xml:lang="en-US" id="label_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory">Disclosure of effect of changes in foreign exchange rates [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" xlink:to="label_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" xlink:title="Label : DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory to label_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="https://xbrl.sec.gov/country/2024/country-2024.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.sec.gov/country/2024/country-2024.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/2024/country-2024.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/2024/country-2024.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/2024/country-2024.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/2024/country-2024.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" xlink:label="DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" xlink:title="DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock">Disclosure of detailed information about the estimated useful lives 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="DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock to label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock_1">The disclosure of detailed information about the estimated useful lives of property, plant and equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock to label_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock_1" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="label_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:title="Label : PostemploymentBenefitExpenseDefinedBenefitPlans to label_PostemploymentBenefitExpenseDefinedBenefitPlans" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:label="DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:title="DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForEarningsPerShareExplanatory to label_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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_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-20241231.xsd#ts_SellingGeneralAndAdministrativeExpensesTaxes" xlink:label="SellingGeneralAndAdministrativeExpensesTaxes" xlink:title="SellingGeneralAndAdministrativeExpensesTaxes" />
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    <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: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" />
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    <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_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2">Depreciation of right-of-use assets</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_3" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_3">Amortization of intangible assets</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SellingGeneralAndAdministrativeExpensesLaborCost" xlink:label="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:title="SellingGeneralAndAdministrativeExpensesLaborCost" />
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    <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-20241231.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-20241231.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-20241231.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-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:title="DescriptionOfAccountingPolicyForRecognitionOfRevenue" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForRecognitionOfRevenue">Description of accounting policy for recognition of revenue [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="label_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:title="Label : DescriptionOfAccountingPolicyForRecognitionOfRevenue to label_DescriptionOfAccountingPolicyForRecognitionOfRevenue" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" xlink:label="DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" xlink:title="DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory">Description of accounting policy for trade and other payables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory to label_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:label="DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:title="DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory">Description of accounting policy for employee benefits [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory to label_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" />
    <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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:label="DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:title="DescriptionOfAccountingPolicyForBorrowingsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory">Description of accounting policy for borrowings [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForBorrowingsExplanatory to label_DescriptionOfAccountingPolicyForBorrowingsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:label="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:title="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory">Description of accounting policy for issued capital [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForIssuedCapitalExplanatory to label_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:label="DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:title="DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents">Description of accounting policy for determining components of cash and cash equivalents [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:to="label_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:title="Label : DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents to label_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:label="DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:title="DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory">Description of accounting policy for 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="DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory to label_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="DescriptionOfAccountingPolicyForMeasuringInventories" xlink:title="DescriptionOfAccountingPolicyForMeasuringInventories" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForMeasuringInventories" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForMeasuringInventories">Description of accounting policy for measuring inventories [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="label_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:title="Label : DescriptionOfAccountingPolicyForMeasuringInventories to label_DescriptionOfAccountingPolicyForMeasuringInventories" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:label="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:title="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory">Description of accounting policy for investments other than investments accounted for using equity method [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory to label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:title="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">Description of accounting policy for impairment of non-financial assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory to label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:label="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:title="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory">Description of accounting policy for 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="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory to label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:title="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">Description of accounting policy for 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="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory to label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" />
    <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-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:label="DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:title="DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">Description of accounting policy for foreign currency translation [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory to label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xml:lang="en-US" id="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory">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" xlink:title="Label : DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory to label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" />
    <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-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1">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_1" xlink:title="Label : DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory to label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:label="KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:title="KeyManagementPersonnelCompensationOtherLongtermBenefits" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationOtherLongtermBenefits" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationOtherLongtermBenefits">Key management personnel compensation, other long-term employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:to="label_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:title="Label : KeyManagementPersonnelCompensationOtherLongtermBenefits to label_KeyManagementPersonnelCompensationOtherLongtermBenefits" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_2" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_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="DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_2" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory">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" xlink:title="Label : DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory to label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1">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_1" xlink:title="Label : DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory to label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:to="label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:title="Label : DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract to label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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-20241231.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-20241231.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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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-20241231.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_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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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:label xlink:type="resource" xlink:label="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1">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_1" xlink:title="Label : DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory to label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xml:lang="en-US" id="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory">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" xlink:title="Label : DisclosureOfOtherOperatingIncomeExpenseExplanatory to label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProductsAndServicesDomain" xlink:label="ProductsAndServicesDomain" xlink:title="ProductsAndServicesDomain" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesDomain" xml:lang="en-US" id="label_ProductsAndServicesDomain">Products and services [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesDomain" xlink:to="label_ProductsAndServicesDomain" xlink:title="Label : ProductsAndServicesDomain to label_ProductsAndServicesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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: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="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xml:lang="en-US" id="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory">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" xlink:title="Label : DisclosureOfMaterialAccountingPolicyInformationExplanatory to label_DisclosureOfMaterialAccountingPolicyInformationExplanatory" />
    <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/2024/elts/srt-2024.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/2024/elts/srt-2024.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/2024/elts/srt-2024.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/totalLabel" xlink:title="label_FinanceIncomeCost" xml:lang="en-US" id="label_FinanceIncomeCost">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" 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">Finance income (cost)</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/verboseLabel" xlink:title="label_FinanceIncomeCost_2" xml:lang="en-US" id="label_FinanceIncomeCost_2">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_2" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2">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_2" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory">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" xlink:title="Label : DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory to label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1">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_1" xlink:title="Label : DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory to label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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/documentation" xlink:title="label_ManagementViewOperatingIncome" xml:lang="en-US" id="label_ManagementViewOperatingIncome">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" xlink:title="Label : ManagementViewOperatingIncome to label_ManagementViewOperatingIncome" />
    <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/verboseLabel" xlink:title="label_ManagementViewOperatingIncome_2" xml:lang="en-US" id="label_ManagementViewOperatingIncome_2">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_2" xlink:title="Label : ManagementViewOperatingIncome to label_ManagementViewOperatingIncome_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_ReportableSegmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReportableSegmentsMember_1" xml:lang="en-US" id="label_ReportableSegmentsMember_1">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_1" xlink:title="Label : ReportableSegmentsMember to label_ReportableSegmentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AllOtherSegmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllOtherSegmentsMember_1" xml:lang="en-US" id="label_AllOtherSegmentsMember_1">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_1" xlink:title="Label : AllOtherSegmentsMember to label_AllOtherSegmentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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/documentation" xlink:title="label_CurrencyTranslationAdjustmentWorkingCapital" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentWorkingCapital">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" xlink:title="Label : CurrencyTranslationAdjustmentWorkingCapital to label_CurrencyTranslationAdjustmentWorkingCapital" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2003/role/label" xlink:title="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xml:lang="en-US" id="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents">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" xlink:title="Label : EffectOfExchangeRateChangesOnCashAndCashEquivalents to label_EffectOfExchangeRateChangesOnCashAndCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/periodStartLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition">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" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_1" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_1">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_1" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2">At December 31,</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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfCustomersDomain" xlink:label="TypesOfCustomersDomain" xlink:title="TypesOfCustomersDomain" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfCustomersDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfCustomersDomain" xml:lang="en-US" id="label_TypesOfCustomersDomain">Types of customers [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfCustomersDomain" xlink:to="label_TypesOfCustomersDomain" xlink:title="Label : TypesOfCustomersDomain to label_TypesOfCustomersDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024/country-2024.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:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3">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_3" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.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.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/verboseLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract">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_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:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2">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_2" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:label="DisclosureOfFairValueMeasurementOfAssetsTable" xlink:title="DisclosureOfFairValueMeasurementOfAssetsTable" />
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    <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:label xlink:type="resource" xlink:label="label_FinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_FinancialLiabilities_1" xml:lang="en-US" id="label_FinancialLiabilities_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="FinancialLiabilities" xlink:to="label_FinancialLiabilities_1" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilities_2" xml:lang="en-US" id="label_FinancialLiabilities_2">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_2" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfLiabilitiesDomain" xlink:label="ClassesOfLiabilitiesDomain" xlink:title="ClassesOfLiabilitiesDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfLiabilitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfLiabilitiesDomain" xml:lang="en-US" id="label_ClassesOfLiabilitiesDomain">Classes of liabilities [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfLiabilitiesDomain" xlink:to="label_ClassesOfLiabilitiesDomain" xlink:title="Label : ClassesOfLiabilitiesDomain to label_ClassesOfLiabilitiesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfAssetsDomain" xlink:label="ClassesOfAssetsDomain" xlink:title="ClassesOfAssetsDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfAssetsDomain" xml:lang="en-US" id="label_ClassesOfAssetsDomain">Classes of assets [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfAssetsDomain" xlink:to="label_ClassesOfAssetsDomain" xlink:title="Label : ClassesOfAssetsDomain to label_ClassesOfAssetsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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: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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfFinancialAssetsDomain" xlink:label="ClassesOfFinancialAssetsDomain" xlink:title="ClassesOfFinancialAssetsDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialAssetsDomain" xml:lang="en-US" id="label_ClassesOfFinancialAssetsDomain">Classes of financial assets [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialAssetsDomain" xlink:to="label_ClassesOfFinancialAssetsDomain" xlink:title="Label : ClassesOfFinancialAssetsDomain to label_ClassesOfFinancialAssetsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:label="CategoriesOfFinancialAssetsDomain" xlink:title="CategoriesOfFinancialAssetsDomain" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfFinancialAssetsDomain" xml:lang="en-US" id="label_CategoriesOfFinancialAssetsDomain">Categories of financial assets [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialAssetsDomain" xlink:to="label_CategoriesOfFinancialAssetsDomain" xlink:title="Label : CategoriesOfFinancialAssetsDomain to label_CategoriesOfFinancialAssetsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/label" xlink:title="label_SaudiArabianRiyalUsDollarExchangeRiskMember" xml:lang="en-US" id="label_SaudiArabianRiyalUsDollarExchangeRiskMember">Saudi Arabian Riyal / U.S. 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" xlink:title="Label : SaudiArabianRiyalUsDollarExchangeRiskMember to label_SaudiArabianRiyalUsDollarExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" xml:lang="en-US" id="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1">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_1" xlink:title="Label : SaudiArabianRiyalUsDollarExchangeRiskMember to label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" 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/terseLabel" xlink:title="label_PercentageOfEntitysRevenue_1" xml:lang="en-US" id="label_PercentageOfEntitysRevenue_1">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_1" xlink:title="Label : PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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="ts-20241231.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2">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_2" xlink:title="Label : LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency to label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_Borrowings_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Borrowings_2" xml:lang="en-US" id="label_Borrowings_2">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_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/label" xlink:title="label_Borrowings_3" xml:lang="en-US" id="label_Borrowings_3">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_3" xlink:title="Label : Borrowings to label_Borrowings_3" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Borrowings_4" xml:lang="en-US" id="label_Borrowings_4">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_4" xlink:title="Label : Borrowings to label_Borrowings_4" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_5" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Borrowings_5" xml:lang="en-US" id="label_Borrowings_5">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_5" xlink:title="Label : Borrowings to label_Borrowings_5" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_ForeignExchangeRiskCurrencyExposure" xlink:label="ForeignExchangeRiskCurrencyExposure" xlink:title="ForeignExchangeRiskCurrencyExposure" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeRiskCurrencyExposure" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure">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" 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/terseLabel" xlink:title="label_ForeignExchangeRiskCurrencyExposure_1" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_1">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_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/label" xlink:title="label_ForeignExchangeRiskCurrencyExposure_2" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_2">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_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/verboseLabel" xlink:title="label_ForeignExchangeRiskCurrencyExposure_3" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_3">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_3" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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/2024/elts/srt-2024.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/2024/elts/srt-2024.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PastDueStatusDomain" xlink:label="PastDueStatusDomain" xlink:title="PastDueStatusDomain" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusDomain" xml:lang="en-US" id="label_PastDueStatusDomain">Past due status [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusDomain" xlink:to="label_PastDueStatusDomain" xlink:title="Label : PastDueStatusDomain to label_PastDueStatusDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:label="ClassesOfFinancialInstrumentsDomain" xlink:title="ClassesOfFinancialInstrumentsDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialInstrumentsDomain" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsDomain">Classes of financial instruments [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsDomain" xlink:to="label_ClassesOfFinancialInstrumentsDomain" xlink:title="Label : ClassesOfFinancialInstrumentsDomain to label_ClassesOfFinancialInstrumentsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfInterestRatesDomain" xlink:label="TypesOfInterestRatesDomain" xlink:title="TypesOfInterestRatesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfInterestRatesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfInterestRatesDomain" xml:lang="en-US" id="label_TypesOfInterestRatesDomain">Types of interest rates [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfInterestRatesDomain" xlink:to="label_TypesOfInterestRatesDomain" xlink:title="Label : TypesOfInterestRatesDomain to label_TypesOfInterestRatesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_HedgingInstrumentsDomain" xlink:label="HedgingInstrumentsDomain" xlink:title="HedgingInstrumentsDomain" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsDomain" xml:lang="en-US" id="label_HedgingInstrumentsDomain">Hedging instruments [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsDomain" xlink:to="label_HedgingInstrumentsDomain" xlink:title="Label : HedgingInstrumentsDomain to label_HedgingInstrumentsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:label="LevelsOfFairValueHierarchyDomain" xlink:title="LevelsOfFairValueHierarchyDomain" />
    <link:label xlink:type="resource" xlink:label="label_LevelsOfFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LevelsOfFairValueHierarchyDomain" xml:lang="en-US" id="label_LevelsOfFairValueHierarchyDomain">Levels of fair value hierarchy [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LevelsOfFairValueHierarchyDomain" xlink:to="label_LevelsOfFairValueHierarchyDomain" xlink:title="Label : LevelsOfFairValueHierarchyDomain to label_LevelsOfFairValueHierarchyDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfRisksDomain" xlink:label="TypesOfRisksDomain" xlink:title="TypesOfRisksDomain" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksDomain" xml:lang="en-US" id="label_TypesOfRisksDomain">Types of risks [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksDomain" xlink:to="label_TypesOfRisksDomain" xlink:title="Label : TypesOfRisksDomain to label_TypesOfRisksDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" xml:lang="en-US" id="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1">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_1" xlink:title="Label : ProjectedChangeRateInFutureCashFlowsMeasurementInputMember to label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnobservableInputsDomain" xlink:label="UnobservableInputsDomain" xlink:title="UnobservableInputsDomain" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputsDomain" xml:lang="en-US" id="label_UnobservableInputsDomain">Unobservable inputs [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputsDomain" xlink:to="label_UnobservableInputsDomain" xlink:title="Label : UnobservableInputsDomain to label_UnobservableInputsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnobservableInputsAxis" xlink:label="UnobservableInputsAxis" xlink:title="UnobservableInputsAxis" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputsAxis" xml:lang="en-US" id="label_UnobservableInputsAxis">Unobservable inputs [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputsAxis" xlink:to="label_UnobservableInputsAxis" xlink:title="Label : UnobservableInputsAxis to label_UnobservableInputsAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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-20241231.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_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-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans">Net defined benefit liability (asset)</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/terseLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_1" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_1">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_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/periodStartLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_2" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_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="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/periodEndLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_3" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_3">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_3" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:label="ProportionOfOwnershipInterestInJointVenture" xlink:title="ProportionOfOwnershipInterestInJointVenture" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInJointVenture" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInJointVenture">Proportion of ownership interest in joint venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInJointVenture" xlink:to="label_ProportionOfOwnershipInterestInJointVenture" xlink:title="Label : ProportionOfOwnershipInterestInJointVenture to label_ProportionOfOwnershipInterestInJointVenture" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInJointVenture_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInJointVenture_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInJointVenture_1">Proportion Of Ownership Interest In Joint Venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInJointVenture" xlink:to="label_ProportionOfOwnershipInterestInJointVenture_1" xlink:title="Label : ProportionOfOwnershipInterestInJointVenture to label_ProportionOfOwnershipInterestInJointVenture_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="PercentageOfVotingEquityInterestsAcquired" xlink:title="PercentageOfVotingEquityInterestsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingEquityInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfVotingEquityInterestsAcquired" xml:lang="en-US" id="label_PercentageOfVotingEquityInterestsAcquired">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" 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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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_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="ts-20241231.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="https://xbrl.sec.gov/country/2024/country-2024.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="https://xbrl.sec.gov/country/2024/country-2024.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/2024/country-2024.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GeographicalAreasDomain" xlink:label="GeographicalAreasDomain" xlink:title="GeographicalAreasDomain" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasDomain" xml:lang="en-US" id="label_GeographicalAreasDomain">Geographical areas [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasDomain" xlink:to="label_GeographicalAreasDomain" xlink:title="Label : GeographicalAreasDomain to label_GeographicalAreasDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_JointVenturesDomain" xlink:label="JointVenturesDomain" xlink:title="JointVenturesDomain" />
    <link:label xlink:type="resource" xlink:label="label_JointVenturesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JointVenturesDomain" xml:lang="en-US" id="label_JointVenturesDomain">Joint ventures [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JointVenturesDomain" xlink:to="label_JointVenturesDomain" xlink:title="Label : JointVenturesDomain to label_JointVenturesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1">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_1" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections to label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_1" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_1">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_1" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateTerminalValue to label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_2" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_2">Nominal growth rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" xlink:to="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_2" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateTerminalValue to label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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: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/label" 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/terseLabel" xlink:title="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_2" xml:lang="en-US" id="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_2">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_2" xlink:title="Label : PercentageOfVotingRightsHeldInUnconsolidatedEntities to label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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="ts-20241231.xsd#ts_FinitelivedIntangibleAssetResidualUsefulLife" xlink:label="FinitelivedIntangibleAssetResidualUsefulLife" xlink:title="FinitelivedIntangibleAssetResidualUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualUsefulLife" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinitelivedIntangibleAssetResidualUsefulLife" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualUsefulLife">Represents the residual useful life of a finite-lived intangible asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualUsefulLife" xlink:to="label_FinitelivedIntangibleAssetResidualUsefulLife" xlink:title="Label : FinitelivedIntangibleAssetResidualUsefulLife to label_FinitelivedIntangibleAssetResidualUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualUsefulLife_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinitelivedIntangibleAssetResidualUsefulLife_1" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualUsefulLife_1">Finite-lived intangible asset, residual useful life (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualUsefulLife" xlink:to="label_FinitelivedIntangibleAssetResidualUsefulLife_1" xlink:title="Label : FinitelivedIntangibleAssetResidualUsefulLife to label_FinitelivedIntangibleAssetResidualUsefulLife_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:title="CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xml:lang="en-US" id="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:title="Label : CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities to label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_1">Acquisition of subsidiaries, net of cash acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_1" xlink:title="Label : CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities to label_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualUsefulLife_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinitelivedIntangibleAssetResidualUsefulLife_2" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualUsefulLife_2">Finite lived intangible asset residual useful life</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualUsefulLife" xlink:to="label_FinitelivedIntangibleAssetResidualUsefulLife_2" xlink:title="Label : FinitelivedIntangibleAssetResidualUsefulLife to label_FinitelivedIntangibleAssetResidualUsefulLife_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_FinitelivedIntangibleAssetResidualValue" xlink:label="FinitelivedIntangibleAssetResidualValue" xlink:title="FinitelivedIntangibleAssetResidualValue" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinitelivedIntangibleAssetResidualValue" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualValue">Represents the aggregate expected value at the end of their useful life of a finite-lived intangible asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualValue" xlink:to="label_FinitelivedIntangibleAssetResidualValue" xlink:title="Label : FinitelivedIntangibleAssetResidualValue to label_FinitelivedIntangibleAssetResidualValue" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinitelivedIntangibleAssetResidualValue_1" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualValue_1">Finite-lived intangible asset, residual value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualValue" xlink:to="label_FinitelivedIntangibleAssetResidualValue_1" xlink:title="Label : FinitelivedIntangibleAssetResidualValue to label_FinitelivedIntangibleAssetResidualValue_1" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinitelivedIntangibleAssetResidualValue_2" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualValue_2">Finite lived intangible asset residual value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualValue" xlink:to="label_FinitelivedIntangibleAssetResidualValue_2" xlink:title="Label : FinitelivedIntangibleAssetResidualValue to label_FinitelivedIntangibleAssetResidualValue_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ResearchAndDevelopmentExpense" xlink:label="ResearchAndDevelopmentExpense" xlink:title="ResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_ResearchAndDevelopmentExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ResearchAndDevelopmentExpense" xml:lang="en-US" id="label_ResearchAndDevelopmentExpense">Research and development expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResearchAndDevelopmentExpense" xlink:to="label_ResearchAndDevelopmentExpense" xlink:title="Label : ResearchAndDevelopmentExpense to label_ResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_ResearchAndDevelopmentExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ResearchAndDevelopmentExpense_1" xml:lang="en-US" id="label_ResearchAndDevelopmentExpense_1">Research and development expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResearchAndDevelopmentExpense" xlink:to="label_ResearchAndDevelopmentExpense_1" xlink:title="Label : ResearchAndDevelopmentExpense to label_ResearchAndDevelopmentExpense_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_FinitelivedIntangibleAssetUsefulLife" xlink:label="FinitelivedIntangibleAssetUsefulLife" xlink:title="FinitelivedIntangibleAssetUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetUsefulLife" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinitelivedIntangibleAssetUsefulLife" xml:lang="en-US" id="label_FinitelivedIntangibleAssetUsefulLife">Represents the useful life of finite-lived intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetUsefulLife" xlink:to="label_FinitelivedIntangibleAssetUsefulLife" xlink:title="Label : FinitelivedIntangibleAssetUsefulLife to label_FinitelivedIntangibleAssetUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetUsefulLife_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinitelivedIntangibleAssetUsefulLife_1" xml:lang="en-US" id="label_FinitelivedIntangibleAssetUsefulLife_1">Finite-lived intangible asset, useful life (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetUsefulLife" xlink:to="label_FinitelivedIntangibleAssetUsefulLife_1" xlink:title="Label : FinitelivedIntangibleAssetUsefulLife to label_FinitelivedIntangibleAssetUsefulLife_1" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetUsefulLife_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinitelivedIntangibleAssetUsefulLife_2" xml:lang="en-US" id="label_FinitelivedIntangibleAssetUsefulLife_2">Finite lived intangible asset useful life</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetUsefulLife" xlink:to="label_FinitelivedIntangibleAssetUsefulLife_2" xlink:title="Label : FinitelivedIntangibleAssetUsefulLife to label_FinitelivedIntangibleAssetUsefulLife_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_NumberOfMajorBusinessSegments" xlink:label="NumberOfMajorBusinessSegments" xlink:title="NumberOfMajorBusinessSegments" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfMajorBusinessSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfMajorBusinessSegments" xml:lang="en-US" id="label_NumberOfMajorBusinessSegments">Number Of major business segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMajorBusinessSegments" xlink:to="label_NumberOfMajorBusinessSegments" xlink:title="Label : NumberOfMajorBusinessSegments to label_NumberOfMajorBusinessSegments" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfMajorBusinessSegments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfMajorBusinessSegments_1" xml:lang="en-US" id="label_NumberOfMajorBusinessSegments_1">Number of major business segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMajorBusinessSegments" xlink:to="label_NumberOfMajorBusinessSegments_1" xlink:title="Label : NumberOfMajorBusinessSegments to label_NumberOfMajorBusinessSegments_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfMajorBusinessSegments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfMajorBusinessSegments_2" xml:lang="en-US" id="label_NumberOfMajorBusinessSegments_2">Represents the number of major business segments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMajorBusinessSegments" xlink:to="label_NumberOfMajorBusinessSegments_2" xlink:title="Label : NumberOfMajorBusinessSegments to label_NumberOfMajorBusinessSegments_2" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1" xml:lang="en-US" id="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1">Number of board members can be appointed through shareholders agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:to="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1" xlink:title="Label : NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement to label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2" xml:lang="en-US" id="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2">Number of Board members can be appointed through the shareholders agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:to="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2" xlink:title="Label : NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement to label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_PercentOfCompanyVotingCapital" xlink:label="PercentOfCompanyVotingCapital" xlink:title="PercentOfCompanyVotingCapital" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfCompanyVotingCapital" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentOfCompanyVotingCapital" xml:lang="en-US" id="label_PercentOfCompanyVotingCapital">The percent of a company's voting capital represented.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfCompanyVotingCapital" xlink:to="label_PercentOfCompanyVotingCapital" xlink:title="Label : PercentOfCompanyVotingCapital to label_PercentOfCompanyVotingCapital" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfCompanyVotingCapital_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentOfCompanyVotingCapital_1" xml:lang="en-US" id="label_PercentOfCompanyVotingCapital_1">Percent of company voting capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfCompanyVotingCapital" xlink:to="label_PercentOfCompanyVotingCapital_1" xlink:title="Label : PercentOfCompanyVotingCapital to label_PercentOfCompanyVotingCapital_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfCompanyVotingCapital_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentOfCompanyVotingCapital_2" xml:lang="en-US" id="label_PercentOfCompanyVotingCapital_2">Percent of company voting capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfCompanyVotingCapital" xlink:to="label_PercentOfCompanyVotingCapital_2" xlink:title="Label : PercentOfCompanyVotingCapital to label_PercentOfCompanyVotingCapital_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_SharesBoundToSHA" xlink:label="SharesBoundToSHA" xlink:title="SharesBoundToSHA" />
    <link:label xlink:type="resource" xlink:label="label_SharesBoundToSHA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesBoundToSHA" xml:lang="en-US" id="label_SharesBoundToSHA">The amount of shares bound to SHA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesBoundToSHA" xlink:to="label_SharesBoundToSHA" xlink:title="Label : SharesBoundToSHA to label_SharesBoundToSHA" />
    <link:label xlink:type="resource" xlink:label="label_SharesBoundToSHA_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesBoundToSHA_1" xml:lang="en-US" id="label_SharesBoundToSHA_1">Shares bound to SHA (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesBoundToSHA" xlink:to="label_SharesBoundToSHA_1" xlink:title="Label : SharesBoundToSHA to label_SharesBoundToSHA_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesBoundToSHA_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesBoundToSHA_2" xml:lang="en-US" id="label_SharesBoundToSHA_2">Shares bound to sha</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesBoundToSHA" xlink:to="label_SharesBoundToSHA_2" xlink:title="Label : SharesBoundToSHA to label_SharesBoundToSHA_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_PercentageOfVotingCapitalIncreasedInControlGroup_1" xlink:role="http://www.xbrl.org/2003/role/label" 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:label xlink:type="resource" xlink:label="label_PercentageOfVotingCapitalIncreasedInControlGroup_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfVotingCapitalIncreasedInControlGroup_2" xml:lang="en-US" id="label_PercentageOfVotingCapitalIncreasedInControlGroup_2">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_2" xlink:title="Label : PercentageOfVotingCapitalIncreasedInControlGroup to label_PercentageOfVotingCapitalIncreasedInControlGroup_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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-20241231.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-20241231.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="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" 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/terseLabel" xlink:title="label_ProportionOfVotingPowerHeldInAssociate_1" xml:lang="en-US" id="label_ProportionOfVotingPowerHeldInAssociate_1">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_1" xlink:title="Label : ProportionOfVotingPowerHeldInAssociate to label_ProportionOfVotingPowerHeldInAssociate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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: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_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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MaturityDomain" xlink:label="MaturityDomain" xlink:title="MaturityDomain" />
    <link:label xlink:type="resource" xlink:label="label_MaturityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityDomain" xml:lang="en-US" id="label_MaturityDomain">Maturity [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityDomain" xlink:to="label_MaturityDomain" xlink:title="Label : MaturityDomain to label_MaturityDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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: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: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-20241231.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: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_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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiSteelPipeCompanyMember" xlink:to="label_SaudiSteelPipeCompanyMember_2" xlink:title="Label : SaudiSteelPipeCompanyMember to label_SaudiSteelPipeCompanyMember_2" />
    <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:label xlink:type="resource" xlink:label="label_HydrilCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrilCompanyMember_2" xml:lang="en-US" id="label_HydrilCompanyMember_2">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_2" xlink:title="Label : HydrilCompanyMember to label_HydrilCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:label="ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:title="ClassesOfIntangibleAssetsAndGoodwillDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfIntangibleAssetsAndGoodwillDomain" xml:lang="en-US" id="label_ClassesOfIntangibleAssetsAndGoodwillDomain">Classes of intangible assets and goodwill [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:to="label_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:title="Label : ClassesOfIntangibleAssetsAndGoodwillDomain to label_ClassesOfIntangibleAssetsAndGoodwillDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RangeDomain" xlink:label="RangeDomain" xlink:title="RangeDomain" />
    <link:label xlink:type="resource" xlink:label="label_RangeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangeDomain" xml:lang="en-US" id="label_RangeDomain">Range [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeDomain" xlink:to="label_RangeDomain" xlink:title="Label : RangeDomain to label_RangeDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfContractsDomain" xlink:label="TypesOfContractsDomain" xlink:title="TypesOfContractsDomain" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractsDomain" xml:lang="en-US" id="label_TypesOfContractsDomain">Types of contracts [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsDomain" xlink:to="label_TypesOfContractsDomain" xlink:title="Label : TypesOfContractsDomain to label_TypesOfContractsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" xlink:label="CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" xlink:title="CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment">The cash inflow (outflow) due to a decrease (increase) in advance to suppliers of property, plant and equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" xlink:to="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" xlink:title="Label : CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment to label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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-20241231.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: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-20241231.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:loc xlink:type="locator" xlink:href="ts-20241231.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:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_1">Cash Flows from (Used in) Decrease (Increase) in Advance to Suppliers of Property, Plant and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" xlink:to="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_1" xlink:title="Label : CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment to label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/2024/dei-2024.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/2024/dei-2024.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodDomain" xlink:label="NonadjustingEventsAfterReportingPeriodDomain" xlink:title="NonadjustingEventsAfterReportingPeriodDomain" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsAfterReportingPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsAfterReportingPeriodDomain" xml:lang="en-US" id="label_NonadjustingEventsAfterReportingPeriodDomain">Non-adjusting events after reporting period [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsAfterReportingPeriodDomain" xlink:to="label_NonadjustingEventsAfterReportingPeriodDomain" xlink:title="Label : NonadjustingEventsAfterReportingPeriodDomain to label_NonadjustingEventsAfterReportingPeriodDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_2" xml:lang="en-US" id="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_2">Changes in advance to suppliers of property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" xlink:to="label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_2" xlink:title="Label : CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment to label_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:label="PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:title="PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xml:lang="en-US" id="label_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">Capital expenditures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:to="label_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:title="Label : PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets to label_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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: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-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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_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:loc xlink:type="locator" xlink:href="ts-20241231.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: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:loc xlink:type="locator" xlink:href="ts-20241231.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: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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BusinessCombinationsAxis" xlink:label="BusinessCombinationsAxis" xlink:title="BusinessCombinationsAxis" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsAxis" xlink:to="label_BusinessCombinationsAxis" xlink:title="Label : BusinessCombinationsAxis to label_BusinessCombinationsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AuditorsRemunerationAbstract" xlink:label="AuditorsRemunerationAbstract" xlink:title="AuditorsRemunerationAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherCurrentLiabilitiesExplanatory" xlink:to="label_DisclosureOfOtherCurrentLiabilitiesExplanatory" xlink:title="Label : DisclosureOfOtherCurrentLiabilitiesExplanatory to label_DisclosureOfOtherCurrentLiabilitiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory" xlink:label="DisclosureOfFairValueOfPlanAssetsExplanatory" xlink:title="DisclosureOfFairValueOfPlanAssetsExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOtherNoncurrentLiabilitiesExplanatory" xlink:label="DisclosureOfOtherNoncurrentLiabilitiesExplanatory" xlink:title="DisclosureOfOtherNoncurrentLiabilitiesExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherNoncurrentLiabilitiesExplanatory" xlink:to="label_DisclosureOfOtherNoncurrentLiabilitiesExplanatory" xlink:title="Label : DisclosureOfOtherNoncurrentLiabilitiesExplanatory to label_DisclosureOfOtherNoncurrentLiabilitiesExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxTextBlock" xlink:to="label_DeferredTaxTextBlock" xlink:title="Label : DeferredTaxTextBlock to label_DeferredTaxTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxTextBlock_1" xml:lang="en-US" id="label_DeferredTaxTextBlock_1">Deferred tax [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxTextBlock" xlink:to="label_DeferredTaxTextBlock_1" xlink:title="Label : DeferredTaxTextBlock to label_DeferredTaxTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" xml:lang="en-US" id="label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock">The disclosure of deferred tax assets and liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" xlink:to="label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" xlink:title="Label : DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock to label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock_1">Disclosure of deferred tax assets and liabilities [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" xlink:to="label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock_1" xlink:title="Label : DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock to label_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfBorrowingsEvolutionTextBlock" xlink:label="DisclosureOfBorrowingsEvolutionTextBlock" xlink:title="DisclosureOfBorrowingsEvolutionTextBlock" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBorrowingsEvolutionTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBorrowingsEvolutionTextBlock_1" xml:lang="en-US" id="label_DisclosureOfBorrowingsEvolutionTextBlock_1">Disclosure of borrowings evolution [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBorrowingsEvolutionTextBlock" xlink:to="label_DisclosureOfBorrowingsEvolutionTextBlock_1" xlink:title="Label : DisclosureOfBorrowingsEvolutionTextBlock to label_DisclosureOfBorrowingsEvolutionTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock">The disclosure of detailed information about current tax liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock to label_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" />
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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-20241231.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" />
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    <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-20241231.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="ts-20241231.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_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:label xlink:type="resource" xlink:label="label_UsiminasMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsiminasMember_2" xml:lang="en-US" id="label_UsiminasMember_2">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_2" xlink:title="Label : UsiminasMember to label_UsiminasMember_2" />
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    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SignificantInvestmentsInAssociatesDomain" xlink:label="SignificantInvestmentsInAssociatesDomain" xlink:title="SignificantInvestmentsInAssociatesDomain" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInAssociatesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInAssociatesDomain" xml:lang="en-US" id="label_SignificantInvestmentsInAssociatesDomain">Associates [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInAssociatesDomain" xlink:to="label_SignificantInvestmentsInAssociatesDomain" xlink:title="Label : SignificantInvestmentsInAssociatesDomain to label_SignificantInvestmentsInAssociatesDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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="ts-20241231.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/documentation" xlink:title="label_AdjustmentsForReclassificationOfForeignExchangeReserve" xml:lang="en-US" id="label_AdjustmentsForReclassificationOfForeignExchangeReserve">The amount of adjustments for reclassification foreign exchange 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="AdjustmentsForReclassificationOfForeignExchangeReserve" xlink:to="label_AdjustmentsForReclassificationOfForeignExchangeReserve" xlink:title="Label : AdjustmentsForReclassificationOfForeignExchangeReserve to label_AdjustmentsForReclassificationOfForeignExchangeReserve" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US" id="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="Label : AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xml:lang="en-US" id="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1">Impairment charge</link:label>
    <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_TubesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubesMember_2" xml:lang="en-US" id="label_TubesMember_2">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_2" xlink:title="Label : TubesMember to label_TubesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SegmentsDomain" xlink:label="SegmentsDomain" xlink:title="SegmentsDomain" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentsDomain" xml:lang="en-US" id="label_SegmentsDomain">Segments [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsDomain" xlink:to="label_SegmentsDomain" xlink:title="Label : SegmentsDomain to label_SegmentsDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:label="DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:title="DescriptionOfAccountingPolicyForLeasesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLeasesExplanatory">Description of accounting policy for leases [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForLeasesExplanatory to label_DescriptionOfAccountingPolicyForLeasesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:label="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:title="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock">The description of the entity's accounting policy for basis of presentation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:to="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:title="Label : DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock to label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1">Description of accounting policy for basis of presentation [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:to="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1" xlink:title="Label : DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock to label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantAccountingPoliciesAbstract" xlink:to="label_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:title="Label : DisclosureOfSignificantAccountingPoliciesAbstract to label_DisclosureOfSignificantAccountingPoliciesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DelistingOfSharesFromStockExchangeExplanatory" xlink:to="label_DelistingOfSharesFromStockExchangeExplanatory" xlink:title="Label : DelistingOfSharesFromStockExchangeExplanatory to label_DelistingOfSharesFromStockExchangeExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DelistingOfSharesFromStockExchangeExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DelistingOfSharesFromStockExchangeExplanatory_1" xml:lang="en-US" id="label_DelistingOfSharesFromStockExchangeExplanatory_1">Delisting of shares from stock exchange [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DelistingOfSharesFromStockExchangeExplanatory" xlink:to="label_DelistingOfSharesFromStockExchangeExplanatory_1" xlink:title="Label : DelistingOfSharesFromStockExchangeExplanatory to label_DelistingOfSharesFromStockExchangeExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DelistingOfSharesFromStockExchangeExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DelistingOfSharesFromStockExchangeExplanatory_2" xml:lang="en-US" id="label_DelistingOfSharesFromStockExchangeExplanatory_2">The entire disclosure describing the delisting of shares from a stock exchange.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DelistingOfSharesFromStockExchangeExplanatory" xlink:to="label_DelistingOfSharesFromStockExchangeExplanatory_2" xlink:title="Label : DelistingOfSharesFromStockExchangeExplanatory to label_DelistingOfSharesFromStockExchangeExplanatory_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:label="DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:title="DisclosureOfDelistingOfSharesFromStockExchangeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xml:lang="en-US" id="label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract">Disclosure of Delisting of Shares from Stock Exchange [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:to="label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:title="Label : DisclosureOfDelistingOfSharesFromStockExchangeAbstract to label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_DisclosureOfEventsAfterReportingPeriodExplanatory" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodExplanatory">Note 37 - 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" 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/label" xlink:title="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1">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_1" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodExplanatory to label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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 37 - 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-20241231.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/label" xlink:title="label_DisclosureOfClimateChangeTextBlock" xml:lang="en-US" id="label_DisclosureOfClimateChangeTextBlock">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" 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/terseLabel" xlink:title="label_DisclosureOfClimateChangeTextBlock_2" xml:lang="en-US" id="label_DisclosureOfClimateChangeTextBlock_2">Note 36 - 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_2" xlink:title="Label : DisclosureOfClimateChangeTextBlock to label_DisclosureOfClimateChangeTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:to="label_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:title="Label : IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl to label_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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 36 - 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-20241231.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/documentation" xlink:title="label_DisclosureOfShareBuybackTextBlock" xml:lang="en-US" id="label_DisclosureOfShareBuybackTextBlock">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" 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/terseLabel" xlink:title="label_DisclosureOfShareBuybackTextBlock_2" xml:lang="en-US" id="label_DisclosureOfShareBuybackTextBlock_2">Note 35 - 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_2" xlink:title="Label : DisclosureOfShareBuybackTextBlock to label_DisclosureOfShareBuybackTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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 35 - 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-20241231.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: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="ts-20241231.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-20241231.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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-20241231.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: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-20241231.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-20241231.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-20241231.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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: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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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">Other comprehensive income of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="Label : ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2" xml:lang="en-US" id="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2">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_2" xlink:title="Label : DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory to label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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:label xlink:type="resource" xlink:label="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1" xml:lang="en-US" id="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1">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_1" xlink:title="Label : DisclosureOfOtherOperatingIncomeExpenseExplanatory to label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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-20241231.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1" xml:lang="en-US" id="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1">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_1" xlink:title="Label : DisclosureOfMaterialAccountingPolicyInformationExplanatory to label_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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="ts-20241231.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:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentWorkingCapital_1" xlink:role="http://www.xbrl.org/2003/role/label" 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:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentWorkingCapital_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyTranslationAdjustmentWorkingCapital_2" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentWorkingCapital_2">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_2" xlink:title="Label : CurrencyTranslationAdjustmentWorkingCapital to label_CurrencyTranslationAdjustmentWorkingCapital_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xml:lang="en-US" id="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract">Items that will not be reclassified to profit or loss:</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" 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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xml:lang="en-US" id="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax">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" xlink:title="Label : OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax to label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1">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_1" xlink:title="Label : OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax to label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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>
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    <link:label xlink:type="resource" xlink:label="label_OtherAdjustmentsForNoncashItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherAdjustmentsForNoncashItems_1" xml:lang="en-US" id="label_OtherAdjustmentsForNoncashItems_1">Others, including net foreign 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_1" xlink:title="Label : OtherAdjustmentsForNoncashItems to label_OtherAdjustmentsForNoncashItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="AdjustmentsForProvisions" xlink:title="AdjustmentsForProvisions" />
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    <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" />
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    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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">Total number of shares issued</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:label xlink:type="resource" xlink:label="label_NumberOfSharesIssued_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesIssued_2" xml:lang="en-US" id="label_NumberOfSharesIssued_2">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_2" xlink:title="Label : NumberOfSharesIssued to label_NumberOfSharesIssued_2" />
    <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_ParValuePerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ParValuePerShare_2" xml:lang="en-US" id="label_ParValuePerShare_2">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_2" xlink:title="Label : ParValuePerShare to label_ParValuePerShare_2" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" 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_NumberOfSharesOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesOutstanding_2" xml:lang="en-US" id="label_NumberOfSharesOutstanding_2">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_2" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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="ts-20241231.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/terseLabel" xlink:title="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xml:lang="en-US" id="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies">- Changes in the value of cash flow hedges and instruments at fair value, net of income tax</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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" />
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    <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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_CancellationOfTreasuryShares" xml:lang="en-US" id="label_CancellationOfTreasuryShares">Cancellation of own 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:label xlink:type="resource" xlink:label="label_CancellationOfTreasuryShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CancellationOfTreasuryShares_1" xml:lang="en-US" id="label_CancellationOfTreasuryShares_1">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_1" xlink:title="Label : CancellationOfTreasuryShares to label_CancellationOfTreasuryShares_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_PurchaseOfTreasuryShares_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PurchaseOfTreasuryShares_3" xml:lang="en-US" id="label_PurchaseOfTreasuryShares_3">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_3" xlink:title="Label : PurchaseOfTreasuryShares to label_PurchaseOfTreasuryShares_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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" />
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    <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-20241231.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/label" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xml:lang="en-US" id="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies">Other comprehensive income loss net of tax exchange differences on translation attributable to nonconsolidated companies</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: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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1">- 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_1" xlink:title="Label : OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2" xml:lang="en-US" id="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2">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_2" xlink:title="Label : OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_3" xml:lang="en-US" id="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_3">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_3" xlink:title="Label : OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2009/role/netLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">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" 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/periodEndLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2">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_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/label" 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:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4">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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:title="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xml:lang="en-US" id="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:to="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:title="Label : IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss to label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_1" xml:lang="en-US" id="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_1">Income tax relating to components of other comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:to="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_1" xlink:title="Label : IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss to label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_1" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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: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_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:label xlink:type="resource" xlink:label="label_NoncurrentAssets_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssets_3" xml:lang="en-US" id="label_NoncurrentAssets_3">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_3" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_NoncurrentReceivables_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivables_2" xml:lang="en-US" id="label_NoncurrentReceivables_2">Receivables, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivables" xlink:to="label_NoncurrentReceivables_2" xlink:title="Label : NoncurrentReceivables to label_NoncurrentReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DeferredTaxAssets_1" xml:lang="en-US" id="label_DeferredTaxAssets_1">Deferred tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets_1" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssets_2" xml:lang="en-US" id="label_DeferredTaxAssets_2">Deferred tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets_2" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets_3" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_DeferredTaxAssets_3" xml:lang="en-US" id="label_DeferredTaxAssets_3">Deferred rax assets included in tax calculated for each country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets_3" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialAssets" xlink:to="label_NoncurrentDerivativeFinancialAssets_1" xlink:title="Label : NoncurrentDerivativeFinancialAssets to label_NoncurrentDerivativeFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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" />
    <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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:label="ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:title="ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xml:lang="en-US" id="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax">Reserve of exchange differences on translation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:to="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:title="Label : ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax to label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_1" xml:lang="en-US" id="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_1">Reclassification adjustments on exchange differences on translation of foreign operations, before tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:to="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_1" xlink:title="Label : ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax to label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_1" />
    <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:label xlink:type="resource" xlink:label="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_2" xml:lang="en-US" id="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_2">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="ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:to="label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_2" xlink:title="Label : ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax to label_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_2" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2">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_2" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xml:lang="en-US" id="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax">Gains (losses) on exchange differences on translation of foreign operations, before tax</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:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_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="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/terseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4">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_4" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_5" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_5" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_5">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_5" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_5" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_RightofuseAssets_1" xml:lang="en-US" id="label_RightofuseAssets_1">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_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/label" xlink:title="label_RightofuseAssets_3" xml:lang="en-US" id="label_RightofuseAssets_3">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_3" xlink:title="Label : RightofuseAssets to label_RightofuseAssets_3" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_RightofuseAssets_4" xml:lang="en-US" id="label_RightofuseAssets_4">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_4" xlink:title="Label : RightofuseAssets to label_RightofuseAssets_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/verboseLabel" xlink:title="label_IntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill">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" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_1">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_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/periodStartLabel" xlink:title="label_IntangibleAssetsAndGoodwill_3" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_3">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_3" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_3" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax_1" xml:lang="en-US" id="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax_1">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_1" xlink:title="Label : GainsLossesOnExchangeDifferencesOnTranslationBeforeTax to label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:title="ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xml:lang="en-US" id="label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract">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" xlink:title="Label : ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract to label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_4" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_IntangibleAssetsAndGoodwill_4" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_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="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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" 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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShareFromContinuingOperations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutedEarningsLossPerShareFromContinuingOperations_1" xml:lang="en-US" id="label_DilutedEarningsLossPerShareFromContinuingOperations_1">Diluted earnings per share (U.S. dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShareFromContinuingOperations" xlink:to="label_DilutedEarningsLossPerShareFromContinuingOperations_1" xlink:title="Label : DilutedEarningsLossPerShareFromContinuingOperations to label_DilutedEarningsLossPerShareFromContinuingOperations_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1">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_1" xlink:title="Label : ComprehensiveIncomeAttributableToNoncontrollingInterests to label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherComprehensiveIncome_1" xml:lang="en-US" id="label_OtherComprehensiveIncome_1">Other 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="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome_1" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncome_2" xml:lang="en-US" id="label_OtherComprehensiveIncome_2">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_2" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShareFromContinuingOperations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BasicEarningsLossPerShareFromContinuingOperations_1" xml:lang="en-US" id="label_BasicEarningsLossPerShareFromContinuingOperations_1">Basic earnings per share (U.S. dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShareFromContinuingOperations" xlink:to="label_BasicEarningsLossPerShareFromContinuingOperations_1" xlink:title="Label : BasicEarningsLossPerShareFromContinuingOperations to label_BasicEarningsLossPerShareFromContinuingOperations_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/label" xlink:title="label_ProfitLossAttributableToOwnersOfParent" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent">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" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent" />
    <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/verboseLabel" xlink:title="label_ProfitLossAttributableToOwnersOfParent_2" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent_2">Net (loss) / 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_2" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/terseLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations">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" 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/negatedTerseLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_1" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_1">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_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/negatedTotalLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_2" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_2">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_2" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_2" />
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    <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" />
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    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="Label : ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2003/role/label" xlink:title="label_FinanceCosts" xml:lang="en-US" id="label_FinanceCosts">Finance costs</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/2009/role/negatedLabel" xlink:title="label_FinanceCosts_1" xml:lang="en-US" id="label_FinanceCosts_1">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_1" xlink:title="Label : FinanceCosts to label_FinanceCosts_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherExpenseByFunction_1" xml:lang="en-US" id="label_OtherExpenseByFunction_1">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_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/2003/role/verboseLabel" xlink:title="label_OtherExpenseByFunction_3" xml:lang="en-US" id="label_OtherExpenseByFunction_3">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_3" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction_3" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherExpenseByFunction_4" xml:lang="en-US" id="label_OtherExpenseByFunction_4">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_4" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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: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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:label="SellingGeneralAndAdministrativeExpense" xlink:title="SellingGeneralAndAdministrativeExpense" />
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    <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_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1">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="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xlink:title="Label : ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_2" xlink:title="Label : ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:label="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:title="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" />
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    <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" />
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    <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" />
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    <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_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_2" xml:lang="en-US" id="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_2">Income before equity in earnings of non-consolidated companies and income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:to="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_2" xlink:title="Label : LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax to label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_2" />
    <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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3" xml:lang="en-US" id="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3">Loss income before equity in earnings of nonconsolidated companies and income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:to="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3" xlink:title="Label : LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax to label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3" />
    <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:label xlink:type="resource" xlink:label="label_Revenue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" 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/label" 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:label xlink:type="resource" xlink:label="label_Revenue_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Revenue_3" xml:lang="en-US" id="label_Revenue_3">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_3" xlink:title="Label : Revenue to label_Revenue_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.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:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EarningsPerShareTable" xlink:label="EarningsPerShareTable" xlink:title="EarningsPerShareTable" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareTable" xml:lang="en-US" id="label_EarningsPerShareTable">Earnings per share [table]</link:label>
    <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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024/dei-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2003/role/label" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">Impairment loss (reversal of impairment loss) recognised in profit or loss</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/verboseLabel" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1">Less impairment charges (non-deductible)</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.sec.gov/dei/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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/2024/dei-2024.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:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.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:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentRegistrationStatement" xlink:label="DocumentRegistrationStatement" xlink:title="DocumentRegistrationStatement" />
    <link:label xlink:type="resource" xlink:label="label_DocumentRegistrationStatement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentRegistrationStatement" xml:lang="en-US" id="label_DocumentRegistrationStatement">Document Registration Statement</link:label>
    <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" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en-US" id="label_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="Label : AmendmentFlag to label_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en-US" id="label_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="Label : DocumentType to label_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en-US" id="label_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="Label : EntityRegistrantName to label_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationLineItems" xlink:label="DocumentInformationLineItems" xlink:title="DocumentInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentInformationLineItems" xml:lang="en-US" id="label_DocumentInformationLineItems">Document Information [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentInformationLineItems" xlink:to="label_DocumentInformationLineItems" xlink:title="Label : DocumentInformationLineItems to label_DocumentInformationLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_BusinessContactMember" xlink:label="BusinessContactMember" xlink:title="BusinessContactMember" />
    <link:label xlink:type="resource" xlink:label="label_BusinessContactMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessContactMember" xml:lang="en-US" id="label_BusinessContactMember">Business Contact</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessContactMember" xlink:to="label_BusinessContactMember" xlink:title="Label : BusinessContactMember to label_BusinessContactMember" />
    <link:label xlink:type="resource" xlink:label="label_BusinessContactMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessContactMember_1" xml:lang="en-US" id="label_BusinessContactMember_1">Business Contact [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessContactMember" xlink:to="label_BusinessContactMember_1" xlink:title="Label : BusinessContactMember to label_BusinessContactMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AddressTypeDomain" xlink:label="AddressTypeDomain" xlink:title="AddressTypeDomain" />
    <link:label xlink:type="resource" xlink:label="label_AddressTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AddressTypeDomain" xml:lang="en-US" id="label_AddressTypeDomain">Address Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AddressTypeDomain" xlink:to="label_AddressTypeDomain" xlink:title="Label : AddressTypeDomain to label_AddressTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressesAddressTypeAxis" xlink:label="EntityAddressesAddressTypeAxis" xlink:title="EntityAddressesAddressTypeAxis" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressesAddressTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressesAddressTypeAxis" xml:lang="en-US" id="label_EntityAddressesAddressTypeAxis">Entity Addresses, Address Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressesAddressTypeAxis" xlink:to="label_EntityAddressesAddressTypeAxis" xlink:title="Label : EntityAddressesAddressTypeAxis to label_EntityAddressesAddressTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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_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="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComponentsOfEquityDomain" xlink:label="ComponentsOfEquityDomain" xlink:title="ComponentsOfEquityDomain" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfEquityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComponentsOfEquityDomain" xml:lang="en-US" id="label_ComponentsOfEquityDomain">Components of equity [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfEquityDomain" xlink:to="label_ComponentsOfEquityDomain" xlink:title="Label : ComponentsOfEquityDomain to label_ComponentsOfEquityDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.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/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OrdinarySharesMember" xlink:label="OrdinarySharesMember" xlink:title="OrdinarySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_OrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OrdinarySharesMember" xml:lang="en-US" id="label_OrdinarySharesMember">Ordinary shares [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrdinarySharesMember" xlink:to="label_OrdinarySharesMember" xlink:title="Label : OrdinarySharesMember to label_OrdinarySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_OrdinarySharesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OrdinarySharesMember_1" xml:lang="en-US" id="label_OrdinarySharesMember_1">Ordinary Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrdinarySharesMember" xlink:to="label_OrdinarySharesMember_1" xlink:title="Label : OrdinarySharesMember to label_OrdinarySharesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_AmericanDepositarySharesMember" xlink:label="AmericanDepositarySharesMember" xlink:title="AmericanDepositarySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_AmericanDepositarySharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmericanDepositarySharesMember" xml:lang="en-US" id="label_AmericanDepositarySharesMember">American Depositary Shares [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmericanDepositarySharesMember" xlink:to="label_AmericanDepositarySharesMember" xlink:title="Label : AmericanDepositarySharesMember to label_AmericanDepositarySharesMember" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationTable" xlink:label="DocumentInformationTable" xlink:title="DocumentInformationTable" />
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    <link:loc xlink:type="locator" xlink:href="ts-20241231.xsd#ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets" xlink:label="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets" xlink:title="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementOfShareBuyBackProgramLiability" xlink:to="label_SettlementOfShareBuyBackProgramLiability" xlink:title="Label : SettlementOfShareBuyBackProgramLiability to label_SettlementOfShareBuyBackProgramLiability" />
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  <xsd:element name="ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" id="ts_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ServicesToThirdPartiesMember" id="ts_ServicesToThirdPartiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CollectionFromThirdParty" id="ts_CollectionFromThirdParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CollectionTransactionFee" id="ts_CollectionTransactionFee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ConfabIndustrialSaMember" id="ts_ConfabIndustrialSaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessAcquisitionConsiderationPaymentReceivable" id="ts_BusinessAcquisitionConsiderationPaymentReceivable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" id="ts_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" id="ts_DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" id="ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" id="ts_AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" id="ts_IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherNotesFixedIncomeMember" id="ts_OtherNotesFixedIncomeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ImmobiliareCulturaIndustrialeSRLMember" id="ts_ImmobiliareCulturaIndustrialeSRLMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ElectricPowerGenerationCapacity" id="ts_ElectricPowerGenerationCapacity" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="BusinessCombinationBargainPurchaseGainRecognized" id="ts_BusinessCombinationBargainPurchaseGainRecognized" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="BusinessAcquisitionConsiderationPaymentPayable" id="ts_BusinessAcquisitionConsiderationPaymentPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PreliminaryValueMember" id="ts_PreliminaryValueMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SettlementAgreementMember" id="ts_SettlementAgreementMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AgreementDomain" id="ts_AgreementDomain" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AgreementAxis" id="ts_AgreementAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrencyDevaluationPercentageRatePerMonth" id="ts_CurrencyDevaluationPercentageRatePerMonth" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ForeignExchangeRatesMember" id="ts_ForeignExchangeRatesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationsIntangibleAssetsIncreaseDecrease" id="ts_BusinessCombinationsIntangibleAssetsIncreaseDecrease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfOverdraftsVariationOnBorrowings" id="ts_EffectOfOverdraftsVariationOnBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfBusinessCombinationsOnBorrowings" id="ts_EffectOfBusinessCombinationsOnBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" id="ts_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfNetProceedsAndRepaymentsOnBorrowings" id="ts_EffectOfNetProceedsAndRepaymentsOnBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfTranslationDifferencesOnBorrowings" id="ts_EffectOfTranslationDifferencesOnBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherInvestmentsNonCurrentFixedIncome" id="ts_OtherInvestmentsNonCurrentFixedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="LessThan10PercentMember" id="ts_LessThan10PercentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BrazilianRealUsDollarForeignExchangeRiskMember" id="ts_BrazilianRealUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="USSteelCorporationMember" id="ts_USSteelCorporationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="COARCOSAMember" id="ts_COARCOSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" id="ts_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="GainLossRelatedToProvisionForLitigationRelatedToAcquisition" id="ts_GainLossRelatedToProvisionForLitigationRelatedToAcquisition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfOutstandingSharesInAssociate" id="ts_PercentageOfOutstandingSharesInAssociate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" id="ts_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" id="ts_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForLitigationRelatedToAcquisition" id="ts_ProvisionForLitigationRelatedToAcquisition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ChangesInShareBuybackProgramLiability" id="ts_ChangesInShareBuybackProgramLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PurchaseOfOtherInvestmentsAtFairValue" id="ts_PurchaseOfOtherInvestmentsAtFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForLitigationProvisionRelatedToAcquisition" id="ts_AdjustmentsForLitigationProvisionRelatedToAcquisition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForBargainPurchaseGain" id="ts_AdjustmentsForBargainPurchaseGain" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" id="ts_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" type="dtr-types: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="ManufacturingCapacitySteelPipes" id="ts_ManufacturingCapacitySteelPipes" type="dtr-types:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DefinitiveAgreementMember" id="ts_DefinitiveAgreementMember" 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="InnerMongoliaBaotouSteelUnionCompanyLtdMember" id="ts_InnerMongoliaBaotouSteelUnionCompanyLtdMember" 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="WeldedPipePlantInWestSiberiaMember" id="ts_WeldedPipePlantInWestSiberiaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfVotingCapitalInControlGroup" id="ts_PercentageOfVotingCapitalInControlGroup" type="dtr-types:percentItemType" 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="GrossGainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" id="ts_GrossGainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NetAssetsSoldInDisposalCarryingAmount" id="ts_NetAssetsSoldInDisposalCarryingAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" id="ts_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="GrossProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations" id="ts_GrossProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherLiabilitiesRecognisedAsOfAcquisitionDate" id="ts_OtherLiabilitiesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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" />
  <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="AcquisitionOfIPSCOMember" id="ts_AcquisitionOfIPSCOMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <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="DividendsPayableAmountPerShares" id="ts_DividendsPayableAmountPerShares" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" id="ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SecondTrancheMember" id="ts_SecondTrancheMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="PercentageOfEnergyRequirementsInThatMillToBeSupplied" id="ts_PercentageOfEnergyRequirementsInThatMillToBeSupplied" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="dtr-types:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfEnergyRequirementsSupplied" id="ts_PercentageOfEnergyRequirementsSupplied" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInWindfarm" id="ts_InvestmentsInWindfarm" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" id="ts_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" type="xbrli:stringItemType" 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="PercentageOfTargetForReducingCarbonEmissionsIntensity" id="ts_PercentageOfTargetForReducingCarbonEmissionsIntensity" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="SecondWindFarmInArgentinaMember" id="ts_SecondWindFarmInArgentinaMember" 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="MediumTermTargetMember" id="ts_MediumTermTargetMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" 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="TimeHorizonAxis" id="ts_TimeHorizonAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfClimateChangeTable" id="ts_DisclosureOfClimateChangeTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="StockRepurchasedProgramSharesAuthorised" id="ts_StockRepurchasedProgramSharesAuthorised" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfStockRepurchasedProgramSharesAuthorised" id="ts_PercentageOfStockRepurchasedProgramSharesAuthorised" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="StockRepurchasedProgramPaymentAuthorised" id="ts_StockRepurchasedProgramPaymentAuthorised" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfLimitSharesBuybackAuthorized" id="ts_PercentageOfLimitSharesBuybackAuthorized" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfTreasurySharesPurchased" id="ts_NumberOfTreasurySharesPurchased" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfNumberOfSharesOutstanding" id="ts_PercentageOfNumberOfSharesOutstanding" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfSharesApprovedForBuyback" id="ts_NumberOfSharesApprovedForBuyback" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfShareBuybackProgramLineItems" id="ts_DisclosureOfShareBuybackProgramLineItems" type="xbrli:stringItemType" 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="NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" id="ts_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" 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="NationalizationOfSubsidiariesReimbursementExpenses" id="ts_NationalizationOfSubsidiariesReimbursementExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" id="ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" 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="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <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="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" id="ts_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesPostawardInterestRate" id="ts_NationalizationOfSubsidiariesPostawardInterestRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="NationalizationOfSubsidiariesReimbursementOfLegalFees" id="ts_NationalizationOfSubsidiariesReimbursementOfLegalFees" 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="NationalizationOfSubsidiariesPreawardInterest" id="ts_NationalizationOfSubsidiariesPreawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <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="NationalizationOfSubsidiariesNetResults" id="ts_NationalizationOfSubsidiariesNetResults" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardCollected" id="ts_NationalizationOfSubsidiariesCompensationAwardCollected" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="FederalCourtInDistrictOfColumbiaMember" id="ts_FederalCourtInDistrictOfColumbiaMember" 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="TavsaAndComsiguaMember" id="ts_TavsaAndComsiguaMember" 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="MaximumPeriodToDecideAloocationsOfPurchasePrice" id="ts_MaximumPeriodToDecideAloocationsOfPurchasePrice" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="AreaOfOperations" id="ts_AreaOfOperations" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="GuaranteeFinancialDebt" id="ts_GuaranteeFinancialDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AcquisitionRelatedCosts" id="ts_AcquisitionRelatedCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RepublicTubeLLCMember" id="ts_RepublicTubeLLCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IsoplusMediterraneanSRLSMember" id="ts_IsoplusMediterraneanSRLSMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ErndtebrueckerEisenwerkMember" id="ts_ErndtebrueckerEisenwerkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IdentifiableAssetsAcquiredLiabilitiesAssumedOther" id="ts_IdentifiableAssetsAcquiredLiabilitiesAssumedOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="PrudentialSteelLtdMember" id="ts_PrudentialSteelLtdMember" 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="TenarisInvestmentsNLBVMember" id="ts_TenarisInvestmentsNLBVMember" 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="TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" id="ts_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" 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="TenarisGlobalServicesSaAndSubsidiariesMember" id="ts_TenarisGlobalServicesSaAndSubsidiariesMember" 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="TenarisGlobalServicesUsaCorporationMember" id="ts_TenarisGlobalServicesUsaCorporationMember" 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="TenarisConnectionsBvMember" id="ts_TenarisConnectionsBvMember" 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="SiatSociedadAnonimaMember" id="ts_SiatSociedadAnonimaMember" 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="PtSeamlessPipeIndonesiaJayaMember" id="ts_PtSeamlessPipeIndonesiaJayaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BrederoShawInternationaBVAndSubsidiariesMember" id="ts_BrederoShawInternationaBVAndSubsidiariesMember" 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="ExirosBVAndSubsidiariesMember" id="ts_ExirosBVAndSubsidiariesMember" 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="TubularServicesAngolaLdaMember" id="ts_TubularServicesAngolaLdaMember" 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="TenarisBaogangBaotouSteelPipesLtdMember" id="ts_TenarisBaogangBaotouSteelPipesLtdMember" 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="TubularsFinishingNigeriaLimitedMember" id="ts_TubularsFinishingNigeriaLimitedMember" 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="AuditorsRemunerationForAcquisitionServices" id="ts_AuditorsRemunerationForAcquisitionServices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <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="FinancialDebtRelatedParties" id="ts_FinancialDebtRelatedParties" 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="FinanceLeaseLiabilitiesFromAssociatedCompanies" id="ts_FinanceLeaseLiabilitiesFromAssociatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <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="DividendsDistributedRelatedPartyTransactions" id="ts_DividendsDistributedRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DividendsReceivedRelatedPartyTransactions" id="ts_DividendsReceivedRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" id="ts_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" 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="RevenueRelatedPartyTransactions" id="ts_RevenueRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TechintHoldingsSarlMember" id="ts_TechintHoldingsSarlMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnitsIssuedRelatedPartyTransactions" id="ts_UnitsIssuedRelatedPartyTransactions" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfOwnershipInterest" id="ts_PercentageOfOwnershipInterest" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SanFaustinSaMember" id="ts_SanFaustinSaMember" type="dtr-types:domainItemType" 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="InterestAccrualsLessPaymentsNetAbstract" id="ts_InterestAccrualsLessPaymentsNetAbstract" 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="IncomeTaxAccrualsLessPaymentsAbstract" id="ts_IncomeTaxAccrualsLessPaymentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" id="ts_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="PercentageOfEntitysNetEquity" id="ts_PercentageOfEntitysNetEquity" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="BondMaturityTerm" id="ts_BondMaturityTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPercentageOfExportProceedsWhichCanBeSold" id="ts_MaximumPercentageOfExportProceedsWhichCanBeSold" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="UsDollarDenominatedArgentineBondsMember" id="ts_UsDollarDenominatedArgentineBondsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ArgentineSubsidiariesMember" id="ts_ArgentineSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InternationalMarketMember" id="ts_InternationalMarketMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="PercentOfMinimumTransferOfNetProfitUntilLegalReserveEqualsIssuedShareCapital" id="ts_PercentOfMinimumTransferOfNetProfitUntilLegalReserveEqualsIssuedShareCapital" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentOfMinimumTransferOfNetProfitToLegalReserve" id="ts_PercentOfMinimumTransferOfNetProfitToLegalReserve" type="dtr-types: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="FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct" id="ts_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DumpingRateImposed" id="ts_DumpingRateImposed" type="dtr-types:percentItemType" 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="TermOfSupplyContractAvailableExtension" id="ts_TermOfSupplyContractAvailableExtension" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MasterDistributionAgreementTerm" id="ts_MasterDistributionAgreementTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <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="MaximumNumberOfTonsOfPelletsSuppliedAnnually" id="ts_MaximumNumberOfTonsOfPelletsSuppliedAnnually" type="dtr-types:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentOfAnnualIronOreNeedsSupplied" id="ts_PercentOfAnnualIronOreNeedsSupplied" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PurchaseCommitmentsPercentageToBeMade" id="ts_PurchaseCommitmentsPercentageToBeMade" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ProportionOfPowerGenerationCapacity" id="ts_ProportionOfPowerGenerationCapacity" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <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="TermOfSupplyContract" id="ts_TermOfSupplyContract" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FineImposedPercentageOfAllegedlyUndueCredits" id="ts_FineImposedPercentageOfAllegedlyUndueCredits" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="SettlementAmountOrderedToPayDamages" id="ts_SettlementAmountOrderedToPayDamages" 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="SettlementAmountOrderedToPay" id="ts_SettlementAmountOrderedToPay" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" id="ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" type="dtr-types:percentItemType" 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="TagalongTenderOfferToNoncontrollingInterests" id="ts_TagalongTenderOfferToNoncontrollingInterests" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterestsPercentage" id="ts_TagalongTenderOfferToNoncontrollingInterestsPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfCompensationPayable" id="ts_PercentageOfCompensationPayable" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfInterestPayablePerMonth" id="ts_PercentageOfInterestPayablePerMonth" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfSubsidiaries" id="ts_NumberOfSubsidiaries" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PresidenteNestorKirchnerGasPipelineMember" id="ts_PresidenteNestorKirchnerGasPipelineMember" 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="VestasGroupMember" id="ts_VestasGroupMember" 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="ChubbMember" id="ts_ChubbMember" 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="TerniumMexicoSADeCVMember" id="ts_TerniumMexicoSADeCVMember" 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="AirLiquideMexicoSDeRLDeCVMember" id="ts_AirLiquideMexicoSDeRLDeCVMember" 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="ValeInternationalSAMember" id="ts_ValeInternationalSAMember" 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="PraxairSAMember" id="ts_PraxairSAMember" 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="TribunalDeContasDaUniaoMember" id="ts_TribunalDeContasDaUniaoMember" 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="PetroleoBrasileiroSaMember" id="ts_PetroleoBrasileiroSaMember" 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="OctgProductMember" id="ts_OctgProductMember" 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="ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" id="ts_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" 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="TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" id="ts_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" 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="TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" id="ts_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" 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="TaxContingentLiabilityRelatedToFiscalYear2014Member" id="ts_TaxContingentLiabilityRelatedToFiscalYear2014Member" 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="TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" id="ts_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" 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="ProductLiabilityLitigationMember" id="ts_ProductLiabilityLitigationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="JFESteelCorporationMember" id="ts_JFESteelCorporationMember" 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="DalmineSPAAndSubsidiariesMember" id="ts_DalmineSPAAndSubsidiariesMember" 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="ForeignExchangeAndCommoditiesDerivativesContractsMember" id="ts_ForeignExchangeAndCommoditiesDerivativesContractsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommoditiesDerivativeContractsNickelMember" id="ts_CommoditiesDerivativeContractsNickelMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommoditiesDerivativeContractsPSVGasMember" id="ts_CommoditiesDerivativeContractsPSVGasMember" 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="CommoditiesDerivativeContractsElectricEnergyMember" id="ts_CommoditiesDerivativeContractsElectricEnergyMember" 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="CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" id="ts_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" 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="CommodityDerivativesContractMember" id="ts_CommodityDerivativesContractMember" 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="TermOneMember" id="ts_TermOneMember" 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="ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" 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="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" 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="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" 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="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" 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="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" 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="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PurchaseForeignExchangeContractMember" id="ts_PurchaseForeignExchangeContractMember" 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="OtherDerivativesMember" id="ts_OtherDerivativesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="AdditionalProvisionsOtherProvisionsReversals" id="ts_AdditionalProvisionsOtherProvisionsReversals" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="ProvisionsForCurrentLiabilitiesMember" id="ts_ProvisionsForCurrentLiabilitiesMember" 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="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" id="ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" 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="ProvisionForNoncurrentLiabilitiesMember" id="ts_ProvisionForNoncurrentLiabilitiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <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="AmountPayableUnderShareBuyback" id="ts_AmountPayableUnderShareBuyback" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="OtherAssetsPercentContributedToFairValueOfPlanAssets" id="ts_OtherAssetsPercentContributedToFairValueOfPlanAssets" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" id="ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" id="ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="FairValueOfFundedPostemploymentBenefitsMember" id="ts_FairValueOfFundedPostemploymentBenefitsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" id="ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <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="OtherNoncurrentBenefitsLiability" id="ts_OtherNoncurrentBenefitsLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" id="ts_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NetPostEmploymentBenefitsFundedExposedAsLiabilities" id="ts_NetPostEmploymentBenefitsFundedExposedAsLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <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="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="DeferredTaxAssetsMember" id="ts_DeferredTaxAssetsMember" 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="DeferredTaxAssetsTaxLossMember" id="ts_DeferredTaxAssetsTaxLossMember" 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="DeferredTaxAssetsProvisionsAndAllowancesMember" id="ts_DeferredTaxAssetsProvisionsAndAllowancesMember" 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="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" id="ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" 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="DeferredTaxLiabilitiesFixedAssetsMember" id="ts_DeferredTaxLiabilitiesFixedAssetsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaximumCarryForwardPeriodForLossesIncurred" id="ts_MaximumCarryForwardPeriodForLossesIncurred" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" id="ts_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" id="ts_RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringWithinOneYearPercentage" id="ts_RecognizedTaxLossesExpiringWithinOneYearPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <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="EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" 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="EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" 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="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" 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="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" 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="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" 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="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="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="SidercaSaicAndSubsidiariesMember" id="ts_SidercaSaicAndSubsidiariesMember" 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="TamsaHydrilAndOtherThreeMember" id="ts_TamsaHydrilAndOtherThreeMember" 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="TamsaHydrilAndOtherOneMember" id="ts_TamsaHydrilAndOtherOneMember" 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="MaverickTubeCorporationAndSubsidiariesMember" id="ts_MaverickTubeCorporationAndSubsidiariesMember" 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="MaverickTubeCorporationAndSubsidiariesOneMember" id="ts_MaverickTubeCorporationAndSubsidiariesOneMember" 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="SignificantBorrowingsThreeAsOfClosingDateMember" id="ts_SignificantBorrowingsThreeAsOfClosingDateMember" 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="SignificantBorrowingsOneAsOfClosingDateMember" id="ts_SignificantBorrowingsOneAsOfClosingDateMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SignificantBorrowingsAsOfClosingDateMember" id="ts_SignificantBorrowingsAsOfClosingDateMember" 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="OtherBorrowingsMember" id="ts_OtherBorrowingsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <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="CurrentBorrowingsBeforeCostsOfIssueOfDebt" id="ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt" 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="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" id="ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinanceLeaseLiabilitiesMember" id="ts_FinanceLeaseLiabilitiesMember" 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="BankBorrowingsMember" id="ts_BankBorrowingsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <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="OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" id="ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" 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="OtherInvestmentsCurrentFundInvestments" id="ts_OtherInvestmentsCurrentFundInvestments" 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="OtherInvestmentsCurrentFixedIncome" id="ts_OtherInvestmentsCurrentFixedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" id="ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="CurrentTradeReceivablesExpectedLossRate" id="ts_CurrentTradeReceivablesExpectedLossRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="CurrentTradeReceivablesGuaranteed" id="ts_CurrentTradeReceivablesGuaranteed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" id="ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" 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="CurrentTradeReceivablesNotDueMember" id="ts_CurrentTradeReceivablesNotDueMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <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="CurrentTradeReceivablesGross" id="ts_CurrentTradeReceivablesGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="CurrentOtherTaxLiabilities" id="ts_CurrentOtherTaxLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="CurrentPrepaidTaxes" id="ts_CurrentPrepaidTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="CurrentAllowanceForOtherDoubtfulAccounts" id="ts_CurrentAllowanceForOtherDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" id="ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" 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="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" id="ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" 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="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" id="ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" 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="InventoriesGross" id="ts_InventoriesGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentReceivablesLineItems" id="ts_NoncurrentReceivablesLineItems" type="xbrli:stringItemType" 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="TaxOnSalesAndServicesICMSMember" id="ts_TaxOnSalesAndServicesICMSMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" 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="TaxesAxis" id="ts_TaxesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NoncurrentReceivablesTable" id="ts_NoncurrentReceivablesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <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="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" id="ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" 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="NoncurrentReceivablesEmployeeAdvancesAndLoans" id="ts_NoncurrentReceivablesEmployeeAdvancesAndLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherMember" id="ts_OtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" id="ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="ProportionOfOwnershipInterestInJointSubsidiary" id="ts_ProportionOfOwnershipInterestInJointSubsidiary" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="IncreaseInCorporateGuaranteeCoveringObligations" id="ts_IncreaseInCorporateGuaranteeCoveringObligations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProportionOfOwnershipInterestPurchaseInAssociate" id="ts_ProportionOfOwnershipInterestPurchaseInAssociate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="WriteDownsOfInvestment" id="ts_WriteDownsOfInvestment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <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="LettersOfCreditCovered" id="ts_LettersOfCreditCovered" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DebtServiceCoverageRatioCoveredPercent" id="ts_DebtServiceCoverageRatioCoveredPercent" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ProportionOfCorporateGuaranteeCoveringObligations" id="ts_ProportionOfCorporateGuaranteeCoveringObligations" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="ExposureToThePurchaseOfCleanEnergyCertificates" id="ts_ExposureToThePurchaseOfCleanEnergyCertificates" 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="ExposureToTransportationCapacityAgreements" id="ts_ExposureToTransportationCapacityAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="ClosingPricePerShare" id="ts_ClosingPricePerShare" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ClosingPricePerAmericanDepositarySecurity" id="ts_ClosingPricePerAmericanDepositarySecurity" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="OtherStakeholderMember" id="ts_OtherStakeholderMember" 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="SeveralBanksToRefinanceObligationsMember" id="ts_SeveralBanksToRefinanceObligationsMember" 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="TerniumAndUsiminasMember" id="ts_TerniumAndUsiminasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="LeaseLiabilitiesRepayments" id="ts_LeaseLiabilitiesRepayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="LeaseLiabilitiesTranslationDifferences" id="ts_LeaseLiabilitiesTranslationDifferences" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <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="RightofuseAssetsCost" id="ts_RightofuseAssetsCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <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="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" id="ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" 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="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" id="ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" 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="LeaseLiabilitiesCapitalRepayments" id="ts_LeaseLiabilitiesCapitalRepayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="DisposalsConsumptionsRightOfUseAssets" id="ts_DisposalsConsumptionsRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="RemainingLeasePaymentsToBeMadePercentage" id="ts_RemainingLeasePaymentsToBeMadePercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LeaseAgreementMember" id="ts_LeaseAgreementMember" 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="ConfabIndustrialSaAndSubsidiariesMember" id="ts_ConfabIndustrialSaAndSubsidiariesMember" 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="SidercaMember" id="ts_SidercaMember" 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="OtherBusinessCombinationsMember" id="ts_OtherBusinessCombinationsMember" 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="SparePartsAndEquipmentMember" id="ts_SparePartsAndEquipmentMember" 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="IndustrialBuildingsPlantAndProductionEquipmentMember" id="ts_IndustrialBuildingsPlantAndProductionEquipmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LandAndCivilBuildingsMember" id="ts_LandAndCivilBuildingsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="DividendsPaidPerAmericanDepositarySecurity" id="ts_DividendsPaidPerAmericanDepositarySecurity" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" id="ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" id="ts_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPayableAmountPerShareIncludingInterimDividend" id="ts_DividendsPayableAmountPerShareIncludingInterimDividend" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPaidAmountPerShareIncludingInterimDividend" id="ts_DividendsPaidAmountPerShareIncludingInterimDividend" type="dtr-types: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="DividendsPayableAmountPerAmericanDepositarySecurity" id="ts_DividendsPayableAmountPerAmericanDepositarySecurity" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <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="ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" id="ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NonDeductibleMember" id="ts_NonDeductibleMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="DeferredTaxIncomeRecognisedInProfitOrLoss" id="ts_DeferredTaxIncomeRecognisedInProfitOrLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" id="ts_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" 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="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" id="ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="ArgentinaAndMexicoMember" id="ts_ArgentinaAndMexicoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" id="ts_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="EffectParticipationIncreaseMember" id="ts_EffectParticipationIncreaseMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NetOfEffectParticipationIncreaseMember" id="ts_NetOfEffectParticipationIncreaseMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <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="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" id="ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" type="xbrli:stringItemType" 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="ForeignExchangeDerivativesContractsResults" id="ts_ForeignExchangeDerivativesContractsResults" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="LossArisingFromDividendPaidInKind" id="ts_LossArisingFromDividendPaidInKind" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="ArgentineSovereignBondsMember" id="ts_ArgentineSovereignBondsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="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="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" id="ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" id="ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" id="ts_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" 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="OtherOperatingIncomeNetIncomeFromOtherSales" id="ts_OtherOperatingIncomeNetIncomeFromOtherSales" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="PercentageOfVotingEquityInterestsDivested" id="ts_PercentageOfVotingEquityInterestsDivested" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="InterestIncomeOnTaxAssets" id="ts_InterestIncomeOnTaxAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" 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="TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" id="ts_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="MkkUsaIncMember" id="ts_MkkUsaIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" 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="BusinessDivestituresAcquirerAxis" id="ts_BusinessDivestituresAcquirerAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" 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="EntitySTotalForBusinessDivestituresMember" id="ts_EntitySTotalForBusinessDivestituresMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" 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="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" id="ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" id="ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <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="GrowthRatesUsedInCurrentEstimateOfValueInUse" id="ts_GrowthRatesUsedInCurrentEstimateOfValueInUse" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="CoiledTubingMember" id="ts_CoiledTubingMember" 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="OCTGUSAMember" id="ts_OCTGUSAMember" 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="OtherGeographicalAreasMember" id="ts_OtherGeographicalAreasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="SellingGeneralAndAdministrativeExpensesOther" id="ts_SellingGeneralAndAdministrativeExpensesOther" 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="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" id="ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" 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="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" id="ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" 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="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" id="ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" 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="SellingGeneralAndAdministrativeExpensesLaborCost" id="ts_SellingGeneralAndAdministrativeExpensesLaborCost" 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="CostOfSalesLaborCostSeveranceCharges" id="ts_CostOfSalesLaborCostSeveranceCharges" 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="CostOfSalesIncludingDiscontinuedOperations" id="ts_CostOfSalesIncludingDiscontinuedOperations" 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="CostOfSalesTaxes" id="ts_CostOfSalesTaxes" 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="CostOfSalesMaintenanceExpenses" id="ts_CostOfSalesMaintenanceExpenses" 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="CostOfSalesAmortizationOfIntangibleAssets" id="ts_CostOfSalesAmortizationOfIntangibleAssets" 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="CostOfSalesLaborCost" id="ts_CostOfSalesLaborCost" 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="CostOfSalesRawMaterialsEnergyConsumablesAndOther" id="ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther" 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="IncreaseInInventoryDueToBusinessCombinations" id="ts_IncreaseInInventoryDueToBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="IndustrialAndOtherMember" id="ts_IndustrialAndOtherMember" 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="OilAndGasProcessingPlantsMember" id="ts_OilAndGasProcessingPlantsMember" 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="AsiaPacificMiddleEastAndAfricaMember" id="ts_AsiaPacificMiddleEastAndAfricaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" id="ts_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" 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="ManagementViewDifferencesInCostOfSales" id="ts_ManagementViewDifferencesInCostOfSales" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" id="ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherLiabilitiesNonfinancialMember" id="ts_OtherLiabilitiesNonfinancialMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherLiabilitiesFinancialMember" id="ts_OtherLiabilitiesFinancialMember" 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="OtherReceivablesNonfinancialMember" id="ts_OtherReceivablesNonfinancialMember" 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="StructuredNotesMember" id="ts_StructuredNotesMember" 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="OtherInvestments1Member" id="ts_OtherInvestments1Member" 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="CorporatesSecuritiesMember" id="ts_CorporatesSecuritiesMember" 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="UsGovernmentSecuritiesMember" id="ts_UsGovernmentSecuritiesMember" 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="OtherNotesMember" id="ts_OtherNotesMember" 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="CertificatesOfDepositsMember" id="ts_CertificatesOfDepositsMember" 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="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" id="ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" 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="EuroUsDollarForeignExchangeRiskMember" id="ts_EuroUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="PercentageOfVariance" id="ts_PercentageOfVariance" type="dtr-types:percentItemType" 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="MinimumMaturityPeriodOfCertificatesOfDeposits" id="ts_MinimumMaturityPeriodOfCertificatesOfDeposits" 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="MaximumMaturityPeriodOfCashAndCashEquivalents" id="ts_MaximumMaturityPeriodOfCashAndCashEquivalents" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" id="ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" id="ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LiquidFinancialAssetsPercentage" id="ts_LiquidFinancialAssetsPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ConcentrationRiskPercentage" id="ts_ConcentrationRiskPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ExposureInvestmentGradeRatedInstruments" id="ts_ExposureInvestmentGradeRatedInstruments" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="ForeignExchangeRiskCurrencyExposure" id="ts_ForeignExchangeRiskCurrencyExposure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DebtToEquityRatio" id="ts_DebtToEquityRatio" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PetroleosMexicanosMember" id="ts_PetroleosMexicanosMember" 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="AllowanceForDoubtfulAccountsTradeReceivablesMember" id="ts_AllowanceForDoubtfulAccountsTradeReceivablesMember" 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="OtherGuaranteesMember" id="ts_OtherGuaranteesMember" 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="GuaranteesUnderCreditInsuranceMember" id="ts_GuaranteesUnderCreditInsuranceMember" 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="EuropeanSovereignCounterpartiesMember" id="ts_EuropeanSovereignCounterpartiesMember" 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="OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" id="ts_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" 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="CustomerConcentrationRisk1Member" id="ts_CustomerConcentrationRisk1Member" 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="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" id="ts_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" 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="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" id="ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" id="ts_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" id="ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="AdditionalDepreciationExpenses" id="ts_AdditionalDepreciationExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" 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="PlantAndProductionEquipmentMember" id="ts_PlantAndProductionEquipmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BuildingsAndImprovementsMember" id="ts_BuildingsAndImprovementsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <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="TecpetrolInternationalSAMember" id="ts_TecpetrolInternationalSAMember" 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="TechgenSAMember" id="ts_TechgenSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfSharesRightPurchaseUnderAgreement" id="ts_NumberOfSharesRightPurchaseUnderAgreement" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <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="FinitelivedIntangibleAssetReviewedUsefulLife" id="ts_FinitelivedIntangibleAssetReviewedUsefulLife" 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="DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" id="ts_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ForecastPeriodOfCashFlowProjections" id="ts_ForecastPeriodOfCashFlowProjections" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPeriodOfLeaseTermOfShortTermLeases" id="ts_MaximumPeriodOfLeaseTermOfShortTermLeases" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfVotingRightsHeldInUnconsolidatedEntities" id="ts_PercentageOfVotingRightsHeldInUnconsolidatedEntities" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <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="EmployeeBenefitsEarlyRedemptionPeriod" id="ts_EmployeeBenefitsEarlyRedemptionPeriod" 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="EmployeeBenefitsCompanyVestingPeriod" id="ts_EmployeeBenefitsCompanyVestingPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsUnitVestingPeriod" id="ts_EmployeeBenefitsUnitVestingPeriod" 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="FinitelivedIntangibleAssetResidualUsefulLife" id="ts_FinitelivedIntangibleAssetResidualUsefulLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="FinitelivedIntangibleAssetUsefulLife" id="ts_FinitelivedIntangibleAssetUsefulLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfMajorBusinessSegments" id="ts_NumberOfMajorBusinessSegments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" id="ts_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" id="ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentOfCompanyVotingCapital" id="ts_PercentOfCompanyVotingCapital" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="SharesSubscribedToValue" id="ts_SharesSubscribedToValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfVotingCapitalIncreasedInControlGroup" id="ts_PercentageOfVotingCapitalIncreasedInControlGroup" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MajorityPercentageOfControlGroupShares" id="ts_MajorityPercentageOfControlGroupShares" type="dtr-types:percentItemType" 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="ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" id="ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SharesSubscribedToPricePerShare" id="ts_SharesSubscribedToPricePerShare" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfSharesSubscribedTo" id="ts_NumberOfSharesSubscribedTo" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="ForecastPeriodOfRevenueProjections" id="ts_ForecastPeriodOfRevenueProjections" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfSubsidiariesAcquired" id="ts_NumberOfSubsidiariesAcquired" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MinimumApplicableTaxRate" id="ts_MinimumApplicableTaxRate" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FromTwoYearsAnniversaryRightToSellMember" id="ts_FromTwoYearsAnniversaryRightToSellMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FromTwoYearsAnniversaryRightToBuyMember" id="ts_FromTwoYearsAnniversaryRightToBuyMember" 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="HydrilCompanyMember" id="ts_HydrilCompanyMember" 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="LicensesPatentsTrademarksAndProprietaryTechnologyMember" id="ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember" 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="TheNewSHAMember" id="ts_TheNewSHAMember" 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="PrevidenciaUsiminasMember" id="ts_PrevidenciaUsiminasMember" 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="ConfabMember" id="ts_ConfabMember" 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="TTGroupMember" id="ts_TTGroupMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" id="ts_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MattrsPipeCoatingBusinessUnitMember" id="ts_MattrsPipeCoatingBusinessUnitMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RepublicTubePipeProcessingFacilityMember" id="ts_RepublicTubePipeProcessingFacilityMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AnticorrosionCoatingAssetsMember" id="ts_AnticorrosionCoatingAssetsMember" 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="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" id="ts_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" 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="DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock" id="ts_DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock" 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="DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock" 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="DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsDeductedFromNoncurrentReceivablesTextBlock" id="ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsDeductedFromNoncurrentReceivablesTextBlock" 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="DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" id="ts_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" 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="DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" id="ts_DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" 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="DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock" id="ts_DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock" 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="DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" id="ts_DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" 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="DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" 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="DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" 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="DisclosureOfDetailedInformationAboutInventoriesTextBlock" id="ts_DisclosureOfDetailedInformationAboutInventoriesTextBlock" 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="DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" id="ts_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" 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="UsiminasMember" id="ts_UsiminasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="LeaseLiabilityEvolutionTextBlock" id="ts_LeaseLiabilityEvolutionTextBlock" 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="DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" id="ts_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" id="ts_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" 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="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" id="ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfTariffRateOnSteelImports" id="ts_PercentageOfTariffRateOnSteelImports" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" id="ts_DisclosureOfDetailedInformationAboutLaborCostsTextBlock" 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="DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" id="ts_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" 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="TubesMember" id="ts_TubesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" id="ts_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" 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="DelistingOfSharesFromStockExchangeExplanatory" id="ts_DelistingOfSharesFromStockExchangeExplanatory" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDelistingOfSharesFromStockExchangeAbstract" id="ts_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" 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="DisclosureOfClimateChangeAbstract" id="ts_DisclosureOfClimateChangeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfShareBuybackTextBlock" id="ts_DisclosureOfShareBuybackTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfShareBuybackProgramAbstract" id="ts_DisclosureOfShareBuybackProgramAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTerminationOfJointVentureTextBlock" id="ts_DisclosureOfTerminationOfJointVentureTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TerminationOfJointVentureAbstract" id="ts_TerminationOfJointVentureAbstract" 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="DisclosureOfOtherRelevantInformationAbstract" id="ts_DisclosureOfOtherRelevantInformationAbstract" 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="DisclosureOfNationalizationOfSubsidiariesAbstract" id="ts_DisclosureOfNationalizationOfSubsidiariesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" id="ts_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" 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="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" id="ts_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" 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="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" id="ts_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" 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="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" id="ts_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" id="ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfOtherLiabilitiesAbstract" id="ts_DisclosureOfOtherLiabilitiesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" id="ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" id="ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" id="ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" id="ts_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNoncurrentReceivablesTextBlock" id="ts_DisclosureOfNoncurrentReceivablesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDividendsDistributionAbstract" id="ts_DisclosureOfDividendsDistributionAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" id="ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" id="ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinancialResultsAbstract" id="ts_DisclosureOfFinancialResultsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfOtherOperatingIncomeExpenseAbstract" id="ts_DisclosureOfOtherOperatingIncomeExpenseAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfLaborCostsAbstract" id="ts_DisclosureOfLaborCostsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCostOfSalesAbstract" id="ts_DisclosureOfCostOfSalesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" id="ts_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" id="ts_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrencyTranslationAdjustmentWorkingCapital" id="ts_CurrencyTranslationAdjustmentWorkingCapital" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" id="ts_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" id="ts_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForReclassificationOfForeignExchangeReserve" id="ts_AdjustmentsForReclassificationOfForeignExchangeReserve" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" id="ts_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" id="ts_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FromParticipationInNonconsolidatedCompaniesAbstract" id="ts_FromParticipationInNonconsolidatedCompaniesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" id="ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncomeStatementLineItems" id="ts_IncomeStatementLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmericanDepositarySharesMember" id="ts_AmericanDepositarySharesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" id="ts_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LoansAndReceivablesOutstandingPrincipleAmount" id="ts_LoansAndReceivablesOutstandingPrincipleAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OilAndNaturalGasMember" id="ts_OilAndNaturalGasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInWorkingCapitalAbstract" id="ts_IncreaseDecreaseInWorkingCapitalAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OutstandingDebtReceivableWithSubsidiary" id="ts_OutstandingDebtReceivableWithSubsidiary" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TreasurySharesPurchasedPerformanceAmount" id="ts_TreasurySharesPurchasedPerformanceAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInShareBuybackProgramLiability" id="ts_IncreaseDecreaseInShareBuybackProgramLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SettlementOfShareBuyBackProgramLiability" id="ts_SettlementOfShareBuyBackProgramLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfSharesPurchasedOfIssuedShareCapital" id="ts_PercentageOfSharesPurchasedOfIssuedShareCapital" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ShareBuybackProgramNumberOfTranches" id="ts_ShareBuybackProgramNumberOfTranches" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfShareBuybackProgramTable" id="ts_DisclosureOfShareBuybackProgramTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" id="ts_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation" id="ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RepaymentOfInterestOnLeaseLiabilities" id="ts_RepaymentOfInterestOnLeaseLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets" id="ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.3
<SEQUENCE>36
<FILENAME>ex153_10.htm
<DESCRIPTION>EXHIBIT 15.3
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p align="right" style="margin: 0in; text-align: right; text-indent: 35.4pt; line-height: normal; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font style="color: #000000; font-family: 'Frutiger 45 Light';">Exhibit 15.3
</font></b></font></p>
<p align="center" style="margin: 0in; text-align: center; text-indent: 35.4pt; line-height: normal; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font style="color: #000000; font-family: 'Frutiger 45 Light';"><br>
EY CHANGE IN AUDITORS ITEM 16 F LETTER</font></b></font><font style="font-size: 13.5pt; color: black;"></font></font></p>
<p style="margin: 0in; line-height: normal; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-size: 13.5pt; font-family: arial, helvetica, sans-serif; color: #000000;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="color: black; line-height: inherit; font-family: 'Frutiger 45 Light';">Securities and Exchange Commission</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="color: black; line-height: inherit; font-family: 'Frutiger 45 Light';">100 F Street, N.E.</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="color: black; line-height: inherit; font-family: 'Frutiger 45 Light';">Washington, DC 20549</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: 'times new roman', times; color: black; line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: 'times new roman', times; color: black; line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="color: black; line-height: inherit; font-family: 'Frutiger 45 Light';">Ladies and Gentlemen</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: 'times new roman', times; color: black; line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-size: 10pt; font-family: 'times new roman', times; color: #000000; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: black; line-height: inherit; font-family: 'Frutiger 45 Light';">We have read Change in Registrant&#8217;s Certifying
Accountant pursuant to Item 16F on page 220 of Form 20-F dated April 1, 2025 of
Tenaris S.A. and are in agreement with the statements contained in paragraph 3.
We have no basis to agree or disagree with other statements of the registrant
contained therein.</font><font style="font-size: 13.5pt; color: #000000; line-height: inherit; font-family: 'Frutiger 45 Light';"></font></font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: 'times new roman', times; color: black; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="color: black; line-height: inherit; font-family: 'Frutiger 45 Light';">/s/ Ernst &amp; Young S.A.</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: 'times new roman', times; color: black; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: 'Frutiger 45 Light';"><font style="color: black; line-height: inherit; font-family: 'Frutiger 45 Light';">Luxembourg, Grand Duchy of Luxembourg</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: 'times new roman', times; color: black; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0in; line-height: 1.2; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: arial, helvetica, sans-serif; color: black; line-height: inherit;"><font style="line-height: inherit; font-family: 'Frutiger 45 Light';">April 1, 2025</font></font></p>
<p style="margin: 0in 0in 8pt; line-height: 107%; font-size: 11pt; font-family: Aptos, sans-serif;"><font style="font-family: arial, helvetica, sans-serif; color: #000000;">&nbsp;</font></p>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>


</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>37
<FILENAME>ex11_1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="text-align: right;"><font style="font-weight: bold;">Exhibit 1.1</font><img src="img3d92506cfc8b40faad86.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></p>

<font style="color: #ffffff;">a</font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><br></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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</div>

</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><img src="img59a8f257ec1c49aa88fa.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #ffffff;">a</font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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</div>

</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><img src="img1bb2484381884fa49bbc.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #ffffff;">a</font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div><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>

</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><img src="img9885c83d116d45179dc0.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #ffffff;">a</font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div><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>

</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><img src="img58cf66633dc54cc29c5a.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #ffffff;">a</font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div><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>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>49
<FILENAME>img59a8f257ec1c49aa88fa.jpg
<DESCRIPTION>GRAPHIC
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end
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>57
<FILENAME>imgec42a0bdf1b742ed833d.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>58
<FILENAME>imgf79c888c17fa407f83d9.jpg
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-11.1
<SEQUENCE>60
<FILENAME>ex111_3.htm
<DESCRIPTION>EXHIBIT 11.1
<TEXT>
<html><body><div><div style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">
<div style="line-height: 1.2; text-align: right;"><font style="font-family: 'times new roman', times; font-weight: bold;">Exhibit 11.1</font></div>
<div style="line-height: 1.2; text-align: right;"><font style="font-family: 'times new roman', times; font-weight: bold;"><br></font></div>
<div style="line-height: 1.2;">
<table style="font-size: 10pt; width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman';">

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<td style="width: 50%; padding-left: 0px; padding-right: 0px; margin: 0px; vertical-align: top; text-indent: 0px;" valign="top"><img src="imga5cb2c28f3ed4c678514.jpg" alt="Graphics"></td>
<td style="width: 50%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="line-height: inherit;">Document</font>&nbsp;<font style="line-height: inherit;">Type</font>&nbsp;<font style="letter-spacing: -0.1pt; vertical-align: -0.5pt; line-height: inherit;">Policy</font></font></p>
<p style="font-size: 8pt; line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="vertical-align: 1pt; line-height: inherit;">Level</font>&nbsp;<font style="line-height: inherit;">Level 1</font><br><font style="line-height: inherit;">Code</font>&nbsp;<font style="line-height: inherit;">/</font>&nbsp;<font style="line-height: inherit;">Rev</font>&nbsp;<font style="line-height: inherit;">POL11135/1</font></font></p>
<p style="font-size: 8pt; line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><font style="font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Official Language</font>&nbsp;<font style="vertical-align: -0.5pt; line-height: inherit;">English<br></font><font style="line-height: inherit;">Effective</font>&nbsp;<font style="line-height: inherit;">Date</font>&nbsp;<font style="letter-spacing: -0.25pt; vertical-align: -0.5pt; line-height: inherit;">10/Jul/2017</font></font></p>
<p style="font-size: 8pt; line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.25pt; vertical-align: -0.5pt; line-height: inherit;"><font style="letter-spacing: normal; text-align: center; line-height: inherit;">Replaces</font><font style="letter-spacing: normal; text-align: center; float: none; display: inline !important;">&nbsp;</font><font style="letter-spacing: normal; text-align: center; line-height: inherit;">and</font><font style="letter-spacing: normal; text-align: center; float: none; display: inline !important;">&nbsp;</font><font style="letter-spacing: normal; text-align: center; line-height: inherit;">Supersedes</font><font style="letter-spacing: normal; text-align: center; float: none; display: inline !important;">&nbsp;</font><font style="letter-spacing: normal; text-align: center; line-height: inherit;">POL11135/0<br>This document has been fully reviewed.</font></font></font></p>











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<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

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<td style="width: 100%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>















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<td style="width: 100%; text-align: justify; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><font 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; font-size: 10pt; line-height: inherit;"><font style="color: #808080; font-weight: bold; line-height: inherit; font-family: 'Frutiger 45 Light';">This document as well as the information or data contained herein are the exclusive property of Tenaris S.A. and of its affiliated companies and as such must be considered confidential. This document or any information and/or data contained herein shall not be copied, reproduced, disclosed, distributed or otherwise used to and/or by third parties for any purpose without the express, prior and written consent of Tenaris. Such prohibited actions will be prosecuted to the fullest extent of the law. ALL RIGHTS RESERVED.<br></font></font></td>















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<p style="margin: 0pt 0pt 0pt 9.9pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt 0pt 0pt 9.9pt; line-height: 1.2;"><font style="font-size: 16pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="color: #006666; line-height: inherit;">Corporate</font> <font style="color: #006666; line-height: inherit;">Policy</font> <font style="color: #006666; line-height: inherit;">on</font> <font style="color: #006666; line-height: inherit;">Securities</font> <font style="color: #006666; letter-spacing: -0.1pt; line-height: inherit;">Trading</font></font></p>
<p style="margin: 0pt 0pt 0pt 9.9pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt 0pt 0pt 52.45pt; text-indent: -42.55pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="color: #006666; font-weight: bold; line-height: inherit;">1</font><font style="text-indent: -56.7333px; line-height: inherit;">&nbsp; &nbsp;&nbsp;</font><font style="text-indent: -42.55pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-variant-emoji: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp;</font><font style="text-indent: -56.7333px; line-height: inherit;">&nbsp;</font><font style="text-indent: -56.7333px; line-height: inherit;">&nbsp; &nbsp; &nbsp; </font><font style="text-indent: -42.55pt; color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Introduction</font></font></p>
<p style="margin: 11.5pt 56.7pt 0pt 52.45pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">board</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">directors</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">S.A.</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(&#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Tenaris</font><font style="letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">wishes</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">set</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">forth</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">policy</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">on</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">use</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of </font><font style="line-height: inherit;">non-public information and the trading of Tenaris Securities or Other Entities&#8217; Securities (as defined</font> <font style="line-height: inherit;">below)</font> <font style="line-height: inherit;">based</font> <font style="line-height: inherit;">on</font> <font style="line-height: inherit;">such</font> <font style="line-height: inherit;">non-public</font> <font style="line-height: inherit;">information.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6.1pt 56.75pt 0pt 52.45pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">This</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">revised</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">version</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Corporate</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Policy</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">on</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Trading</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">was</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">approved</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Board </font><font style="line-height: inherit;">of Directors on February 22</font><font style="vertical-align: 3pt; line-height: inherit;">nd</font><font style="line-height: inherit;">, 2017.</font></font></p>
<p style="margin: 0.5pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 52.45pt; text-indent: -42.55pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="color: #006666; font-weight: bold; line-height: inherit;">2</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Objective</font></font></p>
<p style="margin: 0.35pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 56.7pt 0pt 52.45pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="line-height: inherit;">The</font> <font style="line-height: inherit;">purpose</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">this</font> <font style="line-height: inherit;">policy</font> <font style="line-height: inherit;">is</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">assist</font> <font style="line-height: inherit;">Officers</font> <font style="line-height: inherit;">(as</font> <font style="line-height: inherit;">defined</font> <font style="line-height: inherit;">below)</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">employees</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">Tenaris</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">its </font><font style="letter-spacing: -0.2pt; line-height: inherit;">subsidiaries (collectively, the &#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Company</font><font style="letter-spacing: -0.2pt; line-height: inherit;">&#8221;) to discharge their obligations under applicable securities</font><font style="line-height: inherit;"> laws and regulations of Tenaris&#8217;s jurisdiction of organization and of the jurisdictions in which </font><font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">are</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">traded.</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">However,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">this</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">policy</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">obligations</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">imposed</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">it</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">do</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">limit </font><font style="line-height: inherit;">in</font> <font style="line-height: inherit;">any</font> <font style="line-height: inherit;">way</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">restrictions</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">obligations</font> <font style="line-height: inherit;">imposed</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">applicable</font> <font style="line-height: inherit;">laws</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">regulations.</font> <font style="line-height: inherit;">Officers and</font> <font style="line-height: inherit;">employees</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company</font> <font style="line-height: inherit;">are</font> <font style="line-height: inherit;">encouraged</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">inform</font> <font style="line-height: inherit;">themselves</font> <font style="line-height: inherit;">about</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">rules</font> <font style="line-height: inherit;">imposed</font> <font style="line-height: inherit;">by applicable laws and regulations on the trading of Tenaris Securities or Other Entities&#8217; Securities prior</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">engaging</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">any</font> <font style="line-height: inherit;">transaction</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">them.</font> <font style="line-height: inherit;">Compliance</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">this</font> <font style="line-height: inherit;">Policy</font> <font style="line-height: inherit;">may</font> <font style="line-height: inherit;">not</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">defense for failure to comply with applicable regulations.</font></font></p>
<p style="margin: 0.85pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 52.45pt; text-indent: -42.55pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="color: #006666; font-weight: bold; line-height: inherit;">3</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Definitions</font></font></p>
<p style="margin: 0.15pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 52.45pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Closely</font> <font style="font-style: italic; font-weight: bold; line-height: inherit;">Associated</font> <font style="font-style: italic; font-weight: bold; line-height: inherit;">Person</font><font style="font-weight: bold; line-height: inherit;">&#8221;</font> <font style="font-weight: bold; line-height: inherit;">or</font> <font style="font-weight: bold; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Person</font> <font style="font-style: italic; font-weight: bold; line-height: inherit;">Closely</font> <font style="font-style: italic; font-weight: bold; line-height: inherit;">Associated</font><font style="font-weight: bold; line-height: inherit;">&#8221;</font> <font style="line-height: inherit;">is,</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">respect</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">person:</font></font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 66.5pt; text-align: justify; text-indent: -14.05pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Family</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Member</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">person;</font><font style="letter-spacing: -0.25pt; line-height: inherit;"> and</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0.1pt 56.7pt 0pt 66.7pt; text-align: justify; text-indent: -14.2pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp; </font><font style="line-height: inherit;">any legal entity, trust, partnership or association whose managerial responsibilities are discharged by such person, or which is directly or indirectly controlled by such person, or which is established for the benefit of such person, or whose economic interests are substantially</font> <font style="line-height: inherit;">equivalent</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">those</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">such</font> <font style="line-height: inherit;">person.</font></font></p>
<p style="margin: 11.3pt 0pt 0pt 52.45pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.3pt; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Family</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Member</font><font style="letter-spacing: -0.3pt; line-height: inherit;">&#8221;</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">is,</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">with</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">respect</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">person:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 66.6pt; text-indent: -14.15pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">person&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">spouse</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">partner</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">considered</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">equivalent</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">spouse</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">accordance</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="line-height: inherit;">applicable national law,</font></font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 66.5pt; text-indent: -14.05pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp; </font><font style="letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">dependent</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">children of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">such</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">person in</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">accordance with</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">applicable national law,</font><font style="letter-spacing: -0.25pt; line-height: inherit;"> and</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0.1pt 56.7pt 0pt 66.6pt; text-indent: -14.15pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">such</font> <font style="line-height: inherit;">person&#8217;s</font> <font style="line-height: inherit;">parents</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">anyone</font> <font style="line-height: inherit;">who</font> <font style="line-height: inherit;">has</font> <font style="line-height: inherit;">shared</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">same</font> <font style="line-height: inherit;">household</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">such</font> <font style="line-height: inherit;">person </font><font style="letter-spacing: -0.1pt; line-height: inherit;">(excluding</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">domestic</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">personnel)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">at</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">least</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">one</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">year</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">date</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">transaction</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">concerned.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">Officers of the Company are expected to be responsible for compliance with this policy by their Closely Associated Persons.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="line-height: inherit;">Although certain relatives may not be considered Family Members for purposes of the trading restrictions</font> <font style="line-height: inherit;">imposed</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">this</font> <font style="line-height: inherit;">policy,</font> <font style="line-height: inherit;">under</font> <font style="line-height: inherit;">no</font> <font style="line-height: inherit;">circumstances</font> <font style="line-height: inherit;">should</font> <font style="line-height: inherit;">Material</font> <font style="line-height: inherit;">Non-Public</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 52.45pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">Information</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">disclosed</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">them</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">other</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">person,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">except</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">accordance</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">section</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">6.2.2.</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">If any such disclosure is made, the trading of Tenaris&#8217;s Securities or Other Entities&#8217; Securities by any </font><font style="line-height: inherit;">of</font> <font style="line-height: inherit;">these</font> <font style="line-height: inherit;">persons</font> <font style="line-height: inherit;">may</font> <font style="line-height: inherit;">give</font> <font style="line-height: inherit;">rise</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">liability</font> <font style="line-height: inherit;">on</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">part</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">disclosing</font> <font style="line-height: inherit;">person.</font></font></p>
<p style="margin: 11.35pt 56.7pt 0pt 52.45pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Material</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Non-Public</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Information</font><font style="letter-spacing: -0.1pt; line-height: inherit;">&#8221;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">information</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">precise</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">nature</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">which</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">generally </font><font style="line-height: inherit;">available</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">public</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">reasonable</font> <font style="line-height: inherit;">investor</font> <font style="line-height: inherit;">would</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">expected</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">take</font> <font style="line-height: inherit;">into</font> <font style="line-height: inherit;">account</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">a decision</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">purchase,</font> <font style="line-height: inherit;">hold</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">sell</font> <font style="line-height: inherit;">Securities.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6.2pt 56.75pt 0pt 52.5pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">information</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">considered</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">generally</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">available</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">public</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">purposes</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">this</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">policy</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">until </font><font style="line-height: inherit;">the second business day after it has been first publicly released by means of the worldwide </font><font style="letter-spacing: -0.1pt; line-height: inherit;">distribution</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">press</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">releases</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">filing</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">reports</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">relevant</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">authorities.</font></font></p>
<p style="margin: 5.95pt 0pt 0pt 52.45pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.2pt; line-height: inherit;">Examples</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of information</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">frequently considered</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">material</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">include:</font></font></p>
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<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.2pt; line-height: inherit;">projections</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">future</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">earnings</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">losses;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">material</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">change</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">debt,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">liquidity,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">cash</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">flow</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">liabilities;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.2pt; line-height: inherit;">unreleased</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">annual,</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">quarterly</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">monthly</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">financial</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">results;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.2pt; line-height: inherit;">news</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">pending or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">proposed joint</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">venture, merger or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">acquisition;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.2pt; line-height: inherit;">news of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">significant</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">purchase</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">sale</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">assets;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.3pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">management</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">business</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">restructuring</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">proposal;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.3pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">share</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">issuance</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">proposal;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.2pt; line-height: inherit;">changes in</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">composition</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">board</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">directors</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">senior</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">management</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Tenaris;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.1pt 0pt 0pt 33.13pt; padding-left: 12.57pt; text-indent: 0pt; text-align: justify; margin-right: 65px;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">news</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">concerning</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">material</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">agreements,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">development</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">new</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">products,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">cancellation</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">existing </font><font style="line-height: inherit;">products,</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">development</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">new</font> <font style="line-height: inherit;">markets</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">new</font> <font style="line-height: inherit;">projects;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.3pt; line-height: inherit;">developments</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">concerning</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">material</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">litigations;</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">and</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.1pt 0pt 0pt 33.13pt; orphans: 0; padding-left: 12.57pt; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">issuance</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Special</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Trading</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Restriction,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">described</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">6.2.1. </font><font style="line-height: inherit;">Both good and bad news may be material.</font></font></li>


















    </ul>
<p style="margin: 5.4pt 55.95pt 0pt 52.45pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.1pt; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Officers</font><font style="letter-spacing: -0.1pt; line-height: inherit;">&#8221; the officers of the Company, including all members of the administrative, management </font><font style="line-height: inherit;">or any other governing or supervisory body.</font></font></p>
<p style="font-size: 10.5pt; line-height: 101%; margin: 11.45pt 56.7pt 0pt 52.45pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="font-style: italic; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Other</font> <font style="font-style: italic; font-weight: bold; line-height: inherit;">Entity</font><font style="font-style: italic; line-height: inherit;">&#8221;</font> <font style="line-height: inherit;">is</font> <font style="line-height: inherit;">any</font> <font style="line-height: inherit;">entity</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">which</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company</font> <font style="line-height: inherit;">has</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">business</font> <font style="line-height: inherit;">relationship,</font> <font style="line-height: inherit;">is</font> <font style="line-height: inherit;">undertaking, negotiating or analyzing a transaction, or any entity in which the Company owns a significant equity interest (whether or not Tenaris controls such entity). Other Entities include, without limitation, actual or potential customers, suppliers and partners, and targets to an acquisition, merger,</font> <font style="line-height: inherit;">integration,</font> <font style="line-height: inherit;">joint</font> <font style="line-height: inherit;">venture</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">investment.</font></font></p>
<p style="margin: 11.15pt 55.95pt 0pt 52.45pt; orphans: 0; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.2pt; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Other</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Entities&#8217;</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Securities</font><font style="letter-spacing: -0.2pt; line-height: inherit;">&#8221; are any Securities issued by any Other Entity or based on or relating to</font><font style="line-height: inherit;"> a Security issued by any Other Entity.</font></font></p>
<p style="margin: 10pt 0pt 8pt 52.45pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"><font style="letter-spacing: -0.3pt; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">Securities</font><font style="letter-spacing: -0.3pt; line-height: inherit;">&#8221;</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">are</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.3pt; line-height: inherit;">following:</font></font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.3pt; line-height: inherit;"><br></font></font></p>
<table cellpadding="1" style="height: 58px; width: 100%; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0.1px; float: left;">

<tr style="height: 10px;">
<td style="vertical-align: top; padding: 1px; border-collapse: collapse; width: 63px;"><br></td>
<td valign="top" style="height: 10px; vertical-align: top; padding: 1px; border-collapse: collapse; width: 20px;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.0666667px; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light';">a)</font></td>
<td style="height: 10px; vertical-align: top; padding: 1px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit; font-family: 'Frutiger 45 Light';">shares</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">and</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">other</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">securities</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">equivalent</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">to</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">shares;</font></font></td>
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      </tr>
<tr style="height: 16px;">
<td style="vertical-align: top; padding: 1px;"><br></td>
<td style="height: 16px; vertical-align: top; padding: 1px;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.0666667px; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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;">b)</font></td>
<td style="height: 16px; vertical-align: top; padding: 1px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">bonds</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">and other</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">forms of securitized debt;&nbsp;</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.25pt; line-height: inherit;">and</font></font></td>
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      </tr>
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<td style="vertical-align: top; padding: 1px;"><br></td>
<td style="height: 16px; vertical-align: top; padding: 1px;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.0666667px; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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;">c)</font></td>
<td style="height: 16px; vertical-align: top; padding: 1px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">securitized</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">debt</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">convertible</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">or</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">exchangeable</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">into</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">shares</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">or</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">into</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">other</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">securities</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">equivalent</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 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-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -18.8667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">to shares;</font></font></td>
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<td style="vertical-align: top; padding: 1px; height: 16px;" colspan="2"><font 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; line-height: inherit;">as well as the &#8220;associated instruments&#8221;, which means the following financial instruments, including those which are not admitted to trading or traded on a trading venue, or for which a request for admission to trading on a trading venue has not been made:</font></td>
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<td style="vertical-align: top; padding: 1px;"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 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;">d)</font></td>
<td style="vertical-align: top; padding: 1px;"><font 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;">contract or rights to subscribe, to acquire or dispose of securities;</font></td>
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<td style="vertical-align: top; padding: 1px;"><font 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;">e)</font></td>
<td style="vertical-align: top; padding: 1px;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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: 13.3333px; text-align: justify; text-indent: -18.7333px; letter-spacing: -0.2pt; line-height: inherit;">financial</font><font 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: 13.3333px; text-align: justify; text-indent: -18.7333px; float: none; display: inline !important;">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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: 13.3333px; text-align: justify; text-indent: -18.7333px; letter-spacing: -0.2pt; line-height: inherit;">derivatives</font><font 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: 13.3333px; text-align: justify; text-indent: -18.7333px; float: none; display: inline !important;">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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: 13.3333px; text-align: justify; text-indent: -18.7333px; letter-spacing: -0.2pt; line-height: inherit;">of</font><font 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: 13.3333px; text-align: justify; text-indent: -18.7333px; float: none; display: inline !important;">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; 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: 13.3333px; text-align: justify; text-indent: -18.7333px; letter-spacing: -0.2pt; line-height: inherit;">securities;</font></td>
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<td style="vertical-align: top; padding: 1px;"><font 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;">f)</font></td>
<td style="vertical-align: top; padding: 1px;"><font 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;">where the securities are convertible or exchangeable debt instruments, the securities into which such convertible or exchangeable debt instruments may be converted or exchanged;</font></td>
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<td style="vertical-align: top; padding: 1px;"><font 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;">g)</font></td>
<td style="vertical-align: top; padding: 1px;"><font 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;">instruments which are issued or guaranteed by the issuer or guarantor of the securities and whose market price is likely to materially influence the price of the securities, or vice versa; and</font></td>
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<td style="vertical-align: top; padding: 1px;"><font 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;">h)</font></td>
<td style="vertical-align: top; padding: 1px;"><font 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;">where the securities are securities equivalent to shares, the shares represented by those securities and any other securities equivalent to those shares.</font></td>
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<p style="text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 55.95pt 0pt 52.45pt; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Securities</font><font style="letter-spacing: -0.1pt; line-height: inherit;">&#8221;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">are</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">issued</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">based</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">on,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">relating</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Security </font><font style="line-height: inherit;">issued by Tenaris.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 52.45pt; orphans: 0; text-indent: -42.55pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; line-height: inherit;">4</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Reference</font> <font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Documents</font></font></p>
<p style="margin: 0.35pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 101%; margin: 0pt 272.25pt 0pt 52.45pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #0000ff; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">COC11130</font> <font style="color: #0000ff; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">-</font> <font style="color: #0000ff; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">Tenaris</font> <font style="color: #0000ff; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">Code</font> <font style="color: #0000ff; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">of</font> <font style="color: #0000ff; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">Conduct</font> <font style="color: #0000ff; letter-spacing: -0.2pt; text-decoration: underline; line-height: inherit;">OPP16322 - Blackout Period Calendar</font> <font style="color: #0000ff; text-decoration: underline; line-height: inherit;">PRD19545 - Disclosure</font></font></p>
<p style="line-height: 11.7pt; margin: 0pt 0pt 0pt 52.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #0000ff; letter-spacing: -0.2pt; text-decoration: underline; line-height: inherit;">PRD13276</font> <font style="color: #0000ff; letter-spacing: -0.2pt; text-decoration: underline; line-height: inherit;">-</font> <font style="color: #0000ff; letter-spacing: -0.2pt; text-decoration: underline; line-height: inherit;">Information</font> <font style="color: #0000ff; letter-spacing: -0.2pt; text-decoration: underline; line-height: inherit;">Classification</font> <font style="color: #0000ff; letter-spacing: -0.2pt; text-decoration: underline; line-height: inherit;">and</font> <font style="color: #0000ff; letter-spacing: -0.2pt; text-decoration: underline; line-height: inherit;">Protection</font></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 52.45pt; orphans: 0; text-indent: -42.55pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; line-height: inherit;">5</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; line-height: inherit;">Scope</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">and</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">General</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">Policy</font> <font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Statement</font></font></p>
<p style="margin: 0.35pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 52.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">This</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">policy</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">applies</font> <font style="letter-spacing: -0.25pt; line-height: inherit;">to:</font></font></p>
<p style="margin: 0.1pt 0pt 0pt 66.5pt; orphans: 0; text-indent: -12.05pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">any</font> <font style="line-height: inherit;">Officer</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font><font style="letter-spacing: -0.1pt; line-height: inherit;"> Company;</font></font></p>
<p style="margin: 0.1pt 0pt 0pt 66.5pt; orphans: 0; text-indent: -12.05pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp; </font><font style="letter-spacing: -0.2pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">employee of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Company;</font></font></p>
<p style="margin: 0.1pt 0pt 0pt 66.5pt; orphans: 0; text-indent: -12.05pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="letter-spacing: -0.2pt; line-height: inherit;">any Closely</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Associated</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Person</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">the above</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">listed</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">persons;</font> <font style="letter-spacing: -0.25pt; line-height: inherit;">and</font></font></p>
<p style="margin: 0.1pt 0pt 0pt 66.5pt; orphans: 0; text-indent: -12.05pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">d)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp; </font><font style="letter-spacing: -0.2pt; line-height: inherit;">third</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">parties</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">formally</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">notified</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">this</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Policy.</font></font></p>
<p style="margin: 6pt 0pt 6pt 52.45pt; text-indent: -42.55pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; line-height: inherit;">6</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Description</font></font></p>
<p style="margin: 0pt 0pt 10pt 52.45pt; text-indent: -42.55pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">6.1</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; line-height: inherit;">General</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">Statements</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">about</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">Company</font> <font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Information</font></font></p>
<p style="font-size: 10pt; line-height: 101%; margin: 0pt 56.7pt 0pt 52.45pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">All information concerning the Company and its affairs is and remains the property of the </font><font style="letter-spacing: -0.1pt; line-height: inherit;">Company.</font></font></p>
<p style="margin: 0.05pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 101%; margin: 0.05pt 56.7pt 0pt 52.45pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Any</font> <font style="line-height: inherit;">person</font> <font style="line-height: inherit;">coming</font> <font style="line-height: inherit;">into</font> <font style="line-height: inherit;">possession</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">Company</font> <font style="line-height: inherit;">information</font> <font style="line-height: inherit;">acquires</font> <font style="line-height: inherit;">no</font> <font style="line-height: inherit;">interest</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">right</font> <font style="line-height: inherit;">on</font> <font style="line-height: inherit;">such </font><font style="letter-spacing: -0.1pt; line-height: inherit;">information,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">merely</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">holds</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">it</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">an</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">incident</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">its</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">position</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">employment.</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Without</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">prejudice</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">duties</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">obligations</font> <font style="line-height: inherit;">imposed</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">rules</font> <font style="line-height: inherit;">governing</font> <font style="line-height: inherit;">labor</font> <font style="line-height: inherit;">relations,</font> <font style="line-height: inherit;">each</font> <font style="line-height: inherit;">person</font> <font style="line-height: inherit;">holds</font> <font style="line-height: inherit;">the information</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">trustee</font> <font style="line-height: inherit;">for</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">benefit</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">its</font> <font style="line-height: inherit;">shareholders</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">is</font> <font style="line-height: inherit;">under</font> <font style="line-height: inherit;">fiduciary </font><font style="letter-spacing: -0.1pt; line-height: inherit;">responsibilities.</font></font></p>
<p style="font-size: 10pt; line-height: 101%; margin: 0pt 55.95pt 0pt 52.45pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 101%; margin: 0pt 55.95pt 0pt 52.45pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">No</font> <font style="line-height: inherit;">person</font> <font style="line-height: inherit;">coming</font> <font style="line-height: inherit;">into</font> <font style="line-height: inherit;">possession</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">Material</font> <font style="line-height: inherit;">Non-Public</font> <font style="line-height: inherit;">Information</font> <font style="line-height: inherit;">relating</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company</font> <font style="line-height: inherit;">or any Other Entity may:</font></font></p>
<p style="margin: 0.2pt 0pt 0pt 80.8pt; orphans: 0; text-indent: -21.3pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(i)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="letter-spacing: -0.2pt; line-height: inherit;">directly</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">indirectly</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">purchase</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">sell</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Other</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Entities&#8217;</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Securities;</font></font></p>
<p style="margin: 0.3pt 0pt 0pt 80.6pt; orphans: 0; text-indent: -21.1pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(ii)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="letter-spacing: -0.1pt; line-height: inherit;">ee</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">action</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">take</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">advantage</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Material</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Non-Public</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Information;</font> <font style="letter-spacing: -0.25pt; line-height: inherit;">or</font></font></p>
<p style="margin: 0.25pt 0pt 0pt 80.6pt; orphans: 0; text-indent: -21.1pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(iii)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="letter-spacing: -0.1pt; line-height: inherit;">pass</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">on</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">o</font></font><font style="letter-spacing: -0.133333px; text-indent: -28.1333px; font-size: 10pt;">ngag</font><font style="font-size: 10pt; text-indent: -21.1pt; letter-spacing: -0.1pt; line-height: inherit;">thers</font> <font style="font-size: 10pt; text-indent: -21.1pt; letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="font-size: 10pt; text-indent: -21.1pt; letter-spacing: -0.1pt; line-height: inherit;">Material</font> <font style="font-size: 10pt; text-indent: -21.1pt; letter-spacing: -0.1pt; line-height: inherit;">Non-Public</font> <font style="font-size: 10pt; text-indent: -21.1pt; letter-spacing: -0.1pt; line-height: inherit;">Information.</font></p>
<p style="margin: 0.15pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 52.45pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.2pt; line-height: inherit;">These prohibitions apply even if there is</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">an independent valid reason for effecting a</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">trading.</font></font></p>
<p style="margin: 0.5pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 52.45pt; orphans: 0; text-indent: -42.55pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">6.2</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Procedures</font></font></p>
<p style="margin: 0.6pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0.05pt 0pt 0pt 52.45pt; orphans: 0; text-indent: -42.55pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">6.2.1</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Restricted</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"> Periods</font></font></p>
<p style="font-size: 10.5pt; line-height: 101%; margin: 11.45pt 56.7pt 0pt 52.45pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">General</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Rule</font><font style="letter-spacing: -0.1pt; line-height: inherit;">:</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">all</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Officers</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">employees</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Company</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">their</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">respective</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Closely</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Associated </font><font style="line-height: inherit;">Persons),</font> <font style="line-height: inherit;">while</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">possession</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">any</font> <font style="line-height: inherit;">Material</font> <font style="line-height: inherit;">Non-Public</font> <font style="line-height: inherit;">Information</font> <font style="line-height: inherit;">relating</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company</font> <font style="line-height: inherit;">or to any Other Entity, must abstain from, directly or indirectly, purchasing or selling Tenaris&#8217;s Securities</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">Other</font> <font style="line-height: inherit;">Entities&#8217;</font> <font style="line-height: inherit;">Securities,</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">applicable,</font> <font style="line-height: inherit;">at</font> <font style="line-height: inherit;">all</font> <font style="line-height: inherit;">times</font> <font style="line-height: inherit;">(even</font> <font style="line-height: inherit;">if</font> <font style="line-height: inherit;">not</font> <font style="line-height: inherit;">during</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Blackout Period</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">during</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">Special</font> <font style="line-height: inherit;">Trading</font> <font style="line-height: inherit;">Restriction</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">described</font> <font style="line-height: inherit;">below)</font></font></p>
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<p style="margin: 0pt 56.7pt 0pt 52.45pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Blackout</font> <font style="font-style: italic; font-weight: bold; line-height: inherit;">Period</font><font style="line-height: inherit;">:</font> <font style="line-height: inherit;">during</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">period</font> <font style="line-height: inherit;">indicated</font> <font style="line-height: inherit;">below,</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">following</font> <font style="line-height: inherit;">persons</font> <font style="line-height: inherit;">may</font> <font style="line-height: inherit;">not,</font> <font style="line-height: inherit;">directly</font> <font style="line-height: inherit;">or indirectly,</font> <font style="line-height: inherit;">purchase</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">sell</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">Securities:</font></font></p>
<p style="margin: 0pt 56.7pt 0pt 52.45pt; orphans: 0; text-align: justify; widows: 0;"><br></p>
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<td style="height: 16px; vertical-align: top; width: 20px;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 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;">a)</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">the</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">Chief</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">Executive Officer;</font></td>
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<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 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;">b)</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">the</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">Chief</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">Financial</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">Officer;</font></td>
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<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 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;">c)</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Tenaris&#8217;s</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">executive</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">officers;</font></td>
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<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -18.8667px; text-transform: none; widows: 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;">d)</font></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><font 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: -18.8667px; text-transform: none; widows: 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;">all</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">employees</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">of</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">the</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Company</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">who</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">primarily</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">report,</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">directly</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">or</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">indirectly,</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">to</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Tenaris&#8217;s</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Chief Financial Officer or<font>&nbsp;</font>Tenaris&#8217;s<font>&nbsp;</font>Investor Relations Officer;</font></td>
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<td style="height: 10px; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -18.8667px; text-transform: none; widows: 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;">e)</font></td>
<td style="height: 10px; vertical-align: top; text-align: justify;" valign="top"><font 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: 0px; text-transform: none; widows: 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;">any Officers or employees of the Company who are entrusted with any task or responsibility concerning the collection or preparation of information for financial reporting purposes or that have regular access to such information;</font></td>
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<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -18.8667px; text-transform: none; widows: 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;">f)</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -18.8667px; text-transform: none; widows: 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;">any</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">other</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">person</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">designated</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">by</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Tenaris&#8217;s</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Chief</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Executive</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Officer</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">or</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Tenaris&#8217;s</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Chief</font><font 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: -18.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -18.8667px; text-transform: none; widows: 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;">Financial Officer as being subject to this section 6.2.1; and</font></td>
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<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 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;">g)</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">the Closely</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Associated</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Persons of each</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">person listed</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">in</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">(a) to</font><font 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: -18.7333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -18.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">(f).</font></td>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0.05pt 56.7pt 0pt 52.5pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">For</font> <font style="line-height: inherit;">purposes</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">this</font> <font style="line-height: inherit;">policy,</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">blackout</font> <font style="line-height: inherit;">period</font> <font style="line-height: inherit;">will</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">period</font> <font style="line-height: inherit;">starting</font> <font style="line-height: inherit;">on</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">fifteenth</font> <font style="line-height: inherit;">calendar day of the third month of each fiscal quarter and ending on the close of trading on the second </font><font style="letter-spacing: -0.1pt; line-height: inherit;">business</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">day</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">following</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">public</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">release</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">quarterly</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">annual earnings</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">releases.</font></font></p>
<p style="margin: 0.05pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 52.5pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The</font> <font style="line-height: inherit;">blackout</font> <font style="line-height: inherit;">period</font> <font style="line-height: inherit;">will</font> <font style="line-height: inherit;">commence</font> <font style="line-height: inherit;">on</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">above</font> <font style="line-height: inherit;">referred</font> <font style="line-height: inherit;">date,</font> <font style="line-height: inherit;">irrespective</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">whether</font> <font style="line-height: inherit;">all</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">any of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">markets</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">which</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">are</font> <font style="line-height: inherit;">traded</font> <font style="line-height: inherit;">is</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">not</font> <font style="line-height: inherit;">open</font> <font style="line-height: inherit;">for</font> <font style="line-height: inherit;">trading.</font></font></p>
<p style="margin: 0.1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Exceptions</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">trading</font> <font style="line-height: inherit;">restriction.</font> <font style="line-height: inherit;">The</font> <font style="line-height: inherit;">Relevant</font> <font style="line-height: inherit;">Persons</font> <font style="line-height: inherit;">listed</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">section</font> <font style="line-height: inherit;">6.2.3(A)</font> <font style="line-height: inherit;">(i)</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">(ii)</font> <font style="line-height: inherit;">may </font><font style="letter-spacing: -0.1pt; line-height: inherit;">purchase</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">sell</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">on</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">their</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">own</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">account</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">for</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">account</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">third</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">party</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">during </font><font style="line-height: inherit;">the blackout period, provided that the following conditions are met, at the sole and entire satisfaction of the audit committee of Tenaris:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><br></font></font></p>
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<td style="vertical-align: top; padding: 1px 1px 5px; height: 10px; width: 20px;" valign="top"><font 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: -28.3333px; text-transform: none; widows: 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;">a)</font></td>
<td style="text-align: justify; vertical-align: top; padding: 1px 1px 5px; height: 10px;" valign="top"><font 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: 0px; text-transform: none; widows: 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;">either (i) except<font style="font-size: 10pt;">ional circumstances exist, such as serious financial difficulties which require the immediate sale of such Securities, or (ii) the beneficial interest in the relevant Security does not change due to the characteristics of the trading involved for transactions made under, or related to, an employee share or saving scheme, qualification or entitlement of shares, or transactions; and</font></font></td>
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<td style="vertical-align: top; height: 16px;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -28.3333px; text-transform: none; widows: 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;">b)</font></td>
<td style="vertical-align: top; height: 16px;" valign="top"><font 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: -28.3333px; text-transform: none; widows: 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 Relevant Person can demonstrate that the particular transaction cannot be executed other than during the blackout period.</font></td>
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<p style="margin: 0pt 56.7pt 0pt 52.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Special</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Trading</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Restrictions</font><font style="letter-spacing: -0.1pt; line-height: inherit;">:</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">period</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">during</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">which</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">trading</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Other </font><font style="line-height: inherit;">Entities&#8217;</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">is</font> <font style="line-height: inherit;">specifically</font> <font style="line-height: inherit;">prohibited.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0.1pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Trading</font> <font style="line-height: inherit;">directly</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">indirectly</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">or,</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">applicable,</font> <font style="line-height: inherit;">Other</font> <font style="line-height: inherit;">Entities&#8217;</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">by </font><font style="letter-spacing: -0.1pt; line-height: inherit;">members of the board of directors and executive officers of Tenaris and by individuals designated </font><font style="letter-spacing: -0.2pt; line-height: inherit;">as</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">deemed</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">appropriate</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">under</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">circumstances</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">(and</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">their</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">respective</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Closely</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Associated</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Persons)</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">is</font><font style="line-height: inherit;"> prohibited by decision of the Secretary to the board of directors of Tenaris, pursuant to </font><font style="letter-spacing: -0.1pt; line-height: inherit;">instructions</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Chief</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Executive</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Officer,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">upon</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">former</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">issuing</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">an</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">announcement</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8220;</font><font style="font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Special </font><font style="font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Trading Restriction</font><font style="letter-spacing: -0.2pt; line-height: inherit;">&#8221; regarding Tenaris&#8217;s Securities or Other Entities&#8217; Securities, as applicable, and</font><font style="line-height: inherit;"> such prohibition will continue until an announcement is issued ending the Special Trading </font><font style="letter-spacing: -0.1pt; line-height: inherit;">Restriction.</font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">A</font> <font style="line-height: inherit;">Special</font> <font style="line-height: inherit;">Trading</font> <font style="line-height: inherit;">Restriction</font> <font style="line-height: inherit;">will</font> <font style="line-height: inherit;">generally</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">imposed</font> <font style="line-height: inherit;">when,</font> <font style="line-height: inherit;">among</font> <font style="line-height: inherit;">other</font> <font style="line-height: inherit;">things,</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company is involved in material negotiations that the parties do not wish to disclose at such time. The existence of a Special Trading Restriction itself will generally constitute Material Non-Public Information</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">thus</font> <font style="line-height: inherit;">its</font> <font style="line-height: inherit;">existence</font> <font style="line-height: inherit;">should</font> <font style="line-height: inherit;">not</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">disclosed</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">any</font> <font style="line-height: inherit;">other</font> <font style="line-height: inherit;">person</font> <font style="line-height: inherit;">(except</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">strictly necessary</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">ensure</font> <font style="line-height: inherit;">compliance</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Special</font> <font style="line-height: inherit;">Trading</font> <font style="line-height: inherit;">Restriction).</font></font></p>
















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<p style="margin: 0.05pt 0pt 0pt 52.45pt; text-indent: -42.55pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">6.2.2</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Tipping</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6.1pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Officers and employees of the Company must abstain from directly or indirectly disclosing Material Non-Public Information to third parties that are not subject to (i) a legal prohibition to trade</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">Other</font> <font style="line-height: inherit;">Entities&#8217;</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">while</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">possession</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">Material</font> <font style="line-height: inherit;">Non- </font><font style="letter-spacing: -0.1pt; line-height: inherit;">Public</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Information,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(ii)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">confidentiality</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">agreement</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Company,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">professional</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">standard </font><font style="line-height: inherit;">of conduct, prohibiting the use of Material Non-Public Information for any purposes other than that for which such information has been disclosed. Even when the above conditions are met, Material</font> <font style="line-height: inherit;">Non-Public</font> <font style="line-height: inherit;">Information</font> <font style="line-height: inherit;">should</font> <font style="line-height: inherit;">only</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">disclosed</font> <font style="line-height: inherit;">on</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">need-to-know</font> <font style="line-height: inherit;">basis.</font></font></p>
<p style="margin: 0.3pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0.05pt 0pt 0pt 52.45pt; orphans: 0; text-indent: -42.55pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">6.2.3</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Notice</font> <font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Obligations</font></font></p>
<p style="margin: 0.05pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10.5pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 73.7pt; text-align: justify; text-indent: -21.25pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(A)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;</font><font style="line-height: inherit;">The</font> <font style="line-height: inherit;">followings</font> <font style="line-height: inherit;">persons</font> <font style="line-height: inherit;">(jointly</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Relevant</font> <font style="font-style: italic; font-weight: bold; line-height: inherit;">Persons</font><font style="line-height: inherit;">&#8221;</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">each</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Relevant</font> <font style="font-style: italic; font-weight: bold; line-height: inherit;">Person</font><font style="line-height: inherit;">&#8221;,</font> <font style="line-height: inherit;">and </font><font style="letter-spacing: -0.2pt; line-height: inherit;">sometimes</font><font style="letter-spacing: -0.2pt; line-height: inherit;"> also</font><font style="letter-spacing: -0.2pt; line-height: inherit;"> referred</font><font style="letter-spacing: -0.2pt; line-height: inherit;"> to</font><font style="letter-spacing: -0.2pt; line-height: inherit;"> as</font><font style="letter-spacing: -0.2pt; line-height: inherit;"> &#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">persons</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;"> discharging</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;"> managerial</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;"> responsibilities&#8221;</font><font style="letter-spacing: -0.2pt; line-height: inherit;">)are</font><font style="letter-spacing: -0.2pt; line-height: inherit;"> also</font><font style="line-height: inherit;"> subject</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">obligations</font> <font style="line-height: inherit;">set</font> <font style="line-height: inherit;">forth</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">this</font> <font style="line-height: inherit;">section:</font></font></p>
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<td style="vertical-align: top; width: 20px; height: 16px;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 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;">(i)</font></td>
<td style="vertical-align: top; height: 16px;" valign="top"><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">members of</font><font 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: -28.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">the</font><font 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: -28.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">board</font><font 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: -28.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">of</font><font 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: -28.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">directors</font><font 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: -28.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">and</font><font 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: -28.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">audit committee</font><font 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: -28.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">of</font><font 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: -28.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Tenaris,</font></td>
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<td style="vertical-align: top; height: 48px;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -28.3333px; text-transform: none; widows: 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;">(ii)</font></td>
<td style="vertical-align: top; height: 48px; text-align: justify;" valign="top"><font 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: -28.1333px; text-transform: none; widows: 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;">executive office<font style="font-size: 10pt;">rs and all other persons holding a managerial position with<font style="line-height: inherit;">&nbsp;</font></font>Tenaris<font 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: -28.1333px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font>with regular access to inside information directly or indirectly concerning<font style="line-height: inherit;">&nbsp;</font></font>Tenaris<font 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: -28.1333px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font>and who have the power to take decisions affecting<font style="line-height: inherit;">&nbsp;</font></font>Tenaris&#8217;s<font 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: -28.1333px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font>business prospects and development, to the extent such other persons are designated as &#8220;Relevant Persons&#8221; by the Secretary to the board of directors of<font style="line-height: inherit;">&nbsp;</font></font>Tenaris<font style="font-size: 10pt;"><font style="line-height: inherit;">&nbsp;</font>and notified of any</font> such designation;</font></td>
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<td style="vertical-align: top; height: 16px;" valign="top"><font 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: -0.0666667px; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 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;">(iii)</font></td>
<td style="vertical-align: top; height: 16px;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; 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-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">the</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Persons</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Closely</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Associated</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">with</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">the</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">persons</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">listed</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">in</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">(i)</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">and</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">(ii)</font><font 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: -28.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -28.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">above.</font></td>
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<p style="margin: 0.4pt 0pt 0pt 94.8pt; text-align: justify; text-indent: -21.1pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp;&nbsp;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 93pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.2pt; line-height: inherit;">Relevant</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Persons</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">listed</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">(i)</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">(ii)</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">above</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">must</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">notify</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">their</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">respective</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">closely</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">associated</font><font style="line-height: inherit;"> persons of their obligations under this section 6.2.3, and must keep a copy of such </font><font style="letter-spacing: -0.1pt; line-height: inherit;">notification.</font></font></p>
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<p style="margin: 0pt 56.7pt 0pt 73.7pt; text-align: justify; text-indent: -21.25pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(B)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;</font><font style="letter-spacing: -0.1pt; line-height: inherit;">Promptly</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">case,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">later</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">than</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">second</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(2</font><font style="letter-spacing: -0.1pt; vertical-align: 3pt; line-height: inherit;">nd</font><font style="letter-spacing: -0.1pt; line-height: inherit;">)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">trading</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">day</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">following</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">execution of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8220;qualifying</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">transaction&#8221;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(irrespective</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">successive</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">settlement</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">date),</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">each</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Relevant </font><font style="line-height: inherit;">Person must notify (i) the Luxembourg </font><font style="font-style: italic; line-height: inherit;">Commission de Surveillance du Secteur Financier </font><font style="line-height: inherit;">(CSSF) and (ii) the Secretary to the Board or any other person designated by the Chief </font><font style="letter-spacing: -0.1pt; line-height: inherit;">Executive</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Officer</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">effect</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8220;</font><font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Trading</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Information</font> <font style="font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Officer</font><font style="letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8220;qualifying </font><font style="line-height: inherit;">transaction&#8221;, in accordance with the provisions of this section 6.2.3.</font> <font style="line-height: inherit;">For purposes of this </font><font style="letter-spacing: -0.1pt; line-height: inherit;">section, a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8220;qualifying</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">transaction&#8221;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">means</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">transaction involving</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">made </font><font style="line-height: inherit;">on the account of any Relevant Person once a total amount of EUR 5,000 has been reached within</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">calendar</font> <font style="line-height: inherit;">year</font> <font style="line-height: inherit;">(which</font> <font style="line-height: inherit;">threshold</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">EUR</font> <font style="line-height: inherit;">5,000</font> <font style="line-height: inherit;">must</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">calculated</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">adding,</font> <font style="line-height: inherit;">without netting, all transactions).</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 5.9pt 56.75pt 0pt 73.7pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following transactions involving Tenaris&#8217;s Securities are subject to the notification obligations under this section 6.2.3:</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
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<td style="text-align: center; height: 16px; vertical-align: top; width: 20px;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.0666667px; orphans: 2; text-indent: -26px; text-transform: none; widows: 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;">i.</font></td>
<td style="text-align: left; height: 16px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">acquisition,</font><font 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: -26px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">disposal,</font><font 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: -26px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">short</font><font 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: -26px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">sale,</font><font 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: -26px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">subscription,</font><font 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: -26px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">exchange,</font><font 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: -26px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">pledging</font><font 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: -26px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">or</font><font 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: -26px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -26px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">lending;</font></td>
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      </tr>
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<td style="text-align: center; vertical-align: top;"><br></td>
<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 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;">ii.</font></td>
<td style="height: 16px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">acceptance</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">or</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">exercise</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">of</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">a</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">stock</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">option,</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">including</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">stock</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">options</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">granted</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">to</font><font 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: -29.8px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -29.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">managers<font style="line-height: inherit;">&nbsp;</font></font><font 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: -29.8px; text-transform: none; widows: 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;">or employees as part of their remuneration package, and the disposal of shares stemming from the exercise of a stock option;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -33.2px; text-transform: none; widows: 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;">iii.</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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; orphans: 2; text-align: justify; text-indent: -33.2px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">entering into or exercise</font><font 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: -33.2px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -33.2px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">of</font><font 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: -33.2px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -33.2px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">equity swaps;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -32.4px; text-transform: none; widows: 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;">iv.</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">transactions</font><font 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: -32.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">in</font><font 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: -32.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">or</font><font 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: -32.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">related</font><font 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: -32.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">to</font><font 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: -32.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">derivatives,</font><font 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: -32.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">including</font><font 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: -32.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">cash-settled</font><font 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: -32.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -32.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">transaction;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -28.9333px; 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;">v.</font></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><font 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: 0px; text-transform: none; widows: 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;">entering into a contract for difference on a financial instrument or on emission allowances or auction products based thereon;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -32.6px; text-transform: none; widows: 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;">vi.</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -32.6px; text-transform: none; widows: 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;">acquisition,</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">disposal</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">or</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">exercise</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">of</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">rights,</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">including</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">put</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">and</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">call</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">options,</font><font 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: -32.6px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -32.6px; text-transform: none; widows: 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;">and<font>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -32.6px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">warrants;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -36.1333px; text-transform: none; widows: 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;">vii.</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">subscription</font><font 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: -36.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">to</font><font 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: -36.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">a</font><font 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: -36.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">capital</font><font 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: -36.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">increase</font><font 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: -36.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">or</font><font 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: -36.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">debt</font><font 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: -36.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">instrument</font><font 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: -36.1333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -36.1333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.3pt; line-height: inherit;">issuance;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 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;">viii.</font></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">transactions</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">in</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">derivatives</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">and</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">financial</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">instruments</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">linked</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">to</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">a</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">debt</font><font 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: -39.8px; text-transform: none; widows: 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>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -39.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">instrument,<font>&nbsp;</font></font><font 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: -39.8px; text-transform: none; widows: 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;">including credit default swaps;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -33.2667px; 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;">ix.</font></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-indent: -33.2667px; 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; letter-spacing: -0.1pt; line-height: inherit;">conditional transactions upon the occurrence of the conditions and actual execution<font>&nbsp;</font></font><font 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: -33.2667px; 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; line-height: inherit;">of the transactions;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -29.6667px; 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;">x.</font></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><font 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: 0px; text-transform: none; widows: 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;">automatic or non-automatic<font>&nbsp;</font></font>conver<font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font>sion<font 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: 0px; text-transform: none; widows: 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>&nbsp;</font>of a Security into another Security, including the exchange of convertible bonds to shares;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -33.0667px; text-transform: none; widows: 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;">xi.</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -33.0667px; text-transform: none; widows: 2; 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-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font><font 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; orphans: 2; text-align: justify; text-indent: -33.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">gifts and</font><font 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: -33.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -33.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">donations</font><font 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: -33.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -33.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">made</font><font 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: -33.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -33.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">or received,</font><font 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: -33.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -33.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">and</font><font 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: -33.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -33.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">inheritance</font><font 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: -33.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -33.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">received;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -36.8667px; text-transform: none; widows: 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;">xii.</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -36.8667px; text-transform: none; widows: 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;">transactions executed by a third party under an individual portfolio or asset management</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">mandate</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">on</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">behalf</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">or</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">for</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">the</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">benefit</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">of</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">a</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">Relevant</font><font 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: -36.8667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -36.8667px; text-transform: none; widows: 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;">Person;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -40.4667px; text-transform: none; widows: 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;">xiii.</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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: -40.4667px; text-transform: none; widows: 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;">borrowing or lending of shares or debt instruments of the issuer or derivatives or other</font><font 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: -40.4667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -40.4667px; text-transform: none; widows: 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;">financial</font><font 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: -40.4667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -40.4667px; text-transform: none; widows: 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;">instruments</font><font 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: -40.4667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -40.4667px; text-transform: none; widows: 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;">linked</font><font 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: -40.4667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -40.4667px; text-transform: none; widows: 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;">thereto;</font></td>
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<td style="height: 16px; text-align: center; vertical-align: top;" valign="top"><font 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: -0.0666667px; orphans: 2; text-indent: -39.4px; text-transform: none; widows: 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;">xiv.</font></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font 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; orphans: 2; text-align: justify; text-indent: -39.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">transactions</font><font 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: -39.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -39.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">made under</font><font 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: -39.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -39.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">a life insurance</font><font 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: -39.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -39.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">policy,</font><font 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: -39.4px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -39.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">where:</font></td>
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<td style="height: 16px; vertical-align: top;" valign="top"><font 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: normal; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.05pt; line-height: inherit;">a)</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; 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-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">the</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">policyholder</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">is</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">a</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Relevant</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">Person,</font></td>
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<td valign="top" style="vertical-align: top;"><font 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: normal; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.05pt; line-height: inherit;">b)</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; 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-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;</font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">the</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">investment</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">risk</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">is</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">borne</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">by</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">the</font><font 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: -12.0667px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.2pt; line-height: inherit;">policyholder,</font><font 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; orphans: 2; text-align: justify; text-indent: -12.0667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.25pt; line-height: inherit;"><font>&nbsp;</font>and</font></td>
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<td valign="top" style="vertical-align: top; text-align: justify;"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; orphans: 2; text-indent: -12.2667px; 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; letter-spacing: -0.05pt; line-height: inherit;"><font 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: -33.2px; text-transform: none; widows: 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;">c)&nbsp; &nbsp; the policyholder has the power or discretion to make investment decisions regarding specific instruments in that life insurance policy or to execute transactions regarding specific instruments for that life insurance policy.</font></font></td>
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<p style="font-size: 10pt; line-height: 101%; margin: 5.95pt 56.7pt 0pt 73.7pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">following</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">transactions</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities, or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">involving</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities, or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">having </font><font style="line-height: inherit;">Tenaris&#8217;</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">underlying</font> <font style="line-height: inherit;">assets</font> <font style="line-height: inherit;">are</font> <font style="font-weight: bold; line-height: inherit;">exempt</font> <font style="line-height: inherit;">from</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">notification</font> <font style="line-height: inherit;">obligations</font> <font style="line-height: inherit;">under this section 6.2.3:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 109.15pt; text-align: justify; text-indent: -19.65pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">i.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="line-height: inherit;">transactions in Securities that are a unit or share in a collective investment </font><font style="letter-spacing: -0.1pt; line-height: inherit;">undertaking</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">which</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">exposure</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris&#8217;s</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">does</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">exceed</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">20%</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the assets held by the collective investment undertaking;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 109.15pt; text-align: justify; text-indent: -22.35pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">ii.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="line-height: inherit;">transactions</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">provide</font> <font style="line-height: inherit;">exposure</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">portfolio</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">assets</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">which</font> <font style="line-height: inherit;">the exposure</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">does</font> <font style="line-height: inherit;">not</font> <font style="line-height: inherit;">exceed</font> <font style="line-height: inherit;">20%</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">portfolio&#8217;s</font> <font style="line-height: inherit;">assets;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 109.2pt; text-align: justify; text-indent: -25.05pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">iii.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="line-height: inherit;">transactions in Securities that are a unit or share in a collective investment undertaking or provide exposure to a portfolio of assets and the Relevant Person </font><font style="letter-spacing: -0.1pt; line-height: inherit;">does</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">know,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">could</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">not</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">know,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">investment</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">composition</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">exposure</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">such </font><font style="line-height: inherit;">collective investment undertaking or portfolio of assets in relation to Tenaris&#8217;s Securities,</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">there</font> <font style="line-height: inherit;">is</font> <font style="line-height: inherit;">no</font> <font style="line-height: inherit;">reason</font> <font style="line-height: inherit;">for</font> <font style="line-height: inherit;">such</font> <font style="line-height: inherit;">Relevant</font> <font style="line-height: inherit;">Person</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">believe</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">Tenaris&#8217;s Securities</font> <font style="line-height: inherit;">exceed</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">thresholds</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">(i)</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">(ii)</font> <font style="line-height: inherit;">above;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 109.15pt; text-align: justify; text-indent: -24.45pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">iv.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="letter-spacing: -0.1pt; line-height: inherit;">transactions executed by the manager of a collective investment undertaking, which </font><font style="line-height: inherit;">operates with full discretion, to the extent the manager does not receive any instructions or suggestions on portfolio composition directly or indirectly from </font><font style="letter-spacing: -0.1pt; line-height: inherit;">investors in the collective investment undertaking;</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 5.8pt 56.7pt 0pt 73.7pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">For purposes of this provision, if information regarding the investment composition of the collective investment undertaking or exposure to the portfolio of assets is available, the Relevant</font> <font style="line-height: inherit;">Person</font> <font style="line-height: inherit;">must</font> <font style="line-height: inherit;">make</font> <font style="line-height: inherit;">all</font> <font style="line-height: inherit;">reasonable</font> <font style="line-height: inherit;">efforts</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">obtain</font> <font style="line-height: inherit;">such</font> <font style="line-height: inherit;">information.</font></font></p>
<p style="font-size: 10pt; line-height: 101%; margin: 6pt 56.7pt 0pt 73.7pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Notice of Transactions by the Relevant Persons is not deemed an implied authorization or clearance by Tenaris to trade on Tenaris&#8217;s Securities.</font> <font style="line-height: inherit;">Trading on Securities is at all times subject</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">this</font> <font style="line-height: inherit;">policy</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">applicable</font> <font style="line-height: inherit;">securities</font> <font style="line-height: inherit;">laws</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">regulations.</font></font></p>
<p style="margin: 0.05pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 73.6pt; orphans: 0; text-align: justify; text-indent: -21.15pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(C)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;</font><font style="letter-spacing: -0.2pt; line-height: inherit;">The</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Relevant</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">Persons</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">must</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">comply</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">with</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">notification</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">requirements</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">set</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">forth</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">this</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">section</font></font></p>
<p style="font-size: 10pt; line-height: 101%; margin: 0.1pt 56.7pt 0pt 73.7pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">6.2.3</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">completing</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">forms</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">attached</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">hereto</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">as</font> <a href="#_bookmark0"><font style="color: #0000ff; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">Exhibit</font> <font style="color: #0000ff; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">A</font></a> <font style="letter-spacing: -0.1pt; line-height: inherit;">(or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">any</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">replacing</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">form</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">required</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">future</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">CSSF,</font> <font style="line-height: inherit;">available</font> <font style="line-height: inherit;">at</font> <font style="line-height: inherit;">https://www.cssf.lu/en/document/forms-for-persons-</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">discharging-managerial-responsibilities/</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">delivering</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">copy</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">thereof</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">CSSF</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="line-height: inherit;">Trading Information Officer.</font></font></p>
<p style="margin: 0.1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 73.7pt; text-align: justify; text-indent: -21.25pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; letter-spacing: -0.05pt; line-height: inherit;">(D)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp;</font><font style="line-height: inherit;">Relevant</font> <font style="line-height: inherit;">Persons</font> <font style="line-height: inherit;">should</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">aware</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">&#8220;qualifying</font> <font style="line-height: inherit;">transactions&#8221;</font> <font style="line-height: inherit;">will</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">informed</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">Tenaris to</font> <font style="line-height: inherit;">applicable</font> <font style="line-height: inherit;">authorities</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">will</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">publicly</font> <font style="line-height: inherit;">disclosed</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">market,</font> <font style="line-height: inherit;">including</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">means</font> <font style="line-height: inherit;">of widely</font> <font style="line-height: inherit;">disseminated</font> <font style="line-height: inherit;">press</font> <font style="line-height: inherit;">releases,</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">accordance</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">applicable</font> <font style="line-height: inherit;">disclosure</font> <font style="line-height: inherit;">requirements. Relevant</font> <font style="line-height: inherit;">Persons</font> <font style="line-height: inherit;">will</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">deemed</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">have</font> <font style="line-height: inherit;">irrevocably</font> <font style="line-height: inherit;">given</font> <font style="line-height: inherit;">their</font> <font style="line-height: inherit;">consent</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">handling</font> <font style="line-height: inherit;">of their personal data required under this policy, for the sole purpose of complying with applicable</font> <font style="line-height: inherit;">disclosure</font> <font style="line-height: inherit;">regulations.</font> <font style="line-height: inherit;">Such</font> <font style="line-height: inherit;">data</font> <font style="line-height: inherit;">may</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">inserted</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company&#8217;s</font> <font style="line-height: inherit;">financial</font> <font style="line-height: inherit;">and management</font> <font style="line-height: inherit;">reports,</font> <font style="line-height: inherit;">disclosed</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">securities</font> <font style="line-height: inherit;">regulatory</font> <font style="line-height: inherit;">authorities</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">market,</font> <font style="line-height: inherit;">and/or posted</font> <font style="line-height: inherit;">on</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">website,</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">accordance</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">applicable</font> <font style="line-height: inherit;">regulations.</font></font></p>
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<p style="margin: 0.05pt 0pt 0pt 9.9pt; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">6.3</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; line-height: inherit;">Failure</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">to</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">Comply</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">with</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">this</font> <font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Policy</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 56.7pt 0pt 52.45pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Buying or selling Tenaris&#8217;s Securities or Other Entities&#8217; Securities on the basis of Material Non- </font><font style="letter-spacing: -0.1pt; line-height: inherit;">Public</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Information,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">passing</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">information</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">on</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">another</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">party</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">who</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">buys</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">sells,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">subject </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">individual</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">disgorgement</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">illegal</font> <font style="line-height: inherit;">profits</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">well</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">severe</font> <font style="line-height: inherit;">civil</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">criminal</font> <font style="line-height: inherit;">liability</font> <font style="line-height: inherit;">under the</font> <font style="line-height: inherit;">securities</font> <font style="line-height: inherit;">laws</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">regulations</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">jurisdiction</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">organization</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">jurisdictions</font> <font style="line-height: inherit;">in which Tenaris&#8217;s Securities are traded. In certain jurisdictions, civil penalties may amount to ten times the profit realized or loss avoided, and criminal penalties may include imprisonment.</font> <font style="line-height: inherit;">In addition,</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company</font> <font style="line-height: inherit;">may</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">exposed</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">economic</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">reputational</font> <font style="line-height: inherit;">damages.</font></font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">are</font> <font style="line-height: inherit;">traded</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">different</font> <font style="line-height: inherit;">markets,</font> <font style="line-height: inherit;">each</font> <font style="line-height: inherit;">subject</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">its</font> <font style="line-height: inherit;">own</font> <font style="line-height: inherit;">laws</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">regulations. Accordingly,</font> <font style="line-height: inherit;">certain</font> <font style="line-height: inherit;">trading</font> <font style="line-height: inherit;">transactions</font> <font style="line-height: inherit;">undertaken</font> <font style="line-height: inherit;">while</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">possession</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">Material</font> <font style="line-height: inherit;">Non-Public </font><font style="letter-spacing: -0.1pt; line-height: inherit;">Information</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">are</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">permitted</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">one</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">market,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">still</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">give</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">rise</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">liability</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">another</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">market.</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">As</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a </font><font style="line-height: inherit;">result, Officers and employees of the Company must comply with this policy regardless of any exceptions</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">safe</font> <font style="line-height: inherit;">harbors</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">may</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">applicable</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">particular</font> <font style="line-height: inherit;">market.</font></font></p>
<p style="margin: 0.05pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In addition, any employee willfully or knowingly violating this policy may be subject to disciplinary</font> <font style="line-height: inherit;">measures,</font> <font style="line-height: inherit;">including</font> <font style="line-height: inherit;">dismissal.</font> <font style="line-height: inherit;">In</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">event</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">violation</font> <font style="line-height: inherit;">is</font> <font style="line-height: inherit;">committed</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">members of governing bodies, the Company may take action to suspend or revoke for cause their </font><font style="letter-spacing: -0.1pt; line-height: inherit;">appointment.</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Violations</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">committed</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">persons</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">contractually</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">related</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Company</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">result</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in </font><font style="line-height: inherit;">termination</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">their</font> <font style="line-height: inherit;">respective</font> <font style="line-height: inherit;">agreements.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 52.45pt; orphans: 0; text-indent: -42.55pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">6.4</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; line-height: inherit;">Caution</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">About</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">Inability</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">to</font> <font style="color: #006666; font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">Sell</font></font></p>
<p style="margin: 0.35pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 56.7pt 0pt 52.45pt; text-align: justify;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Officers</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">employees</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Company</font> <font style="line-height: inherit;">acknowledge</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">trading</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">Other Entities&#8217; Securities may be prohibited at a particular time due to having knowledge of Material Non-Public Information. Any such persons purchasing Tenaris&#8217;s Securities or Other Entities&#8217; Securities must consider the inherent risk that a sale of Tenaris&#8217;s Securities or Other Entities&#8217; </font><font style="letter-spacing: -0.1pt; line-height: inherit;">Securities</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">prohibited</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">at</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">time</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">he</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">she</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">desires</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">dispose</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">them.</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">next</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">opportunity</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to </font><font style="line-height: inherit;">sell</font> <font style="line-height: inherit;">such</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">might</font> <font style="line-height: inherit;">not</font> <font style="line-height: inherit;">occur</font> <font style="line-height: inherit;">until</font> <font style="line-height: inherit;">after</font> <font style="line-height: inherit;">an</font> <font style="line-height: inherit;">extended</font> <font style="line-height: inherit;">period,</font> <font style="line-height: inherit;">during</font> <font style="line-height: inherit;">which</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">market</font> <font style="line-height: inherit;">price of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">Tenaris&#8217;s</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">or</font> <font style="line-height: inherit;">Other</font> <font style="line-height: inherit;">Entities&#8217;</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">might</font> <font style="line-height: inherit;">decline.</font></font></p>
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<p style="orphans: 0; widows: 0;;margin:0pt"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>6</font></font></td>











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    </div>
<p style="margin:0pt"><br></p>
<p style="margin: 0.05pt 0pt 0pt 52.45pt; orphans: 0; text-indent: -42.55pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; line-height: inherit;">7</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Annexes</font></font></p>
<p style="margin: 1.9pt 56.65pt 0pt 0pt; orphans: 0; text-align: right; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Exhibit</font> <font style="font-weight: bold; letter-spacing: -0.5pt; line-height: inherit;">A</font></font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><br></p>
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<td style="width: 100%; text-align: center; border: 1pt solid #000000;"><font style="font-weight: bold;">NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL<br>RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM</font></td>















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<p style="margin: 0pt; orphans: 0; widows: 0;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 88%; margin-left: auto; margin-right: auto;" width="88%" border="0">

<tr style="height: 10px;">
<td style="vertical-align: top; width: 17pt; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;">
<p style="line-height: 10pt; margin: 1.75pt 3.9pt 0pt 1.5pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.25pt; line-height: inherit;">1.</font></p>


















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<td colspan="2" style="vertical-align: top; width: 417pt; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;">
<p style="line-height: 10pt; margin: 1.75pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Details</font> <font style="font-weight: bold; line-height: inherit;">of</font> <font style="font-weight: bold; line-height: inherit;">the</font> <font style="font-weight: bold; line-height: inherit;">person</font> <font style="font-weight: bold; line-height: inherit;">discharging</font> <font style="font-weight: bold; line-height: inherit;">managerial</font> <font style="font-weight: bold; line-height: inherit;">responsibilities/person</font> <font style="font-weight: bold; line-height: inherit;">closely</font> <font style="font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">associated</font></font></p>


















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      </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 17pt; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="line-height: 10pt; margin: 3.25pt 3.9pt 0pt 1.55pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">a)</font></p>


















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<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 3.25pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">Name<font style="font-size: 8pt;"><sup>1</sup></font></font></font></p>


















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<td style="vertical-align: top; width: 279pt; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















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<p style="margin: 0.55pt 0pt 0.05pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 36px; border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 88%; margin-right: auto;" width="88%" border="0">

<tr style="height: 16px;">
<td style="vertical-align: top; width: 17pt; height: 16px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 1.75pt 3.9pt 0pt 1.5pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.25pt; line-height: inherit;">2.</font></p>


















       </td>
<td colspan="2" style="vertical-align: top; width: 417pt; height: 16px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 1.75pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Reason</font> <font style="font-weight: bold; line-height: inherit;">for</font> <font style="font-weight: bold; line-height: inherit;">the</font> <font style="font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">notification</font></font></p>


















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 17pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 3.25pt 3.9pt 0pt 1.55pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">a)</font></p>


















       </td>
<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 3.25pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Position</font> <font style="line-height: inherit;">/</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">status<font style="font-size: 8pt;"><sup>2</sup></font></font></font></p>


















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<td style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















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      </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 17pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 4.3pt 0pt 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">b)</font></p>


















       </td>
<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 4.3pt 0pt 0pt; orphans: 0; widows: 0;"><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; line-height: inherit;"><font style="line-height: inherit;">Initial</font> <font style="line-height: inherit;">notification</font> <font style="line-height: inherit;">/</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">amendment<font style="font-size: 8pt;"><sup>3</sup></font></font></font></p>


















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<td style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>





































    </table>
<p style="margin: 0.55pt 0pt 0.05pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 42px; border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 88%; margin-right: auto;" width="88%" border="0.5pt solid rgb(0, 0, 0)">

<tr style="height: 10px;">
<td style="vertical-align: top; width: 17pt; height: 10px; border: 1pt solid #000000;">
<p style="text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.25pt; line-height: inherit;">3.</font></p>


















       </td>
<td colspan="3" style="vertical-align: top; width: 417pt; height: 10px; border: 1pt solid #000000;">
<p style="orphans: 0; widows: 0;"><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; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Details</font> <font style="font-weight: bold; line-height: inherit;">of</font> <font style="font-weight: bold; line-height: inherit;">the</font> <font style="font-weight: bold; line-height: inherit;">issuer,</font> <font style="font-weight: bold; line-height: inherit;">emission</font> <font style="font-weight: bold; line-height: inherit;">allowance</font> <font style="font-weight: bold; line-height: inherit;">market</font> <font style="font-weight: bold; line-height: inherit;">participant,</font> <font style="font-weight: bold; line-height: inherit;">auction</font> <font style="font-weight: bold; line-height: inherit;">platform,</font> <font style="font-weight: bold; line-height: inherit;">auctioneer</font> <font style="font-weight: bold; line-height: inherit;">or</font> <font style="font-weight: bold; line-height: inherit;">auction</font> <font style="font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">monitor</font></font></p>


















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      </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 17pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 3.25pt 3.9pt 0pt 1.55pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">a)</font></p>


















       </td>
<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 3.25pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">Name<font style="font-size: 8pt;"><sup>4</sup></font></font></font></p>


















       </td>
<td colspan="2" style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 22px;">
<td style="vertical-align: top; width: 17pt; height: 22px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 3.25pt 3.9pt 0pt 2pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">b)</font></p>


















       </td>
<td style="vertical-align: top; width: 138pt; height: 22px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 3.25pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.2pt; line-height: inherit;">LEI<font style="font-size: 8pt;"><sup>5</sup></font></font></font></p>


















       </td>
<td style="vertical-align: top; width: 154pt; height: 22px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>
<td style="vertical-align: top; width: 125pt; height: 22px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>





































    </table>
<p style="margin: 0.55pt 0pt 0.05pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 142px; border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 88%; margin-right: auto;" width="88%" border="0.5pt solid rgb(0, 0, 0)">

<tr style="height: 10px;">
<td style="width: 17pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.25pt; line-height: inherit;">4.</font></p>


















       </td>
<td colspan="3" style="vertical-align: top; width: 417pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 11pt; margin: 3.5pt 2.9pt 0pt 3.45pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Details</font><font style="font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-weight: bold; letter-spacing: -0.3pt; line-height: inherit;">of</font><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp;</font><font style="font-weight: bold; letter-spacing: -0.2pt; line-height: inherit;">the</font><font style="font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">transaction(s)</font><font style="font-weight: bold; line-height: inherit;"> section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted</font></font></p>


















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      </tr>
<tr style="height: 10px;">
<td rowspan="2" style="width: 17pt; height: 20px; border: 1pt solid #000000; text-align: center; vertical-align: middle;" valign="middle">
<p style="margin: 4.3pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">a)</font></p>


















       </td>
<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 11pt; margin: 3.25pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Description of the financial instrument,</font> <font style="line-height: inherit;">type</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">instrument</font><font style="font-size: 8pt;"><sup>6</sup></font></font></p>


















       </td>
<td colspan="2" style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 1.75pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">Identification</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">code<font style="font-size: 8pt;"><sup>7</sup></font></font></font></p>


















       </td>
<td colspan="2" style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="width: 17pt; height: 10px; border: 1pt solid #000000; padding: 0px; text-align: center; vertical-align: middle;" valign="middle">
<p style="line-height: 10pt; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">b)</font></p>


















       </td>
<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 3.25pt 0pt 0pt 3.5pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Nature</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font><font style="letter-spacing: -0.1pt; line-height: inherit;"> transaction<font style="font-size: 8pt;"><sup>8</sup></font></font></font></p>


















       </td>
<td colspan="2" style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 19px;">
<td rowspan="2" style="width: 17pt; height: 29px; border: 1pt solid #000000; text-align: center; vertical-align: bottom;" valign="bottom">
<p style="orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">c)</font></p>


















       </td>
<td rowspan="2" style="width: 138pt; height: 29px; border: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 4.05pt 0pt 0pt; orphans: 0; widows: 0;"><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; line-height: inherit;"><font style="line-height: inherit;">Price(s)</font> <font style="line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">volume(s)<font style="font-size: 8pt;"><sup>9</sup></font></font></font></p>


















       </td>
<td style="vertical-align: top; width: 154pt; height: 19px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 1.75pt 0pt 0pt 0.45pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Price(s)</font></p>


















       </td>
<td style="vertical-align: top; width: 125pt; height: 19px; border: 1pt solid #000000;">
<p style="line-height: 10pt; margin: 1.75pt 0pt 0pt 0.45pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Volume(s)</font></p>


















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 154pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>
<td style="vertical-align: top; width: 125pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 20px;">
<td rowspan="3" style="width: 17pt; height: 53px; border: 1pt solid #000000; text-align: center; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">d)</font></p>


















       </td>
<td rowspan="3" style="vertical-align: top; width: 138pt; height: 53px; border: 1pt solid #000000;">
<p style="margin: 1.75pt 0pt 0pt 3.5pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Aggregated</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">information</font></font></p>
<p style="margin: 3.75pt 0pt 0pt 13.65pt; text-indent: -10.15pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; line-height: inherit;">&#8212;</font> <font style="line-height: inherit;">Aggregated</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">volume<font style="font-size: 8pt; line-height: inherit;"><sup>10</sup></font></font></font></p>
<p style="line-height: 1.2; margin: 3.8pt 0pt 0pt 13.65pt; text-indent: -10.15pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; line-height: inherit;">&#8212;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Price<font style="font-size: 8pt; line-height: inherit;"><sup>11</sup></font></font></font></p>


















       </td>
<td colspan="2" style="background-color: #c0c0c0; vertical-align: top; width: 279pt; height: 20px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 23px;">
<td colspan="2" style="vertical-align: top; width: 279pt; height: 23px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 10px;">
<td colspan="2" style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="width: 17pt; height: 10px; border: 1pt solid #000000; text-align: center; vertical-align: bottom;" valign="bottom">
<p style="line-height: 10pt; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">e)</font></p>


















       </td>
<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Date</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font><font style="letter-spacing: -0.1pt; line-height: inherit;"> transaction<font style="font-size: 8pt; line-height: inherit;"><sup>12</sup></font></font></font></p>


















       </td>
<td colspan="2" style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="width: 17pt; height: 10px; border: 1pt solid #000000; text-align: center; vertical-align: bottom;" valign="bottom">
<p style="line-height: 10pt; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">f)</font></p>


















       </td>
<td style="vertical-align: top; width: 138pt; height: 10px; border: 1pt solid #000000;">
<p style="line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Place</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font><font style="letter-spacing: -0.1pt; line-height: inherit;"> transaction<font style="font-size: 8pt; line-height: inherit;"><sup>13</sup></font></font></font></p>


















       </td>
<td colspan="2" style="vertical-align: top; width: 279pt; height: 10px; border: 1pt solid #000000;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


















       </td>


















      </tr>





































    </table>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table style="width: 88%; margin-left: auto; margin-right: auto; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 75%;"><br></td>
<td style="width: 10%;"><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; font-weight: bold; line-height: inherit;">Date</font><font 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;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; 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; font-weight: bold; line-height: inherit;">and</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: 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; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"><font>&nbsp;</font>signature</font></td>
<td style="border-bottom: 1pt solid #000000; width: 15%;"><br></td>
















      </tr>

































    </table>
<p style="margin: 5.35pt 0pt 0pt; orphans: 0; widows: 0;"><br></p>
<table style="width: 88%; margin-left: auto; margin-right: auto; height: 110px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 16px;">
<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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; line-height: inherit;"><font style="font-size: 8pt;"><sup>1</sup></font>For</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">natural</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">persons:</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">first</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">name</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">and</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">last</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">name(s).</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">For</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">legal</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">persons:</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">full</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">name</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">including</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">legal</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">form</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">as provided for in the register where it is incorporated, if applicable.</font></td>











</tr>
<tr style="height: 10px;">
<td style="width: 100%; height: 10px; padding: 1px 1px 6px; vertical-align: top; text-align: justify;" valign="top"><font 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: 0px; text-transform: none; widows: 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;"><font style="font-size: 8pt;"><sup>2</sup></font>For</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">persons</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">discharging</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">managerial</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">responsibilities:</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">the</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">position</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">occupied</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">within</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">the</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">issuer,</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">emission</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">allowances market participant/auction platform/auctioneer/auction monitor should be indicated, e.g. CEO, CFO.</font></td>











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<tr style="height: 10px;">
<td style="width: 100%; height: 10px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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; line-height: inherit;">For</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">persons</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">closely</font><font 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;"><font>&nbsp;</font></font><font 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; 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; letter-spacing: -0.1pt; line-height: inherit;">associated:</font></td>











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<tr style="height: 16px;">
<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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: 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; line-height: inherit;">-</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">an</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">indication</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">that</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">notification</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">concerns</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">a</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">person</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">closely</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">associated</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">with</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">a</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">person</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">discharging</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">managerial<font>&nbsp;</font></font><font 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; 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; letter-spacing: -0.1pt; line-height: inherit;">responsibilities,</font></td>











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<tr style="height: 16px;">
<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -6.33333px; text-transform: none; widows: 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;">-</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">the</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">name</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">and</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">position</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">of</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">the</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">relevant</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">person</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">discharging</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">managerial</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -6.33333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">responsibilities.</font></td>











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<tr style="height: 16px;">
<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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: -6.33333px; text-transform: none; widows: 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;"><font style="font-size: 8pt;"><sup>3</sup></font>Indication</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">that</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">this</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">is</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">an</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">initial</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">notification</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">or</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">an</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">amendment</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">to</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">prior</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">notifications.</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">In</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">case</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">of</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">amendment,</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">explain the error that this notification is amending.</font></td>











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<tr style="height: 10px;">
<td style="width: 100%; height: 10px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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; line-height: inherit;"><font style="font-size: 8pt;"><sup>4</sup></font>Full</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">name</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">of</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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; 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; letter-spacing: -0.1pt; line-height: inherit;"><font>&nbsp;</font>entity.</font></td>











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<tr style="height: 16px;">
<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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; line-height: inherit;"><font style="font-size: 8pt;"><sup>5</sup></font>Legal</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">Entity</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">Identifier</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">code</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">in</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">accordance</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">with</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">ISO</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">17442</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">LEI</font><font 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;"><font>&nbsp;</font></font><font 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; 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; letter-spacing: -0.1pt; line-height: inherit;">code.</font></td>











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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>7</font></font></td>











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<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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; line-height: inherit;"><font style="font-size: 8pt;"><sup>6</sup></font>Indication</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">as</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">to</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">nature</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">of</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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; 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; letter-spacing: -0.1pt; line-height: inherit;"><font>&nbsp;</font>instrument:</font></td>











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<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -6.33333px; text-transform: none; widows: 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;">-</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">a</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">share,</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">a</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">debt</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">instrument,</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">a</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">derivative</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">or</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">a</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">financial</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">instrument</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">linked</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">to</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">a</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">share</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">or</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">a</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -6.33333px; text-transform: none; widows: 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;">debt</font><font 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: -6.33333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -6.33333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">instrument;</font></td>











</tr>
<tr style="height: 16px;">
<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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: 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; line-height: inherit;">-</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">an</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">emission</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">allowance,</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">an</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">auction</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">product</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">based</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">on</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">an</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">emission</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">allowance</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">or</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">a</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">derivative</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">relating</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">to</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">an</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">emission<font>&nbsp;</font></font><font 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; 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; letter-spacing: -0.1pt; line-height: inherit;">allowance.</font></td>











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<tr style="height: 32px;">
<td style="width: 100%; text-align: justify; height: 32px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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: 0px; text-transform: none; widows: 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;"><font style="font-size: 8pt;"><sup>7</sup></font>Instrument</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">identification</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">code</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">as</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">defined</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">under</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">Commission</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">Delegated</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">Regulation</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">supplementing</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">Regulation</font><font 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: 0px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">(EU) N&#176; 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities adopted under Article 26 of Regulation (EU) N&#176; 600/2014.</font></td>











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<td style="width: 100%; text-align: justify; height: 10px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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; font-size: 8pt;"><sup>8</sup></font><font 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: 0px; text-transform: none; widows: 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 of the transaction type using, where applicable, the type of transaction identified in Article 10 of the Commission Delegated Regulation (EU) 2016/522 adopted under Article 19(14) of Regulation (EU) N&#176; 596/2014 or a specific example set out in Article 19(7) of Regulation (EU) No 596/2014. Pursuant to Article 19(6)(e) of Regulation (EU) N&#176; 596/2014, it shall be indicated whether the transaction is linked to the exercise of a share option<font>&nbsp;</font></font>programme<font 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: 0px; text-transform: none; widows: 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></td>











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<td style="width: 100%; height: 32px; padding: 1px 1px 6px; vertical-align: top; text-align: justify;" valign="top"><font 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: 0px; text-transform: none; widows: 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;"><font style="font-size: 8pt; line-height: inherit;"><sup>9</sup></font>Where</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">more</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">than</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">one</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">transaction</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">of</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">the</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">same</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">nature</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">(purchases,</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">sales,</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">loans,</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">&#8230;)</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">on</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">the</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">same</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">financial</font><font 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: 0px; text-transform: none; widows: 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 style="line-height: inherit;">&nbsp;</font></font><font 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: 0px; text-transform: none; widows: 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;">instrument or emission allowance are executed on the same day and on the same place of transaction, prices and volumes of these transactions shall be reported in this field, in a two column form as presented above, inserting as many lines</font><font 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: 0px; text-transform: none; widows: 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;"><font style="line-height: inherit;">&nbsp;</font>as needed.</font></td>











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<td style="width: 100%; height: 10px; padding: 1px 1px 6px; text-align: justify; vertical-align: top;" valign="top"><font 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: -6.33333px; text-transform: none; widows: 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;">Using the data standards for price and quantity, including where applicable the price currency and the quantity currency, as defined under Commission Delegated Regulation supplementing Regulation (EU) N&#176; 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for reporting of transactions to competent authorities adopted under Article 26 of Regulation (EU) N&#176; 600/2014</font></td>











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<tr style="height: 16px;">
<td style="width: 100%; height: 16px; padding: 1px 1px 6px; vertical-align: top;" valign="top"><font 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; line-height: inherit;"><font style="font-size: 8pt;"><sup>10</sup></font>The</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">volumes</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">of</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">multiple</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">transactions</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">are</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">aggregated</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">when</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">these</font><font 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;"><font>&nbsp;</font></font><font 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; 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; letter-spacing: -0.1pt; line-height: inherit;">transactions:</font></td>











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<tr style="height: 14px;">
<td style="width: 100%; padding: 1px 1px 6px; height: 14px; vertical-align: top;" valign="top"><font 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: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -13.5333px; text-transform: none; widows: 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;">&#8212;</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">relate</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">to</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">the</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">same</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">financial</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">instrument</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">or</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">emission</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -13.5333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">allowance;</font></td>











                          </tr>
<tr style="height: 14px;">
<td style="width: 100%; padding: 1px 1px 6px; height: 14px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 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;">&#8212;</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 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;">are</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 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;">of</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 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;">the</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'Frutiger 45 Light'; 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: -10.15pt; text-transform: none; widows: 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;">same</font><font style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: -10.15pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;"><font>&nbsp;</font>nature;</font></td>











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<tr style="height: 14px;">
<td style="width: 100%; padding: 1px 1px 6px; height: 14px; vertical-align: top;" valign="top"><font 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: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -13.5333px; text-transform: none; widows: 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;">&#8212;</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">are</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">executed</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">on</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">the</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">same</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">day;</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -13.5333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.25pt; line-height: inherit;">and</font></td>











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<tr style="height: 14px;">
<td style="width: 100%; padding: 1px 1px 6px; height: 14px; vertical-align: top;" valign="top"><font 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: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -13.5333px; text-transform: none; widows: 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;">&#8212;</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">are</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">executed</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">on</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">the</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">same</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">place</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">of</font><font 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; orphans: 2; text-align: start; text-indent: -13.5333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;"><font>&nbsp;</font>transaction.</font></td>











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<td style="width: 100%; text-align: justify; padding: 1px 1px 6px; height: 10px; vertical-align: top;" valign="top">Using the data standard for quantity, including where applicable the quantity currency, as defined under Commission Delegated Regulation supplementing Regulation (EU) N&#176; 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities adopted under Article 26 of Regulation (EU) N&#176; 600/2014.<br></td>











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<td style="width: 100%; padding: 1px 1px 6px; height: 10px; vertical-align: top;" valign="top"><font 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: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -13.5333px; text-transform: none; widows: 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;">&#8212;</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">In</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">case</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">of</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">a</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">single</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">transaction,</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">the</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">price</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">of</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">the</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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: -13.5333px; text-transform: none; widows: 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;">single</font><font 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: -13.5333px; text-transform: none; widows: 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>&nbsp;</font></font><font 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; orphans: 2; text-align: start; text-indent: -13.5333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; letter-spacing: -0.1pt; line-height: inherit;">transaction;</font></td>











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<td style="width: 100%; padding: 1px 1px 6px; height: 14px; vertical-align: top;" valign="top"><font 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: 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; line-height: inherit;">&#8212;</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">In</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">case</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">volumes</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">of</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">multiple</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">transactions</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">are</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">aggregated:</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">weighted</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">average</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">price</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">of</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">aggregated<font>&nbsp;</font></font><font 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; 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; letter-spacing: -0.1pt; line-height: inherit;">transactions.</font></td>











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<td style="width: 100%; text-align: justify; padding: 1px 1px 6px; height: 10px; vertical-align: top;" valign="top"><font 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: -13.5333px; text-transform: none; widows: 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;">Using the data standard for price, including where applicable the price currency, as defined under Commission Delegated Regulation supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities adopted under Article 26 of Regulation (EU) No 600/2014.</font></td>











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<tr style="height: 10px;">
<td style="width: 100%; text-align: justify; padding: 1px 1px 6px; height: 10px; vertical-align: top;" valign="top"><font 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; line-height: inherit;"><font style="font-size: 8pt;"><sup>12</sup></font>Date</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">of</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">particular</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">day</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">of</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">execution</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">of</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">notified</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">transaction.</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">Using</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">ISO</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">8601</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">date</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">format:</font><font 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;"><font>&nbsp;</font></font><font 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; line-height: inherit;">YYYY-MM-DD; UTC time.</font></td>











</tr>
<tr style="height: 10px;">
<td style="width: 100%; text-align: justify; height: 10px; vertical-align: top;" valign="top"><font 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; line-height: inherit;"><font style="font-size: 8pt; line-height: inherit;"><sup>13</sup></font>Name</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">and</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">code</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">to</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">identify</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">MiFID</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">trading</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">venue,</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">systematic</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">internaliser</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">or</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">organised</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">trading</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">platform outside of the Union where the transaction was executed as defined under Commission Delegated Regulation supplementing Regulation (EU) N&#176; 600/2014 of the European Parliament and of the Council with regard to regulatory technical</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">standards</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">for</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">the</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">reporting of</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">transactions</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">to</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">competent authorities</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">adopted</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">under</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">Article</font><font 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; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font 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; line-height: inherit;">26 of Regulation (EU) N&#176; 600/2014, or if the transaction was not executed on any of the abovementioned venues, please mention &#8216;outside a trading venue&#8217;.</font></td>











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<p style="margin: 0pt 0pt 0pt 52.45pt; orphans: 0; text-indent: -42.55pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="color: #006666; font-weight: bold; letter-spacing: -0.05pt; line-height: inherit;">7.1</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #006666; font-weight: bold; line-height: inherit;">Special</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">indications</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">concerning</font> <font style="color: #006666; font-weight: bold; line-height: inherit;">Exhibit</font> <font style="color: #006666; font-weight: bold; letter-spacing: -0.5pt; line-height: inherit;">A</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 55.95pt 0pt 54.6pt; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">Please</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">find</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">below</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">some</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">indications</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">might</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">helpful</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">connection</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">with</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">preparation</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of </font><font style="line-height: inherit;">Exhibit A:</font></font></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.05pt 56.7pt 0pt 49.93pt; orphans: 0; padding-left: 8.42pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Luxemburg law requires filing solely the form included as exhibit A; please do not include a copy of the full text of the Corporate Policy on Securities Trading.</font></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.05pt 56.7pt 0pt 49.93pt; orphans: 0; padding-left: 8.42pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">notification</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">must</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">delivered</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">by</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">email</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to:</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Commission</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">de</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Surveillance</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">du</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Secteur </font><font style="line-height: inherit;">Financier, </font><font style="line-height: inherit;">managerstransactions@cssf.lu</font><font style="line-height: inherit;">, or by any other notice method, or to any other</font> <font style="line-height: inherit;">email</font> <font style="line-height: inherit;">address</font> <font style="line-height: inherit;">adopted</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">future</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">CSSF</font> <font style="line-height: inherit;">at</font> <font style="color: #0000ff; text-decoration: underline; line-height: inherit;">www.cssf.lu</font><font style="line-height: inherit;">.</font></font></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.05pt 56.7pt 0pt 49.93pt; orphans: 0; padding-left: 8.37pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">You</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">must</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">also</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">deliver</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">notification</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Trading</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Information</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Officer.</font></font></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.05pt 56.7pt 0pt 49.93pt; orphans: 0; padding-left: 8.42pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">This</font> <font style="line-height: inherit;">form</font> <font style="line-height: inherit;">must</font> <font style="line-height: inherit;">be</font> <font style="line-height: inherit;">completed</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">(i)</font> <font style="line-height: inherit;">any</font> <font style="line-height: inherit;">person</font> <font style="line-height: inherit;">who</font> <font style="line-height: inherit;">fits</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">qualifications</font> <font style="line-height: inherit;">set</font> <font style="line-height: inherit;">forth</font> <font style="line-height: inherit;">in </font><font style="letter-spacing: -0.1pt; line-height: inherit;">footnote</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">2,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">which</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">are</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">addressed</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">sections</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">6.2.3</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(A)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(i)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(ii)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Corporate</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Policy </font><font style="line-height: inherit;">on</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">Trading;</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">(ii)</font> <font style="line-height: inherit;">any</font> <font style="line-height: inherit;">&#8220;closely</font> <font style="line-height: inherit;">associated</font> <font style="line-height: inherit;">person&#8221;</font> <font style="line-height: inherit;">as</font> <font style="line-height: inherit;">defined</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">section</font></font></li>


















                             </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0.05pt 56.7pt 0pt 87.93pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6.2.3 (A) (iii) of the Corporate Policy on Securities Trading. You must briefly specify your position or functions. For Example:</font></p>
<ul>
<li style="font-family: 'Courier New'; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0pt 0pt 0pt 81.35pt; orphans: 0; padding-left: 6.95pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">Box</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">1.(a):</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Ignacio</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Rodriguez,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">box</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">2.(a)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">:</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">member</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">board</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">directors,</font><font style="letter-spacing: -0.25pt; line-height: inherit;"> or</font></font></li>
<li style="font-family: 'Courier New'; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0pt 0pt 0pt 81.35pt; orphans: 0; padding-left: 6.95pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Box</font> <font style="line-height: inherit;">1.(a)</font> <font style="line-height: inherit;">Ana</font> <font style="line-height: inherit;">Mijares,</font> <font style="line-height: inherit;">box</font> <font style="line-height: inherit;">2.(a):</font> <font style="line-height: inherit;">Planning</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Director.</font></font></li>
<li style="font-family: 'Courier New'; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0pt 0pt 0pt 81.35pt; orphans: 0; padding-left: 6.95pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Box</font> <font style="line-height: inherit;">1.(a)</font> <font style="line-height: inherit;">Robert</font> <font style="line-height: inherit;">Davis;</font> <font style="line-height: inherit;">box</font> <font style="line-height: inherit;">2.(a)</font> <font style="line-height: inherit;">person</font> <font style="line-height: inherit;">closely</font> <font style="line-height: inherit;">associated</font> <font style="line-height: inherit;">with</font> <font style="line-height: inherit;">Chu</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Chen,&nbsp;</font></font><font style="font-family: 'Frutiger 45 Light';">Eastern</font> <font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Hemisphere</font> <font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.2pt; line-height: inherit;">Manager,</font> <font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.25pt; line-height: inherit;">or</font></li>
<li style="font-family: 'Courier New'; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0pt 0pt 0pt 81.35pt; orphans: 0; padding-left: 6.95pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">Box 1.(a)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Inversiones</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">ABC</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">S.A; incorporated in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Argentina</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and with registered </font><font style="line-height: inherit;">offices at Corrientes 400; box 2.(a) person closely associated with Peter Wright, Human Resources Director.</font></font></li>













                             </ul>
<ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.05pt 56.7pt 0pt 80.93pt; orphans: 0; padding-left: 8.37pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">name</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">issuer</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">is</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Tenaris</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">S.A.</font></font></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.05pt 56.7pt 0pt 80.93pt; orphans: 0; padding-left: 8.37pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The</font> <font style="line-height: inherit;">LEI</font> <font style="line-height: inherit;">code</font> <font style="line-height: inherit;">for</font> <font style="line-height: inherit;">Tenaris</font> <font style="line-height: inherit;">is</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">549300Y7C05BKC4HZB40.</font></font></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; margin: 0.05pt 56.7pt 0pt 80.93pt; orphans: 0; padding-left: 8.37pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.1pt; line-height: inherit;">In the box labeled &#8220;Description of the financial instrument, type of instrument&#8221; you must describe the Securities (as defined in the Corporate Policy on Securities Trading) If applicable, please clarify the underlying or related securities; and provide any relevant information for purposes of identifying the reported transaction. For example:</font></font></li>


















                             </ul>
<ul>
<li style="font-family: 'Courier New'; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0pt 56.7pt 0pt 81.35pt; orphans: 0; padding-left: 7pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">For</font> <font style="line-height: inherit;">call</font> <font style="line-height: inherit;">options,</font> <font style="line-height: inherit;">indicate</font> <font style="line-height: inherit;">whether</font> <font style="line-height: inherit;">it</font> <font style="line-height: inherit;">affords</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">right</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">subscribe</font> <font style="line-height: inherit;">Tenaris S.A.&#8217;s securities.</font></font></li>
<li style="font-family: 'Courier New'; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.6pt 56.7pt 0pt 81.35pt; orphans: 0; padding-left: 7pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">For</font> <font style="line-height: inherit;">ADSs</font> <font style="line-height: inherit;">(American</font> <font style="line-height: inherit;">Depository</font> <font style="line-height: inherit;">Shares),</font> <font style="line-height: inherit;">indicate</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">each</font> <font style="line-height: inherit;">ADS</font> <font style="line-height: inherit;">represents two shares of Tenaris S.A.&#8217;s stock.</font></font></li>
<li style="font-family: 'Courier New'; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0.2pt 0pt 0pt 81.35pt; orphans: 0; padding-left: 6.95pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="letter-spacing: -0.2pt; line-height: inherit;">In the case</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">of bonds,</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">indicate</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">the applicable</font> <font style="letter-spacing: -0.2pt; line-height: inherit;">series and tranche.</font></font></li>


















                             </ul>
<ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0pt 56.7pt 0pt 80.93pt; orphans: 0; padding-left: 8.42pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Please</font> <font style="line-height: inherit;">remember</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">include</font> <font style="line-height: inherit;">complete</font> <font style="line-height: inherit;">details</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">person</font> <font style="line-height: inherit;">making</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">notification</font> <font style="line-height: inherit;">or </font><font style="letter-spacing: -0.1pt; line-height: inherit;">his</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">representative (name,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">address, telephone number</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">fax).</font></font></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0pt 56.75pt 0pt 80.93pt; orphans: 0; padding-left: 8.42pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">EU</font> <font style="line-height: inherit;">Reg.</font> <font style="line-height: inherit;">600/2014,</font> <font style="line-height: inherit;">applies</font> <font style="line-height: inherit;">mainly</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">certain</font> <font style="line-height: inherit;">authorized</font> <font style="line-height: inherit;">investment</font> <font style="line-height: inherit;">firms</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">credit institutions when providing investment services and/or performing investment activities and to market operators including any trading venues they operate.</font> <font style="line-height: inherit;">In </font><font style="letter-spacing: -0.2pt; line-height: inherit;">particular, article 26 refers to the obligation of investment firms executing transactions</font><font style="letter-spacing: -0.1pt; line-height: inherit;"> in</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">financial</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">instruments</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">report</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">complete</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">accurate</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">details</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">transactions</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to </font><font style="line-height: inherit;">the</font> <font style="line-height: inherit;">competent</font> <font style="line-height: inherit;">authority.</font> <font style="line-height: inherit;">The</font> <font style="line-height: inherit;">reports</font> <font style="line-height: inherit;">shall</font> <font style="line-height: inherit;">include</font> <font style="line-height: inherit;">details</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">names</font> <font style="line-height: inherit;">and</font> <font style="line-height: inherit;">numbers of the financial instruments bought or sold, the quantity, the dates and times of execution,</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">transaction</font> <font style="line-height: inherit;">prices,</font> <font style="line-height: inherit;">a</font> <font style="line-height: inherit;">designation</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">identify</font> <font style="line-height: inherit;">the</font> <font style="line-height: inherit;">clients</font> <font style="line-height: inherit;">on</font> <font style="line-height: inherit;">whose</font> <font style="line-height: inherit;">behalf the</font> <font style="line-height: inherit;">investment</font> <font style="line-height: inherit;">firm</font> <font style="line-height: inherit;">has</font> <font style="line-height: inherit;">executed</font> <font style="line-height: inherit;">that</font> <font style="line-height: inherit;">transaction,</font> <font style="line-height: inherit;">among</font> <font style="line-height: inherit;">others.</font></font></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 1.2; margin: 0pt 56.7pt 0pt 80.93pt; orphans: 0; padding-left: 8.42pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Footnote 8 contains references to Regulation (EU) No 596/2014 and Commission Delegated Regulation (EU) 2016/522 which relate to the European Union&#8217;s Market Abuse</font> <font style="line-height: inherit;">regulations.</font> <font style="line-height: inherit;">In</font> <font style="line-height: inherit;">particular,</font> <font style="line-height: inherit;">art.</font> <font style="line-height: inherit;">19</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">Regulation</font> <font style="line-height: inherit;">(EU)</font> <font style="line-height: inherit;">No</font> <font style="line-height: inherit;">596/2014</font> <font style="line-height: inherit;">refers</font> <font style="line-height: inherit;">to</font> <font style="line-height: inherit;">the notification</font> <font style="line-height: inherit;">of</font> <font style="line-height: inherit;">certain</font> <font style="line-height: inherit;">transactions</font> <font style="line-height: inherit;">in</font> <font style="line-height: inherit;">Securities</font> <font style="line-height: inherit;">by</font> <font style="line-height: inherit;">Relevant</font> <font style="line-height: inherit;">Persons.</font> <font style="line-height: inherit;">In</font> <font style="line-height: inherit;">addition,</font> <font style="line-height: inherit;">art. </font><font style="letter-spacing: -0.1pt; line-height: inherit;">10</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Commission</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Delegated</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">Regulation</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(EU)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">2016/522,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">includes</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">examples</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">type of</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">transactions</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">be</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">notified,</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">such</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">as</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(i)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8216;</font><font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">acquisition,</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">disposal,</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">short</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">sale,</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">subscription or</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">exchange&#8217;</font><font style="letter-spacing: -0.1pt; line-height: inherit;">;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(ii)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8216;</font><font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">acceptance</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">exercise</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">stock</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">option,</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">including</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">stock</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">option </font><font style="font-style: italic; line-height: inherit;">granted</font> <font style="font-style: italic; line-height: inherit;">to</font> <font style="font-style: italic; line-height: inherit;">managers</font> <font style="font-style: italic; line-height: inherit;">or</font> <font style="font-style: italic; line-height: inherit;">employees</font> <font style="font-style: italic; line-height: inherit;">as</font> <font style="font-style: italic; line-height: inherit;">part</font> <font style="font-style: italic; line-height: inherit;">of</font> <font style="font-style: italic; line-height: inherit;">their</font> <font style="font-style: italic; line-height: inherit;">remuneration</font> <font style="font-style: italic; line-height: inherit;">package,</font> <font style="font-style: italic; line-height: inherit;">and</font> <font style="font-style: italic; line-height: inherit;">the </font><font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">disposal</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">shares</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">stemming</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">from</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">exercise</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">stock</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">option&#8217;</font><font style="letter-spacing: -0.1pt; line-height: inherit;">;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(iii)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8216;</font><font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">entering</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">into</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">or </font><font style="font-style: italic; letter-spacing: -0.2pt; line-height: inherit;">exercise of equity swaps&#8217;</font><font style="letter-spacing: -0.2pt; line-height: inherit;">; (iv) &#8216;</font><font style="font-style: italic; letter-spacing: -0.2pt; line-height: inherit;">transactions in or related to derivatives, including cash-</font></font></li>










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<p style="font-size: 10.5pt; line-height: 1.2; margin: 10pt 56.7pt 0pt 86.3pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">settled transaction&#8217;</font><font style="line-height: inherit;">; (v) &#8216;</font><font style="font-style: italic; line-height: inherit;">entering into a contract for difference on a financial instrument of the concerned issuer or on emission allowances or auction products based</font> <font style="font-style: italic; line-height: inherit;">thereon&#8217;</font><font style="line-height: inherit;">;</font> <font style="line-height: inherit;">(vi)</font> <font style="line-height: inherit;">&#8216;</font><font style="font-style: italic; line-height: inherit;">acquisition,</font> <font style="font-style: italic; line-height: inherit;">disposal</font> <font style="font-style: italic; line-height: inherit;">or</font> <font style="font-style: italic; line-height: inherit;">exercise</font> <font style="font-style: italic; line-height: inherit;">of</font> <font style="font-style: italic; line-height: inherit;">rights,</font> <font style="font-style: italic; line-height: inherit;">including</font> <font style="font-style: italic; line-height: inherit;">put</font> <font style="font-style: italic; line-height: inherit;">and</font> <font style="font-style: italic; line-height: inherit;">call options, and warrants&#8217;</font><font style="line-height: inherit;">; (vii) &#8216;</font><font style="font-style: italic; line-height: inherit;">subscription to a capital increase or debt instrument </font><font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">issuance&#8217;</font><font style="letter-spacing: -0.1pt; line-height: inherit;">;</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">(viii)</font> <font style="letter-spacing: -0.1pt; line-height: inherit;">&#8216;</font><font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">transactions</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">derivatives</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">financial</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">instruments</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">linked</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">debt </font><font style="font-style: italic; line-height: inherit;">instrument</font> <font style="font-style: italic; line-height: inherit;">of</font> <font style="font-style: italic; line-height: inherit;">the</font> <font style="font-style: italic; line-height: inherit;">concerned</font> <font style="font-style: italic; line-height: inherit;">issuer,</font> <font style="font-style: italic; line-height: inherit;">including</font> <font style="font-style: italic; line-height: inherit;">credit</font> <font style="font-style: italic; line-height: inherit;">default</font> <font style="font-style: italic; line-height: inherit;">swaps&#8217;</font><font style="line-height: inherit;">;</font> <font style="line-height: inherit;">(ix)</font> <font style="line-height: inherit;">&#8216;</font><font style="font-style: italic; line-height: inherit;">conditional transactions upon the occurrence of the conditions and actual execution of the transactions&#8217;</font><font style="line-height: inherit;">;</font> <font style="line-height: inherit;">(x)</font> <font style="line-height: inherit;">&#8216;</font><font style="font-style: italic; line-height: inherit;">automatic</font> <font style="font-style: italic; line-height: inherit;">or</font> <font style="font-style: italic; line-height: inherit;">non-automatic</font> <font style="font-style: italic; line-height: inherit;">conversion</font> <font style="font-style: italic; line-height: inherit;">of</font> <font style="font-style: italic; line-height: inherit;">a</font> <font style="font-style: italic; line-height: inherit;">financial</font> <font style="font-style: italic; line-height: inherit;">instrument into another financial instrument, including the exchange of convertible bonds to shares&#8217;</font><font style="line-height: inherit;">;</font> <font style="line-height: inherit;">(xi)</font> <font style="line-height: inherit;">&#8216;</font><font style="font-style: italic; line-height: inherit;">gifts</font> <font style="font-style: italic; line-height: inherit;">and</font> <font style="font-style: italic; line-height: inherit;">donations</font> <font style="font-style: italic; line-height: inherit;">made</font> <font style="font-style: italic; line-height: inherit;">or</font> <font style="font-style: italic; line-height: inherit;">received,</font> <font style="font-style: italic; line-height: inherit;">and</font> <font style="font-style: italic; line-height: inherit;">inheritance</font> <font style="font-style: italic; line-height: inherit;">received&#8217;</font><font style="line-height: inherit;">;</font> <font style="line-height: inherit;">among </font><font style="letter-spacing: -0.1pt; line-height: inherit;">others.</font></font></p>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>62
<FILENAME>ex152_9.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; line-height: 1.2;"><br></p>






</div>
<div>
<p style="margin: 0pt 0pt 12pt 14.2pt; break-after: avoid; text-align: right; text-indent: -14.2pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Exhibit 15.2</font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><font style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Alternative performance measures</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 12pt; break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">EBITDA, Earnings before interest, tax, depreciation and amortization</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EBITDA is calculated in the following manner:</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EBITDA = Net income for the period + Income tax charge +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charge/(reversal)</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EBITDA is a non-IFRS alternative performance measure. </font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&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>
<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; line-height: inherit;">&nbsp;</font></p>






</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </font></p>






</td>






</tr>
<tr style="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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2024</font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 20%; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 20%; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</font></p>






</td>






</tr>
<tr>
<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; line-height: inherit;">Net income</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; line-height: inherit;">2,077</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; line-height: inherit;">&nbsp; 3,958 </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; line-height: inherit;">&nbsp; 2,549 </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Income tax charge</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; line-height: inherit;">480</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; line-height: inherit;">&nbsp; 675 </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; line-height: inherit;">&nbsp; 617 </font></p>






</td>






</tr>
<tr>
<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; line-height: inherit;">Equity in earnings of non-consolidated companies</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; line-height: inherit;">(9)</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; line-height: inherit;">&nbsp; (95) </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; line-height: inherit;">&nbsp; (209) </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Financial results</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; line-height: inherit;">(129)</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; line-height: inherit;">&nbsp; (221) </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; line-height: inherit;">&nbsp; 6 </font></p>






</td>






</tr>
<tr>
<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; line-height: inherit;">Depreciation and amortization</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; line-height: inherit;">633</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; line-height: inherit;">&nbsp; 549 </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; line-height: inherit;">&nbsp; 608 </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Impairment charge</font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> -&nbsp; </font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; - </font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 77 </font></p>






</td>






</tr>
<tr>
<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-weight: bold; line-height: inherit;">EBITDA</font></p>






</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">3,052</font></p>






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






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






</td>






</tr>













</table>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash / (debt) position</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash/ debt is calculated in the following manner:</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash is a non-IFRS alternative performance measure.</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, </font></p>






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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</font></p>






</td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2024</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</font></p>






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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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>






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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 675 </font></p>






</td>
<td style="border-right: 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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 1,092 </font></p>






</td>






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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Other current investments</font></p>






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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 2,373 </font></p>






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<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 1,970 </font></p>






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<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 438 </font></p>






</td>






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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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Non-current investments</font></p>






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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 998 </font></p>






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<td style="border-right: 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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 398 </font></p>






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<td style="border-right: 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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 114 </font></p>






</td>






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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Derivatives hedging borrowings and investments</font></p>






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<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: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; - </font></p>






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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; - </font></p>






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<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 6 </font></p>






</td>






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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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Current borrowings</font></p>






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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (426) </font></p>






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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (535) </font></p>






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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (682) </font></p>






</td>






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<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Non-current borrowings</font></p>






</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (11) </font></p>






</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (48) </font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (46) </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash position</font></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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">3,609</font></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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">3,422</font></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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">921</font></p>






</td>






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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>1</font></font></td>

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<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Free Cash Flow</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Free cash flow is calculated in the following manner:</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Free cash flow = Net cash (used in) provided by operating activities &#8211; Capital expenditures.</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">4</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted to $</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">866</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</font></p>
<p style="line-height: 1.2; margin: 0pt;"><br></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </font></p>






</td>






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<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; line-height: inherit;">Millions of U.S. dollars</font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2024</font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 20%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</font></p>






</td>






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<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; line-height: inherit;">Net cash provided by operating activities</font></p>






</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 2,866 </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; line-height: inherit;">&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; line-height: inherit;">&nbsp; 1,167 </font></p>






</td>






</tr>
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<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Capital expenditures</font></p>






</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (694) </font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (619) </font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; (378) </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Free cash flow</font></p>






</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2,172</font></p>






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






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






</td>






</tr>













</table>
<p style="line-height: 1.2; margin: 0pt;"><br></p>






</div>






</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>63
<FILENAME>ex151_8.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt 0pt 12pt 14.2pt; break-after: avoid; text-align: right; text-indent: -14.2pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Exhibit 15.1</font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><font style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Ratios</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; break-after: avoid; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Liquid financial assets to total assets</font></p>
<p style="margin: 0pt 0pt 12pt 14.2pt; break-after: avoid; text-indent: -14.2pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&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>
<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; line-height: inherit;">&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; line-height: inherit;"> At December 31, </font></p>







</td>







</tr>
<tr>
<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; line-height: inherit;">Thousands 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; line-height: inherit;">2024</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; line-height: inherit;">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; line-height: inherit;">2022</font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 675,256 </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; line-height: inherit;">&nbsp; 1,637,821 </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; line-height: inherit;">&nbsp; 1,091,527 </font></p>







</td>







</tr>
<tr>
<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; line-height: inherit;">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; line-height: inherit;">&nbsp; 2,372,999 </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; line-height: inherit;">&nbsp; 1,969,631 </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; line-height: inherit;">&nbsp; 438,448 </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">&nbsp; 998,251 </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; line-height: inherit;">&nbsp; 398,220 </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; line-height: inherit;">&nbsp; 113,574 </font></p>







</td>







</tr>
<tr>
<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-weight: bold; line-height: inherit;">Liquid financial assets</font></p>







</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;">&nbsp; 4,046,506 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;">&nbsp; 4,005,672 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;">&nbsp; 1,643,549 </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total assets</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; font-weight: bold; line-height: inherit;">&nbsp; 20,450,125 </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; font-weight: bold; line-height: inherit;">&nbsp; 21,081,895 </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; font-weight: bold; line-height: inherit;">&nbsp; 17,550,246 </font></p>







</td>







</tr>
<tr>
<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-weight: bold; line-height: inherit;">Ratio</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; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 </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; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19 </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; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 </font></p>







</td>







</tr>















</table>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; break-after: avoid; text-indent: -14.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; break-after: avoid; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total liabilities to total assets ratio</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; break-after: avoid; text-indent: -14.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, </font></p>







</td>







</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%;">
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Thousands 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="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2024</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="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">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="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</font></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="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total liabilities</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="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 3,636,290 </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="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 4,051,458 </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="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 3,515,809 </font></p>







</td>







</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total assets</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="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 20,450,125 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 21,081,895 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 17,550,246 </font></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="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Ratio</font></p>







</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp; 0.18 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp; 0.19 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="line-height: 12pt; margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp; 0.20 </font></p>







</td>







</tr>















</table>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; break-after: avoid; text-indent: -14.2pt;"><br></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; break-after: avoid; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Current borrowings to total borrowings</font></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; break-after: avoid; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 85px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" 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; font-weight: bold; line-height: inherit;"> At December 31, </font></p>







</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Thousands 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: bottom; width: 20%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2024</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: bottom; width: 20%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">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: bottom; width: 20%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 425,999 </font></p>







</td>
<td style="border-right: 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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 535,133 </font></p>







</td>
<td style="border-right: 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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 682,329 </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total 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; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 437,398 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 583,437 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp; 728,762 </font></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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Ratio</font></p>







</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp; 0.97 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp; 0.92 </font></p>







</td>
<td style="border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp; 0.94 </font></p>







</td>







</tr>















</table>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br></p>







</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>64
<FILENAME>ex132_7.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; 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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Pursuant to Section</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">906 of the Sarbanes-Oxley Act of 2002 (Subsections (a)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and (b)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of Section</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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;">Company</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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;"> (the &#8220;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline;">Report</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="vertical-align: middle; width: 14.3631%; 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: 0.5pt;">&nbsp;</font></p>




</td>
<td style="vertical-align: middle; width: 30.6152%; 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: 0.5pt;">&nbsp;</font></p>




</td>
<td style="vertical-align: middle; width: 14.2276%; 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: 0.5pt;">&nbsp;</font></p>




</td>
<td style="vertical-align: middle; width: 11.1789%; 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: 0.5pt;">&nbsp;</font></p>




</td>
<td style="vertical-align: middle; width: 29.5989%; 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: 0.5pt;">&nbsp;</font></p>




</td>




</tr>
<tr>
<td style="vertical-align: top; width: 14.3631%; 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; width: 30.6152%; 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;">April</font> <font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1</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;">5</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>
<td style="padding-left: 0px; vertical-align: top; width: 14.2276%; 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 colspan="2" style="vertical-align: top; width: 40.7778%; 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 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>




</tr>
<tr>
<td style="padding-left: 0px; vertical-align: top; width: 14.3631%; 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; width: 30.6152%; 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; width: 14.2276%; 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; width: 11.1789%; 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; width: 29.5989%; 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 M&#243;ndolo</font></p>




</td>




</tr>
<tr>
<td style="padding-left: 0px; vertical-align: top; width: 14.3631%; 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; width: 30.6152%; 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; width: 14.2276%; 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; width: 11.1789%; 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; width: 29.5989%; 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;">Chief Financial Officer</font></p>




</td>




</tr>









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




</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>65
<FILENAME>ex131_6.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;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Pursuant to Section</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">906 of the Sarbanes-Oxley Act of 2002 (Subsections (a)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and (b)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of Section</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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;">Company</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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;"> (the &#8220;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline;">Report</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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%;" width="100%">

<tr>
<td style="vertical-align: middle; width: 11.8042%; 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: 0.5pt;">&nbsp;</font></p>




</td>
<td style="vertical-align: middle; width: 33.171%; 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: 0.5pt;">&nbsp;</font></p>




</td>
<td style="vertical-align: middle; width: 11.4688%; 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: 0.5pt;">&nbsp;</font></p>




</td>
<td style="vertical-align: middle; width: 9.18846%; 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: 0.5pt;">&nbsp;</font></p>




</td>
<td style="vertical-align: middle; width: 34.3783%; 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: 0.5pt;">&nbsp;</font></p>




</td>




</tr>
<tr>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 11.8042%;">
<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; width: 33.171%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">April 1</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;">5</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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<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; width: 43.5668%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/s/ Paolo Rocca</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; width: 11.8042%;">
<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; width: 33.171%;">
<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; width: 11.4688%;">
<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; width: 9.18846%;">
<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>




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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 34.3783%;">
<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>




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<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px; width: 11.8042%;">
<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; width: 33.171%;">
<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; width: 11.4688%;">
<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; width: 9.18846%;">
<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; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 34.3783%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Chief Executive Officer</font></p>




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




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>66
<FILENAME>ex122_5.htm
<DESCRIPTION>EXHIBIT 12.2
<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 12.2 </font></p>
<p style="margin: 12pt 0pt 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CERTIFICATE</font></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, ALICIA M&#211;NDOLO</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, CERTIFY THAT:</font></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I have reviewed this annual report on Form 20-F of Tenaris S.A.;</font></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">3.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as of, and for, the periods presented in this report;</font></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; page-break-after: avoid; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and have:</font></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(a)&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 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></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(b)&nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(c)&nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Evaluated the effectiveness of the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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; </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">and</font></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(d)&nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Disclosed in this report any change in the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s internal control over financial reporting; </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">and</font></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; page-break-after: avoid; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">5.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s auditors and the audit committee of the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(a)&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s ability to record, process, summarize and report financial information; </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">and</font></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(b)&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s internal control over financial reporting.</font></p>
<p style="margin: 12pt 0pt 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Date: </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">April 1</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;">5</font></p>
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&nbsp;</font></p>
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<td colspan="2" style="vertical-align: middle; width: 33.5192%; 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: 0.5pt;">&nbsp;</font></p>





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<td style="vertical-align: middle; width: 5.4878%; 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: 0.5pt;">&nbsp;</font></p>





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<td colspan="3" style="vertical-align: top; width: 39.007%; 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 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>





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<td style="vertical-align: top; width: 0.678887%; 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>





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<td colspan="2" style="vertical-align: top; width: 38.3281%; 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 M&#243;ndolo</font></p>





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<td style="vertical-align: top; width: 0.678887%; 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 colspan="2" style="vertical-align: top; width: 38.3281%; 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;">Chief Financial Officer</font></p>





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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>67
<FILENAME>ex121_4.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Exhibit 12.1 </font></p>
<p style="margin: 12pt 0pt 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CERTIFICATE</font></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I, PAOLO ROCCA, CERTIFY THAT:</font></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I have reviewed this annual report on Form 20-F of Tenaris S.A.;</font></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">3.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as of, and for, the periods presented in this report;</font></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; page-break-after: avoid; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and have:</font></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(a)&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 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></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(b)&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(c)&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Evaluated the effectiveness of the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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; </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">and</font></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(d)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Disclosed in t</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">his report any change in the registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s internal control over financial reporting; </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">and</font></p>
<p style="margin: 6pt 0pt 0pt 24.5pt; page-break-after: avoid; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">5.</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s auditors and the audit committee of the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(a)&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s ability to record, process, summarize and report financial information; </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">and</font></p>
<p style="margin: 6pt 0pt 0pt 48.95pt; text-indent: -24.5pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(b)&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Any fraud, whether or not material, that involves management or other employees who </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">have a significant role in the registrant</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;s internal control over financial reporting.</font></p>
<p style="margin: 12pt 0pt 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Date: </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">April 1</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;">5</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 0px 0px auto; font-family: 'times new roman'; font-size: 10pt; height: 79px; width: 99.9666%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: middle; width: 58.6152%;"><br></td>
<td colspan="2" style="vertical-align: middle; height: 17px; width: 41.908%;">
<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: 4.09795%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>



</td>



</tr>
<tr style="height: 22px;">
<td style="vertical-align: top; width: 58.6152%;"><br></td>
<td colspan="3" style="vertical-align: top; height: 22px; width: 46.006%;">
<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>



</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; width: 58.6152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; width: 0.677507%; 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 colspan="2" style="vertical-align: top; width: 45.3285%; 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>



</tr>
<tr style="height: 30px;">
<td style="vertical-align: top; width: 58.6152%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; width: 0.677507%; height: 30px; 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 colspan="2" style="vertical-align: top; width: 45.3285%; height: 30px; 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;">Chief Executive Officer</font></p>



</td>



</tr>







</table>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: right;"><br></p>



</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>68
<FILENAME>ex81_2.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<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: 10pt 0pt; break-after: avoid; text-indent: 0pt;"><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: 10pt 0pt; text-indent: 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;">4</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;">3</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;">2</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: 470px; 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: 45px;">
<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: 45px;">
<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: 45px;">
<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: 10px;">
<td style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2024</font></p>









</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<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: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2022</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: 37%;">
<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: 32%;">
<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: 7%;">
<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: 7%;">
<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: 7%;">
<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;">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>









</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 (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;">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 (b)</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</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 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;">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 (c)</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: 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;">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (d)</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;">Argentina</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;">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 operations</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;">Marketing, distribution of steel products and 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: 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-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS GLOBAL SERVICES and INVESTMENTS S.&#224;r.l. 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;">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;">Marketing and distribution of steel products, financial operations and 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: 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 QINGDAO STEEL PIPES 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;">China</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;">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: 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 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: 13pt;">
<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: 517.4pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(*) All percentages rounded.</font></p>









</td>









</tr>
<tr style="height: 13pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 517.4pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">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 Baogang Baotou Steel Pipes Ltd. Until 2022 held 98.4% of Tenaris Supply Chain S.A.</font></p>









</td>









</tr>
<tr style="height: 13pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 517.4pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(a) Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.</font></p>









</td>









</tr>
<tr style="height: 13pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 517.4pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(b) Tenaris holds 50% of the voting rights&nbsp;and Ternium owns the remaining 50%. Exiros provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#8217; agreement. Tenaris recognizes Exiros&#8217; 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 517.4pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(c) Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad</font><font style="font-family: Calibri; font-size: 8pt;">&#257;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">wul), Tenaris holds 47.79% and has the right to nominate the majority of the members 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></p>









</td>









</tr>
<tr style="height: 13pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 517.4pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(d) Until its liquidation in April 2023 Siderca held 51% of NKKTubes.</font></p>









</td>









</tr>



















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









</div>









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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information - shares<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
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<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">true<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">001-31518<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_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001190723<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_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
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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_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
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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_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
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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_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">N4<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_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">26, Boulevard Royal &#8211; 4th Floor<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">L-2449<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>
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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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<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>
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<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_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
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<td class="text">&#160;<span></span>
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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_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">Luxembourg<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_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact</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_dei_DocumentInformationLineItems', window );"><strong>Document Information [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_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Marcos Basaldella<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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_CityAreaCode', window );">City Area Code</a></td>
<td class="text">352<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<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_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">26 47 89 78<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</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_dei_DocumentInformationLineItems', window );"><strong>Document Information [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_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding (in shares)</a></td>
<td class="nump">78,485,337<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_ClassesOfShareCapitalAxis=ts_AmericanDepositarySharesMember', window );">American Depositary Shares (&#8220;ADSs&#8221;)</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_dei_DocumentInformationLineItems', window );"><strong>Document Information [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_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">American Depositary Shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
</tr>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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">Ordinary Shares, par value $1.00 per share<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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>
<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_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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<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_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_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>71
<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 12,523,934<span></span>
</td>
<td class="nump">$ 14,868,860<span></span>
</td>
<td class="nump">$ 11,762,526<span></span>
</td>
</tr>
<tr class="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">(8,135,489)<span></span>
</td>
<td class="num">(8,668,915)<span></span>
</td>
<td class="num">(7,087,739)<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">4,388,445<span></span>
</td>
<td class="nump">6,199,945<span></span>
</td>
<td class="nump">4,674,787<span></span>
</td>
</tr>
<tr class="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">(1,904,828)<span></span>
</td>
<td class="num">(1,919,307)<span></span>
</td>
<td class="num">(1,634,575)<span></span>
</td>
</tr>
<tr class="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="text"> <span></span>
</td>
<td class="num">(76,725)<span></span>
</td>
</tr>
<tr class="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">60,650<span></span>
</td>
<td class="nump">53,043<span></span>
</td>
<td class="nump">104,497<span></span>
</td>
</tr>
<tr class="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">(125,418)<span></span>
</td>
<td class="num">(17,273)<span></span>
</td>
<td class="num">(104,709)<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">2,418,849<span></span>
</td>
<td class="nump">4,316,408<span></span>
</td>
<td class="nump">2,963,275<span></span>
</td>
</tr>
<tr class="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">242,319<span></span>
</td>
<td class="nump">213,474<span></span>
</td>
<td class="nump">80,020<span></span>
</td>
</tr>
<tr class="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">(61,212)<span></span>
</td>
<td class="num">(106,862)<span></span>
</td>
<td class="num">(45,940)<span></span>
</td>
</tr>
<tr class="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="num">(52,051)<span></span>
</td>
<td class="nump">114,365<span></span>
</td>
<td class="num">(40,120)<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">2,547,905<span></span>
</td>
<td class="nump">4,537,385<span></span>
</td>
<td class="nump">2,957,235<span></span>
</td>
</tr>
<tr class="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">8,548<span></span>
</td>
<td class="nump">95,404<span></span>
</td>
<td class="nump">208,702<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">2,556,453<span></span>
</td>
<td class="nump">4,632,789<span></span>
</td>
<td class="nump">3,165,937<span></span>
</td>
</tr>
<tr class="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">(479,680)<span></span>
</td>
<td class="num">(674,956)<span></span>
</td>
<td class="num">(617,236)<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">2,076,773<span></span>
</td>
<td class="nump">3,957,833<span></span>
</td>
<td class="nump">2,548,701<span></span>
</td>
</tr>
<tr class="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">2,036,445<span></span>
</td>
<td class="nump">3,918,065<span></span>
</td>
<td class="nump">2,553,280<span></span>
</td>
</tr>
<tr class="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">40,328<span></span>
</td>
<td class="nump">39,768<span></span>
</td>
<td class="num">(4,579)<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">$ 2,076,773<span></span>
</td>
<td class="nump">$ 3,957,833<span></span>
</td>
<td class="nump">$ 2,548,701<span></span>
</td>
</tr>
<tr class="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>[1]</sup></td>
<td class="nump">1,127,491<span></span>
</td>
<td class="nump">1,178,876<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">$ 1.81<span></span>
</td>
<td class="nump">$ 3.32<span></span>
</td>
<td class="nump">$ 2.16<span></span>
</td>
</tr>
<tr class="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">1.81<span></span>
</td>
<td class="nump">3.32<span></span>
</td>
<td class="nump">2.16<span></span>
</td>
</tr>
<tr class="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>[2]</sup></td>
<td class="nump">3.61<span></span>
</td>
<td class="nump">6.65<span></span>
</td>
<td class="nump">4.33<span></span>
</td>
</tr>
<tr class="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>[2]</sup></td>
<td class="nump">$ 3.61<span></span>
</td>
<td class="nump">$ 6.65<span></span>
</td>
<td class="nump">$ 4.33<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-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; font-family: 'Frutiger 45 Light';">Number of outstanding shares as of December 31, 2024 and <span>2023</span> were </span><span 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; font-family: 'Frutiger 45 Light';">1,084,272,191 </span><span 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; font-family: 'Frutiger 45 Light';">and </span><span 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; font-family: 'Frutiger 45 Light';">1,167,888,739</span><span 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; font-family: 'Frutiger 45 Light';">,</span> <span 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; font-family: 'Frutiger 45 Light';">respectively.</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>Each ADS equals </span><span>two</span><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, unless line item indicates otherwise [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 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2024-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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, unless line item indicates otherwise [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 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2024-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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 2024-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_35_b_vii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2024-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2024-01-01<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all associates [member]; Investments accounted for using equity method; Total for all 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 2024-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
</div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED INCOME STATEMENTS (Parentheticals) - shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2024</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_IncomeStatementAbstract', window );"><strong>Profit or loss [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_NumberOfSharesOutstanding', window );">Number of outstanding shares</a></td>
<td class="nump">1,084,272,191<span></span>
</td>
<td class="nump">1,167,888,739<span></span>
</td>
<td class="nump">1,180,536,830<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_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_IncomeStatementAbstract</td>
</tr>
<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><strong> Period Type:</strong></td>
<td>duration</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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>73
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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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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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="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_ProfitLoss', window );">Income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,076,773<span></span>
</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>
</tr>
<tr class="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="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_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(73,551)<span></span>
</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>
</tr>
<tr class="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="text"> <span></span>
</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>
</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_OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndChangesInFinancialInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Change in value of cash flow hedges and instruments at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">171,658<span></span>
</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>
</tr>
<tr class="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">(22,395)<span></span>
</td>
<td class="num">(24,591)<span></span>
</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_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="text">&#160;<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_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies', window );">- Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(47,840)<span></span>
</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>
</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, net of income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">45,690<span></span>
</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>
</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="nump">73,562<span></span>
</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>
</tr>
<tr class="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="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_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post-employment benefit obligations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,022)<span></span>
</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>
</tr>
<tr class="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">1,790<span></span>
</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>
</tr>
<tr class="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, net of income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(333)<span></span>
</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>
</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">(5,565)<span></span>
</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>
</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 income (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">67,997<span></span>
</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>
</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">2,144,770<span></span>
</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>
</tr>
<tr class="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="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_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,105,829<span></span>
</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>
</tr>
<tr class="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">38,941<span></span>
</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>
</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">$ 2,144,770<span></span>
</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>
</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-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; font-family: 'Frutiger 45 Light';">During <span>202</span></span><span 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: 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';"><span>2</span> a</span><span 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: 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';">s</span><span 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: 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';"> a</span><span 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: 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';"> result of NKKTubes&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </span><span 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: 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';">was</span><span 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: 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';"> reclassified </span><span 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: 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';">with impact in</span><span 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: 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';"> the</span><span 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: 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';"> income statement</span><span 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: 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';">.</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-align: justify; 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-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; line-height: inherit; display: inline !important;">Related t<span style="color: #000000; 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: 9pt;">o </span></span><span style="color: #000000; 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: 9pt;">NKKTubes</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-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; line-height: inherit; display: inline !important;"><span style="color: #000000; 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: 9pt;">&#8217; cease of ope</span>rations.</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_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 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 91<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
<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_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 2024-01-01<br> -Paragraph 91<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 [domain]; 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/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2024-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2024-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 48<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_48&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 92<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<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_OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndChangesInFinancialInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 cash flow hedges and financial instruments measured 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_OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndChangesInFinancialInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncome</td>
</tr>
<tr>
<td 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_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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 6,121,471<span></span>
</td>
<td class="nump">$ 6,078,179<span></span>
</td>
</tr>
<tr class="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">1,357,749<span></span>
</td>
<td class="nump">1,377,110<span></span>
</td>
</tr>
<tr class="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">148,868<span></span>
</td>
<td class="nump">132,138<span></span>
</td>
</tr>
<tr class="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">1,543,657<span></span>
</td>
<td class="nump">1,608,804<span></span>
</td>
</tr>
<tr class="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">1,005,300<span></span>
</td>
<td class="nump">405,631<span></span>
</td>
</tr>
<tr class="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">831,298<span></span>
</td>
<td class="nump">789,615<span></span>
</td>
</tr>
<tr class="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">205,602<span></span>
</td>
<td class="nump">185,959<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">11,213,945<span></span>
</td>
<td class="nump">10,577,436<span></span>
</td>
</tr>
<tr class="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">3,709,942<span></span>
</td>
<td class="nump">3,921,097<span></span>
</td>
</tr>
<tr class="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">179,614<span></span>
</td>
<td class="nump">181,368<span></span>
</td>
</tr>
<tr class="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">332,621<span></span>
</td>
<td class="nump">256,401<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentContractAssets', window );">Contract assets</a></td>
<td class="nump">50,757<span></span>
</td>
<td class="nump">47,451<span></span>
</td>
</tr>
<tr class="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 );">Trade receivables, net</a></td>
<td class="nump">1,907,507<span></span>
</td>
<td class="nump">2,480,889<span></span>
</td>
</tr>
<tr class="ro">
<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">7,484<span></span>
</td>
<td class="nump">9,801<span></span>
</td>
</tr>
<tr class="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 C</a></td>
<td class="nump">2,372,999<span></span>
</td>
<td class="nump">1,969,631<span></span>
</td>
</tr>
<tr class="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="nump">675,256<span></span>
</td>
<td class="nump">1,637,821<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_CurrentAssets', window );">Current assets</a></td>
<td class="nump">9,236,180<span></span>
</td>
<td class="nump">10,504,459<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_Assets', window );">Total assets</a></td>
<td class="nump">20,450,125<span></span>
</td>
<td class="nump">21,081,895<span></span>
</td>
</tr>
<tr class="re">
<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="ro">
<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">16,593,257<span></span>
</td>
<td class="nump">16,842,972<span></span>
</td>
</tr>
<tr class="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">220,578<span></span>
</td>
<td class="nump">187,465<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_Equity', window );">Total equity</a></td>
<td class="nump">16,813,835<span></span>
</td>
<td class="nump">17,030,437<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_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="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">11,399<span></span>
</td>
<td class="nump">48,304<span></span>
</td>
</tr>
<tr class="re">
<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">100,436<span></span>
</td>
<td class="nump">96,598<span></span>
</td>
</tr>
<tr class="ro">
<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="text"> <span></span>
</td>
<td class="nump">255<span></span>
</td>
</tr>
<tr class="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="nump">503,941<span></span>
</td>
<td class="nump">631,605<span></span>
</td>
</tr>
<tr class="ro">
<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">301,751<span></span>
</td>
<td class="nump">271,268<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_NoncurrentProvisions', window );">Provisions</a></td>
<td class="nump">82,106<span></span>
</td>
<td class="nump">101,453<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_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">999,633<span></span>
</td>
<td class="nump">1,149,483<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_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="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">425,999<span></span>
</td>
<td class="nump">535,133<span></span>
</td>
</tr>
<tr class="re">
<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">44,490<span></span>
</td>
<td class="nump">37,835<span></span>
</td>
</tr>
<tr class="ro">
<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">8,300<span></span>
</td>
<td class="nump">10,895<span></span>
</td>
</tr>
<tr class="re">
<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">366,292<span></span>
</td>
<td class="nump">488,277<span></span>
</td>
</tr>
<tr class="ro">
<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">585,775<span></span>
</td>
<td class="nump">422,645<span></span>
</td>
</tr>
<tr class="re">
<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">119,344<span></span>
</td>
<td class="nump">35,959<span></span>
</td>
</tr>
<tr class="ro">
<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">206,196<span></span>
</td>
<td class="nump">263,664<span></span>
</td>
</tr>
<tr class="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="nump">880,261<span></span>
</td>
<td class="nump">1,107,567<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_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">2,636,657<span></span>
</td>
<td class="nump">2,901,975<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_Liabilities', window );">Total liabilities</a></td>
<td class="nump">3,636,290<span></span>
</td>
<td class="nump">4,051,458<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_EquityAndLiabilities', window );">Total equity and liabilities</a></td>
<td class="nump">$ 20,450,125<span></span>
</td>
<td class="nump">$ 21,081,895<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 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_CurrentContractAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 contract assets. [Refer: Contract 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 15<br> -IssueDate 2024-01-01<br> -Paragraph 105<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentContractAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all associates [member]; Total for all joint ventures [member]; Total for all 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 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 10<br> -IssueDate 2024-01-01<br> -Paragraph 22<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>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 2024-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>
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<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]</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]</sup></td>
<td class="nump">$ 11,439,587<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">$ 145,124<span></span>
</td>
</tr>
<tr class="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">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;"><sup>[3]</sup></td>
<td class="num">(4,579)<span></span>
</td>
</tr>
<tr class="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">(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="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>[5]</sup></td>
<td class="num">(71,252)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</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="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">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>[2]</sup></td>
<td class="nump">13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">372<span></span>
</td>
</tr>
<tr class="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">(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>[2]</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="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 );">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>[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 income (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>[2]</sup></td>
<td class="nump">13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">22<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">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>[2]</sup></td>
<td class="nump">2,553,293<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(4,557)<span></span>
</td>
</tr>
<tr class="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></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="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">(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;"><sup>[3]</sup></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>[1],[6]</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>[2],[7]</sup></td>
<td class="nump">13,461,638<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="nump">128,728<span></span>
</td>
</tr>
<tr class="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">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>[8]</sup></td>
<td class="nump">39,768<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_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="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></sup></td>
<td class="num">(878)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</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="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="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>[7]</sup></td>
<td class="num">(1,196)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="num">(320)<span></span>
</td>
</tr>
<tr class="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">(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>[7]</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_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">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>[7]</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 income (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>[7]</sup></td>
<td class="num">(1,196)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="nump">30<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="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>[7]</sup></td>
<td class="nump">3,916,869<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="nump">39,798<span></span>
</td>
</tr>
<tr class="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 );">Repurchase of own shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</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="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ChangesInShareBuybackProgramLiability', window );">Changes in share buyback program liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup></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>[7]</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_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Acquisition and other changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[10]</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>[8]</sup></td>
<td class="nump">37,906<span></span>
</td>
</tr>
<tr class="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">(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>[8]</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>[6],[11]</sup></td>
<td class="num">(213,739)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9],[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>[7],[13]</sup></td>
<td class="nump">16,742,536<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[8],[14]</sup></td>
<td class="nump">187,465<span></span>
</td>
</tr>
<tr class="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">2,076,773<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,036,445<span></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">2,036,445<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="nump">40,328<span></span>
</td>
</tr>
<tr class="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">(73,551)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(72,792)<span></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">(72,792)<span></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">(759)<span></span>
</td>
</tr>
<tr class="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>[4]</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="num">(5,232)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,604)<span></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">(4,604)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[13]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(628)<span></span>
</td>
</tr>
<tr class="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="nump">149,263<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">149,263<span></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">149,263<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[13]</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 );">Other comprehensive income of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,483)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,483)<span></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">(47,840)<span></span>
</td>
<td class="nump">45,357<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[13]</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 income (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">67,997<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">69,384<span></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">(120,632)<span></span>
</td>
<td class="nump">190,016<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[13]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,387)<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">2,144,770<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,105,829<span></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">(120,632)<span></span>
</td>
<td class="nump">190,016<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[13]</sup></td>
<td class="nump">2,036,445<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="nump">38,941<span></span>
</td>
</tr>
<tr class="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">(1,441,843)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,441,843)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,441,843)<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 );">Cancellation of own shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[15]</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="num">(17,779)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[11]</sup></td>
<td class="nump">299,931<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[12]</sup></td>
<td class="num">(1,778)<span></span>
</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">(280,374)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[14]</sup></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_ChangesInShareBuybackProgramLiability', window );">Changes in share buyback program liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[16]</sup></td>
<td class="num">(157,024)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(157,024)<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">(157,024)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[13]</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_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Acquisition and other changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,143<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,109<span></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">1,109<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="nump">34<span></span>
</td>
</tr>
<tr class="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">(763,648)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(757,786)<span></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">(757,786)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="num">(5,862)<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, 2024</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 16,813,835<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 16,593,257<span></span>
</td>
<td class="nump">$ 1,162,758<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[11]</sup></td>
<td class="num">$ (1,355,651)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[12]</sup></td>
<td class="nump">$ 116,276<span></span>
</td>
<td class="nump">$ 609,733<span></span>
</td>
<td class="num">$ (1,110,803)<span></span>
</td>
<td class="num">$ (570,986)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[13]</sup></td>
<td class="nump">$ 17,741,930<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="nump">$ 220,578<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; 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;">The Company had an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 202</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>2</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;"> there were 1,180,536,830 shares issued. All issued shares were 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;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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'; line-height: inherit;">eserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement 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="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;">The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in 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>27</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;">(iii) to these Consolidated Financial Statements.</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="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: 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';">During <span>202</span></span><span 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: 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';"><span>2</span> a</span><span 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: 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';">s</span><span 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: 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';"> a</span><span 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: 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';"> result of NKKTubes&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </span><span 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: 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';">was</span><span 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: 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';"> reclassified </span><span 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: 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';">with impact in</span><span 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: 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';"> the</span><span 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: 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';"> income statement</span><span 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: 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';">.</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; line-height: inherit; text-align: justify; 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-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; line-height: inherit; display: inline !important;">Related t<span style="color: #000000; 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: 9pt;">o </span></span><span style="color: #000000; 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: 9pt;">NKKTubes</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-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; line-height: inherit; display: inline !important;"><span style="color: #000000; 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: 9pt;">&#8217; cease of ope</span>rations.</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; 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;">The Company ha</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;">d</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;"> an authorized share capital of a single class of 2.5 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-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 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;">1.00 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-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;">December</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;"> 3</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>1</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 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>20</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>2</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>3</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;">there were 1,180,536,830 shares issued. All issued shares </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;">we</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;">re fully paid.</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; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Other </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">R</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">eserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement 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 style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and the changes in the share buyback program liability</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</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; 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;">The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in 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>27</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;">(iii) to these Consolidated Financial Statements.</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; 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;">As of December 31, 202</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>3</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;">, the Company </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;">held</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;">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-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;">s</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;">hares</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;"> 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-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;">, and there were</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;">1,167,888,739</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;">outstanding shares.</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="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: 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; line-height: inherit;">Mainly related to Global Pipe Company (&#8220;GPC&#8221;) acquisition.</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; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>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>4</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><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">1,162,757,528</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 issued. All issued shares are fully paid.</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; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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, 202</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>4</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;">, 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;">78,485,337</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;">, and there </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">wer</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">e</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">1,084,272,191</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">outs</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">tanding 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;">.</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>35</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; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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'; line-height: inherit;">eserves 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 style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the changes in the share buyback program liability</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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; line-height: inherit;"><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>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">[15]</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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 April 30, 2024, the extraordinary general meeting of shareholders approved the cancellation 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;">17,779,302</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[16]</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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>35</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_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 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 107<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 [domain]; 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/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2024-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2024-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 48<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_48&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 92<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all associates [member]; Investments accounted for using equity method; Total for all 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 2024-01-01<br> -Paragraph B16<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B16_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_ChangesInShareBuybackProgramLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount needed to adjust previously recorded stockholders' equity balances, to acquire the shares purchased under share buyback 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_ChangesInShareBuybackProgramLiability</td>
</tr>
<tr>
<td 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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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>Apr. 30, 2024</div></th>
<th class="th"><div>Dec. 31, 2024</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_NumberOfSharesAuthorised', window );">Authorized share capital (in shares)</a></td>
<td class="text">&#160;<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>
</tr>
<tr class="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">1,084,272,191<span></span>
</td>
<td class="nump">1,167,888,739<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_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 );">Total number of shares issued</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,162,757,528<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>
</tr>
<tr class="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">78,485,337<span></span>
</td>
<td class="nump">12,648,091<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued', window );">Cancellation of ordinary shares (in shares)</a></td>
<td class="num">(17,779,302)<span></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_IncreaseDecreaseInNumberOfOrdinarySharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 number of ordinary shares issued. [Refer: Ordinary shares [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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued</td>
</tr>
<tr>
<td style="padding-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_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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R8.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 2,076,773<span></span>
</td>
<td class="nump">$ 3,957,833<span></span>
</td>
<td class="nump">$ 2,548,701<span></span>
</td>
</tr>
<tr class="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">632,854<span></span>
</td>
<td class="nump">548,510<span></span>
</td>
<td class="nump">607,723<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_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</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">76,725<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_AdjustmentsForBargainPurchaseGain', window );">Bargain purchase gain</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,211)<span></span>
</td>
<td class="num">(3,162)<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_AdjustmentsForIncomeTaxExpense', window );">Income tax accruals less payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(222,510)<span></span>
</td>
<td class="num">(143,391)<span></span>
</td>
<td class="nump">257,651<span></span>
</td>
</tr>
<tr class="ro">
<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">(8,548)<span></span>
</td>
<td class="num">(95,404)<span></span>
</td>
<td class="num">(208,702)<span></span>
</td>
</tr>
<tr class="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 accruals less payments, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,067)<span></span>
</td>
<td class="num">(53,480)<span></span>
</td>
<td class="nump">1,480<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_AdjustmentsForLitigationProvisionRelatedToAcquisition', window );">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">89,371<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_AdjustmentsForProvisions', window );">Changes in provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(25,155)<span></span>
</td>
<td class="nump">21,284<span></span>
</td>
<td class="nump">16,433<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="text"> <span></span>
</td>
<td class="num">(878)<span></span>
</td>
<td class="num">(71,252)<span></span>
</td>
</tr>
<tr class="re">
<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]</sup></td>
<td class="nump">286,917<span></span>
</td>
<td class="nump">182,428<span></span>
</td>
<td class="num">(2,131,245)<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_OtherAdjustmentsForNoncashItems', window );">Others, including net foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,794<span></span>
</td>
<td class="num">(18,667)<span></span>
</td>
<td class="nump">69,703<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_CashFlowsFromUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,866,218<span></span>
</td>
<td class="nump">4,395,073<span></span>
</td>
<td class="nump">1,167,217<span></span>
</td>
</tr>
<tr class="ro">
<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="re">
<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">(693,956)<span></span>
</td>
<td class="num">(619,445)<span></span>
</td>
<td class="num">(378,446)<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_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="num">(10,391)<span></span>
</td>
<td class="nump">1,736<span></span>
</td>
<td class="num">(18,901)<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_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Acquisition of subsidiaries, net of cash acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">31,446<span></span>
</td>
<td class="num">(265,657)<span></span>
</td>
<td class="num">(4,082)<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_PurchaseOfOtherInvestmentsAtFairValue', window );">Other investments at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,126)<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_PurchaseOfInterestsInAssociates', window );">Additions to associated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(22,661)<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">(5,551)<span></span>
</td>
<td class="num">(3,754)<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_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">28,963<span></span>
</td>
<td class="nump">12,881<span></span>
</td>
<td class="nump">48,458<span></span>
</td>
</tr>
<tr class="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">73,810<span></span>
</td>
<td class="nump">68,781<span></span>
</td>
<td class="nump">66,162<span></span>
</td>
</tr>
<tr class="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">(821,478)<span></span>
</td>
<td class="num">(1,857,272)<span></span>
</td>
<td class="nump">123,254<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">(1,397,157)<span></span>
</td>
<td class="num">(2,686,517)<span></span>
</td>
<td class="num">(163,555)<span></span>
</td>
</tr>
<tr class="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">(757,786)<span></span>
</td>
<td class="num">(636,511)<span></span>
</td>
<td class="num">(531,242)<span></span>
</td>
</tr>
<tr class="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">(5,862)<span></span>
</td>
<td class="num">(18,967)<span></span>
</td>
<td class="num">(10,432)<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">1,143<span></span>
</td>
<td class="nump">3,772<span></span>
</td>
<td class="num">(1,407)<span></span>
</td>
</tr>
<tr class="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">(1,439,589)<span></span>
</td>
<td class="num">(213,739)<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">(68,574)<span></span>
</td>
<td class="num">(51,492)<span></span>
</td>
<td class="num">(52,396)<span></span>
</td>
</tr>
<tr class="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">1,870,666<span></span>
</td>
<td class="nump">1,723,677<span></span>
</td>
<td class="nump">1,511,503<span></span>
</td>
</tr>
<tr class="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">(1,999,427)<span></span>
</td>
<td class="num">(1,931,747)<span></span>
</td>
<td class="num">(1,094,370)<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">(2,399,429)<span></span>
</td>
<td class="num">(1,125,007)<span></span>
</td>
<td class="num">(178,344)<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 );">(Decrease) increase in cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(930,368)<span></span>
</td>
<td class="nump">583,549<span></span>
</td>
<td class="nump">825,318<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_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">1,616,597<span></span>
</td>
<td class="nump">1,091,433<span></span>
</td>
<td class="nump">318,067<span></span>
</td>
</tr>
<tr class="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">(25,431)<span></span>
</td>
<td class="num">(58,385)<span></span>
</td>
<td class="num">(51,952)<span></span>
</td>
</tr>
<tr class="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 );">(Decrease) increase in cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(930,368)<span></span>
</td>
<td class="nump">583,549<span></span>
</td>
<td class="nump">825,318<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_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">At December 31,</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">660,798<span></span>
</td>
<td class="nump">1,616,597<span></span>
</td>
<td class="nump">1,091,433<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_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">675,256<span></span>
</td>
<td class="nump">1,637,821<span></span>
</td>
<td class="nump">1,091,527<span></span>
</td>
</tr>
<tr class="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">(14,458)<span></span>
</td>
<td class="num">(21,224)<span></span>
</td>
<td class="num">(94)<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">$ 660,798<span></span>
</td>
<td class="nump">$ 1,616,597<span></span>
</td>
<td class="nump">$ 1,091,433<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="line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 year </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>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'; line-height: inherit;"><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'; line-height: inherit;">, 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'; line-height: inherit;">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'; line-height: inherit;">NKKTubes&#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'; line-height: inherit;">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'; line-height: inherit;">operations.</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="line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;">30.3</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;"> 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'; line-height: inherit;"><span>4</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><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">16.7)</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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'; line-height: inherit;"><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'; line-height: inherit;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;"><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'; line-height: inherit;">.</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="line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 year </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>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'; line-height: inherit;"><span>4</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;">, 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'; line-height: inherit;">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'; 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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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'; line-height: inherit;">acquisition</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>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'; 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_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 2024-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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_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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</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: Total for all 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 2024-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_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: Total for all 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 2024-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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, from continuing and discontinued operations.</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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, from continuing and discontinued operations.</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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, from continuing and discontinued operations. [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 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2024-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_AdjustmentsForBargainPurchaseGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 bargain purchase gain 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_AdjustmentsForBargainPurchaseGain</td>
</tr>
<tr>
<td 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_AdjustmentsForLitigationProvisionRelatedToAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 litigation provision related to acquisition 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_AdjustmentsForLitigationProvisionRelatedToAcquisition</td>
</tr>
<tr>
<td 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_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>
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<tr>
<td><strong> Data Type:</strong></td>
<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_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>
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<tr>
<td><strong> Data Type:</strong></td>
<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_PurchaseOfOtherInvestmentsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 other investments at 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_PurchaseOfOtherInvestmentsAtFairValue</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>
</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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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
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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_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="nump">$ 30.3<span></span>
</td>
<td class="num">$ (16.7)<span></span>
</td>
<td class="nump">$ 4.2<span></span>
</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfCashFlowsAbstract">
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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_StatementOfCashFlowsAbstract</td>
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<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>
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<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>
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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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<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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</div></td></tr>
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</div>
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<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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: 1.2; margin: 0pt; text-align: justify;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">I.</span> <span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">GENERAL INFORMATION</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;">Tenaris S.A. (the &#8220;Company&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) was established as a public limited liability company (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">oci</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">t&#233; </span><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;">nonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) 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; line-height: inherit;">Tenaris&#8221; refer to </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;"> and its consolidated subsidiaries. A list of the Company&#8217;s </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 is included 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;">33</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></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&#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; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s American Depositary Securities (&#8220;ADS&#8221;) trade on the New York Stock Exchange.</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;">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; line-height: inherit;"> February </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;">, 202</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;"> The Board of Directors has the power to amend and reissue the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">se</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Consolidated Financial Statements.</span></p> <span></span>
</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 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 2024-01-01<br> -Paragraph 51<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_51&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory</td>
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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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<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</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" 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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">II</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">. </span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">A</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">CCOUNTING POLICIES</span> </p>
<p style="font-size: 10pt; 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; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Basis of presentation</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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 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; 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;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS Accounting Standards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) 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;"> as adopted by the European Union,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under the historical cost convention, as modified by the revaluation of </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;">financial assets</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Whenever necessary, c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ertain comparative amounts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been reclassified to conform to changes in presentation in the current year.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;"> The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> main</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> areas involving </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;"> estimates or judgements are: </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;">mpairment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">testing </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;">long-lived assets (not</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;">s </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;">H</span><span style="font-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 in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investments in associates (note II.B)</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;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">axes </span><span style="font-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 recoverability of deferred tax 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;">(note 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;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">obsolescence of inventory (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">II.J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">); contingencies (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Q</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allowance for trade receivables (note II.K)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">post-employment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and other long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (note II.</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;">);</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(notes II.B); u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seful lives of property, plant and equipment</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;"> other long-lived assets (notes II.E, II.F</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;">H</span><span style="font-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 value estimation of certain financial instruments (note III.B)</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;">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;"> (note </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;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>28</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;">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;"> there were no </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;"> changes in the </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;"> accounting estimates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and judgements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;">(<span>1</span>)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Accounting pronouncements applicable as from J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">anuary <span>1</span>, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>4</span></span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><br/></p>
<p style="font-size: 10pt; 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;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ccounting pronouncements that became effective during <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;"> have no material effect on the Company&#8217;s financial condition or results of operations.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 following amendments became effective as at 1 January 2024:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 7.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS <span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Lease Liability in a Sale and Leaseback&#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;">-</span> Amendments to IFRS <span>16</span>.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disclosures: Supplier Finance Arrangements -&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Amendments to IAS <span>7</span> and IFRS <span>7</span>.</span></li> </ul>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">New ac</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">counting pronouncements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">applicable as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of December 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>1</span>, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>4</span></span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Amendments to IAS <span>21</span> &#8211; Lack of Exchangeability</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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;">In</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> August, 2023, the IASB published </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;">Lack of Exchangeability (Amendments to IAS <span>21</span>)</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;">with new</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> guidance to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">determine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> when a currency is exchangeable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or not,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and how to determine the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to apply </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;">a currency </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exchangeable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The amendments also require the disclosure of additional information when a currency is not exchangeable.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="line-height: 1.2;">
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 </div> </div>
<p style="font-size: 10pt; 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 amendments are effective for annual periods beginning on or after January 1, 2025 with early adoption permitted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and without </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">retrospective</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> application</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">does not expect these amendments to have a material impact on its operations or</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial statements.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">IFRS <span>18</span> - Presentation and Disclosures in Financial Statements</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In April 202</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;">, the IASB published </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS <span>18</span></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;">will replace IAS <span>1</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;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">resentation of financial 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;"> IFRS <span>18</span> introduces</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> new requirements</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that will help to achieve comparability of the financial performance of similar entities and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provide more relevant information and transparency to users. Even though IFRS <span>18</span> will not</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impact the recognition or measurement of items in the financial statements, its impacts on</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">presentation and disclosure are expected to be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">extensive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in particular those related to the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">income statement, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">statement of financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">position, statement of cash flows </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 inclusion of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management-defined performance measures</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">within the financial statements.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: Arial; font-size: 9pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management is currently assessing the detailed implications of applying the new standard on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the 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></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026 and December 31, 2025 will be restated in accordance with IFRS <span>18</span>. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The&#160;European Union has still not endorsed this standard.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Other </span><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;">ly published</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">B&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Group accounting</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Subsidiaries and transactions with non-controlling interest</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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">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; line-height: inherit;">Subsidiaries are fully consolidated from the date on which control is </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;"> by the Company and are no longer consolidated from the date control ceases.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 </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;"> method is used to account for the acquisition of subsidiaries 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;">. 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; line-height: inherit;">transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, equity instruments issued and liabilities incurred or assumed at the date of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exchange</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Acquisition-related costs are expensed as incurred.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Identifiable assets acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> liabilities and contingent liabilities assumed in a business combination 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;">measured initially at their fair values at the acquisition date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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; line-height: inherit;">identifiable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The excess of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> aggregate of the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consideration transferred</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 amount of any non-controlling interest in the acquiree</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">this</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> Consolidated</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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as bargain purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Contingent consideration is classified either as equity or a</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial liability. Amounts classified as a financial liability are subsequently remeasured </span><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;"> fair value </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;">profit or loss.</span> <br/></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; font-family: 'times new roman', times; 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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ransactions with non-controlling interests </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that do not result in a loss of control</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are accounted</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value</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 change in carrying amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, net of consideration received (if any),</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Material intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">balances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and unrealized gains (losses) on transactions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">between Tenaris subsidiaries have been eliminated in consolidation. However, </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;"> the functional currency of some subsidiaries </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;">i</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 respective local currency, some financial gains (losses) arising from intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are generated. These</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are included 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 under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">inancial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Non-consolidated companies</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Investments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding of between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized at cost (as defined by IAS <span>28</span>, &#8220;Investments in Associates and Joint Ventures&#8221;). The Company&#8217;s investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Associated companies are those entities in which Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exerts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> significant influence</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;">, but </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">have </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">control.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Joint arrangements are combinations in which there are contractual agreements by virtue of which <span>two</span> or more </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">partner </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">companies hold an interest in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>one</span> or more </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">companies that undertake operations or hold assets in such a way that any financial or operating decision is subject to the unanimous consent of the partners</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (as defined by IFRS <span>11</span> &#8220;Joint Arrangements&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A joint arrangement is classed as a joint operation if the parties hold rights to its assets and have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's net assets.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Under the equity method</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> adjusted where necessary to ensure consistency with IFRS.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;">Equity in earnings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">. 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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; font-style: normal; line-height: inherit;">The main investments in non-consolidated companies are:</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">a)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Ternium</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; 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;">At December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">ld </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">11.46</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> share capital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Ternium S.A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> representing 11.70% of its outstanding shares</span><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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; 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&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>eight</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> members of Ternium&#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 (including Ternium&#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;">hairman) are also members of t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he 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;">;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">both the Company and Ternium are under the indirect common control of San Faustin S.A. (&#8220;San Faustin&#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;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nder the shareholders</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;"> agreement by and between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company and Techint Holdings S.&#224;r.l</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;">, a wholly owned subsidiary of San Faustin </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">controlling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholder, dated January 9, 2006</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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is required to take actions within its power to cause</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (a) <span>one</span> of the members of Ternium&#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 to be nominated by </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;"> and (b) any director nominated by </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 be removed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from Ternium&#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;">only </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pursuant to previous written instructions of </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;">.</span></li> </ul>

<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">b)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Usiminas</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt 0pt; text-indent: 0pt;"><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;"><span>4</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 he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">47.5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;million ordinary shares and 1.3 million preferred shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. - Usiminas (&#8220;Usiminas&#8221;), representing 6.76</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of its shares with voting rights and 3.96</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of its total share capital.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"><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 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;">performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#8217; existing control group. Subsequently, in <span>2016</span>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</span> </p>
<p style="font-size: 10pt; 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;">On</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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;">agreed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquire an additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">68.7 million ordinary shares of Usiminas 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 for </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;">11 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas&#8217; employee pension fund, Previd&#234;ncia Usiminas. At December 31, 202</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;">, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of Usiminas&#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; line-height: inherit;">% corresponding to Confab); the NSC Group and Previd&#234;ncia Usiminas held 31.7% and 7%, respectively, in the control group.</span></p>
<p style="font-size: 10pt; 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;">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 Usiminas 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 Previd&#234;ncia 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 Usiminas. 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 Usiminas board of directors, the chief executive officer and four other members of the Usiminas board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas&#8217; control group shares. </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">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 Usiminas&#8217; control group (153.1 million ordinary shares) at the higher of $2.0584 per share and the equivalent in U.S. dollars of 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&#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;">equivalent in U.S. dollars of the</span> 40-trading day average price per share immediately prior to the NSC group<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;">&#8217;</span>s notice of withdrawal, 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 $2.0584 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="font-size: 10pt; 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;">Confab and the Ternium entities party to the Usiminas 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 Usiminas, 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 Usiminas&#8217; officers and directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Those circumstances evidence that Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continues having </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 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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">c)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Techgen</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Techgen S.A. de C.V. (&#8220;Techgen&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which operates an electric power plant in Mexico,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a joint venture company owned 48% by Ternium, 30% by Tecpetrol International S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;Tecpetrol&#8221;)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and 22%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by Tenaris. </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;">, Ternium and Tecpetrol are parties to a shareholders&#8217; agreement relating to the governa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nce of Techgen and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are under the indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mon control of San Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Based on the facts stated above, the Company has determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that it has significant influence over this entity.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris carries its investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s in non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidated companies</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;">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; line-height: inherit;">For more information </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 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>14</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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Segment information</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;">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; line-height: inherit;">disclosed in the Other segment.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="line-height: 1.2;">
<div style="border-right: none; border-left: none;">
 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Tubes segment includes the production and sale of 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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> worldwide</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Other segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> includ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">es</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">all business activities related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the production and selling of sucker rods, coiled tubing, tubes used for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plumbing and construction</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">applications, oilfield / hydraulic fracturing services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and others as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> energy and raw materials that exceed internal requirements.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">During <span>2024</span> and following the acquisition of Mattr&#8217;s pipe coating business unit on November 30, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the management</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> performed a review of the new business structure to decide on the allocation of resources and the assessment of performance, and decided to integrate the coating activities to its Tubes segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Chief Operating Decision Maker </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;">CODM</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;">reviews </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operating and financial performance information </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with senior management on a monthly basis</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;">information 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;"> from IFRS principally as follows:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; 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 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 -18.42pt; padding-left: 8.27pt; text-align: justify; 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 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; line-height: inherit;">, mainly on a FIFO basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; 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 currency translation adjustment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">classification</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; 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;">ther timing differences, if any.</span></li> </ul>
<p style="font-size: 10pt; 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;">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;"> presents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its geographical information in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>four</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> areas:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> North America,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> South America, Europe</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;">Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Middle East and Afri</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For purposes of reporting geographical information, net sales are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to geographical areas based on the customer&#8217;s location;</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;"> allocation of assets </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 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;">geographical</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> location</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"><br/></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign </span><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;">urrency </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">t</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ranslation</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;">(<span>1</span>)&#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Functional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and presentation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> currency</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">IAS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>21</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;The effects of changes in foreign exchange rates&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">entity operates.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 functional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and presentation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">curren</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;">y of </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;">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;">. The U.S. </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> global operations. </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xcept f</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;"> the 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 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</span><span style="font-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 determined that the functional currency of its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> other subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">:</span></p>
<ul style="font-size: 10pt;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">ales are mainly negotiated, denominated 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;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> settled in 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;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. If priced in a currency other than the U.S. dollar, the </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;">price </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may consider</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exposure to fluctuation in the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">against</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the U.S. dollar;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">rices of </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;">critical raw materials and inputs are priced 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;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">ransaction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and operational</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> environment and the cash flow </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operations 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;"> 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;"> as reference currency;</span> </li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">there is a s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ignificant level of integration of the l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ocal operations within </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;">international </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">global distribution network</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>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">et financial assets and liabilities are mainly received and maintained in U.S. dollars</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
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 </div> </div>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Transactions in currencies other than the functional currency</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;">on where items are re-measured.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;"> the fair value was determined.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;">Other financial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">alifying net investment hedges.</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Translation of financial information in currencies other than the functional currency</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-end exchange rates. Translation differences are recognized in a separate component of equity as </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;">urrency </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ranslation </span><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;">djustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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; line-height: inherit;">the Consolidated Income Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as a gain or loss from the sale</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> following IAS <span>21</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">exchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rate.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"><br/></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">E&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Property, plant and equipment</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Property, plant and equipment are recognized at historical acquisition or construction cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> less accumulated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and impairment losses</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;">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; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </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;">lant</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;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quipment acquired through</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquisitions accounted for as </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;">combination</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 been valued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">initially </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fair </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;">value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquired.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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 </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;"> replaced part</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;"> 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Cost may also include transfers fro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m equity of any gains or losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> IAS <span>23</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;Borrowing 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;">&#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;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</span> <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; </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">epreciation method is reviewed at each year end. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Depreciation</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is calculated using the straight-line method to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">depreciate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">, as follows:</span> </p>
<p style="font-size: 10pt; 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;">&#160;</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; line-height: inherit;"> &#160; </span></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; line-height: inherit;"> 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; line-height: inherit;"> No Depreciation </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Buildings and improvements</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 30-50 years </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; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Plant and production equipment&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 10-40 years </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; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Vehicles, furniture and fixtures, and other equipment </span></p> </td>
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<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; line-height: inherit;"> 4-10 years </span></p> </td> </tr> </tbody> </table>
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<div style="line-height: 1.2;">
<div style="border-right: none; border-left: none;">
 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> assets</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#8217;</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">residual values and useful lives of significant plant and </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">production </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">equipment are reviewed</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and adjusted</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> if appropriate, at each year-end</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">date. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">An asset&#8217;s carrying amount is written down to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</span></div> </div>
<p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Management&#8217;s re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">estimation of asset</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;"> useful </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, performed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with IAS <span>16</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;Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Plant and E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quipment&#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;">resulted in additional depreciation expenses </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;">approximately</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">25.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span>,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">did not materially affect depreciation expenses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in <span>2023</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and resulted in additional depreciation expenses of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">39.1</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;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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;"> depreciates each significant part of an item of property, plant and equipment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for its different production facilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Other operating income </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; font-style: italic; line-height: inherit;">Other operating expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">&#160;</span></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">F&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Intangible assets</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Goodwill </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Goodwill represents the excess of the acquisition cost </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">over the fair value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> 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; line-height: inherit;">at least </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">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; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> the Consolidated Statement of Financial Position under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Intangible assets, net.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">For the purpose of impairment testing, g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">oodwill is allocated to a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">cash generating unit (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> or group of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">CGUs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> that&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">are expected to benefit from the business combination which generated the goodwill being tested. </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Information systems projects</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">&#8220;Intangible Assets&#8221;.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">not exceeding a period of 3 years. Amortization charges 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;">classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the</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;">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.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">did not materially affect </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the years </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>4</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;"><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><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;">.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Licenses, patents, trademarks and proprietary technology </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Licenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the acquisition date in case of a business combination.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">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; line-height: inherit;">which are in the range between 3 and 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;years.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charges are mainly classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Cost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 balance of acquired t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rademarks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that have indefinite useful lives according to external appraisal</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;">s</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;">86.7</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;"> at December 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>4</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>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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included in Hydril CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Main factors considered in the determination of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> indefinite useful lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> include the years that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">they have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> been in service and </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;">recognition among customers in the industry.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> did no</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t materially affect amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the years </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>24</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>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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;">(<span>4</span>)&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;">Research and development</span></div> </div>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Research expenditures as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the years </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>4</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;"><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;"> totaled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">74.2</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;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">50.7</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;">, respectively.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Capitalized costs were not material for the years <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>4</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>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="font-size: 10pt; font-family: 'times new roman', times; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">(<span>5</span>)&#160; &#160; &#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Customer relationship</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">s</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;"> Tube Corpora</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">tion (&#8220;Maverick&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Company (&#8220;Hydril&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> groups, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Saudi Steel Pipe Co. (&#8220;</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;">SPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</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;"> Ipsco Tubulars Inc. (&#8220;IPSCO&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the more recent acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Mattr&#8217;s pipe coating business unit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">e</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;">which were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">approximately 14 years for Maverick, 10 y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ears for Hydril</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;"> 9 years for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">C</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;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> year</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;"> for IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">4 months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> for Mattr&#8217;s pipe coating business unit.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Management&#8217;s re-estimation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">customer relationships</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">the years </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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">In <span>2022</span>,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> from 5 years to 3 years, consequently a higher amortization charge of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4.1</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> for the year ended December 31, 2022.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">f 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> the net book</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8217;s customer relationship amoun</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">11.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> million, with a residual useful life of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">9 months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">hile </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the other</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> customer relationships </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> fully amortized.</span></p>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">G&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Right-of-use assets and lease liabilities</span></p>
<p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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 </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;"> 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; line-height: inherit;"> term on a straight-line basis.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;">h similar terms and conditions.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> or early termination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, or not </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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Payments associated with short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and leases of low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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>
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<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">H&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Impairment of non-financial assets</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">, or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CGU. 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> are tested</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">situations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">events and circumstances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which could materially alter the recoverable amount of the CGU, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the current period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">For purposes of assessing key assumptions, the Company uses external sources of information and management judgment based on past experience and expectations. 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, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; font-family: 'times new roman', times; 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;">Management has determined the value of each of the key assumptions as follows:</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; 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; line-height: inherit;">-&#160;</span>Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&#8217;s expected market penetration.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Oil and gas prices: based on industry analysts&#8217; reports 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;">management&#8217;s expectations of market development.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Rig count: based on information published by Baker Hughes and management&#8217;s expectations.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Raw material costs: based on industry analysts&#8217; reports and management&#8217;s expectations.</span></p>
<p style="font-size: 10pt; 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;">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.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; <span style="font-style: italic;">and</span></span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Value </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;">use is calculated by discounting the estimated cash flows over a <span style="-sec-ix-hidden:Tag3440"><span style="border-right: none; border-left: none;">five&#160;</span>year</span> period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the <span>five</span>-year 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</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></p>  </div> </div> </div> </div> </div>
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<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">I&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Other </span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">i</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">nvestments</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ther investments consist primarily of investments in financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and time deposits with a maturity of more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>three</span> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at the date of purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Certain non-derivative financ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ial assets that the Company held not for trading</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have been categorized as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial assets </span><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;">fair value through other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;FV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">OCI</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;">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; line-height: inherit;">. They are carried at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fair value</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;">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; 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </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;">omprehensive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Income and transferred to the 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 when the financial asset is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disposed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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; 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. F</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;">OCI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> instruments with maturities greater than 12 months after the balance sheet date a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re included in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> non-current assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ther investments in financial instruments and time deposits are c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ategorized as financial assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at fair value through profit or loss </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;FVPL&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">because such investments are held for trading and </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;"> performance is evaluated on a fair value basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The results of these investments are recognized 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Purchases and sales of financial investments are recognized as of 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;">settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">The fair values of quoted investments are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ee s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ectio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">n III Financial Risk Management</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span></p>  </div> </div>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">J&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Inventories</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">, freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">The a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">llocation of fixed production costs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including depreciation and amortization charges,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is based on</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;"> normal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> level of production capacity. </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;"> cost is mainly based on </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;">FIFO method. Tenaris estimates </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;">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; line-height: inherit;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oods in transit </span><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;"> year-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">end are valued based on </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;">supplier&#8217;s invoice cost.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, 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>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">K&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trade </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">and other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">receivables</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Trade and other receivables are recognized initially at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> fair value that corresponds to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">omponents. The Company holds</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">res them subsequently at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ed cost using the effective interest method. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Tenaris applies the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> IFRS <span>9</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#8220;Financial Instruments&#8221;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">simplified approach to measure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> expected credit losses</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;"> 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="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span style="border-right: none; border-left: none;">three years</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;and the corresponding historical credit losses exp</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">erienced within this period. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">The expected loss allowance also reflects current and forward-looking information on macroeconomic factors affecting the ability of each customer to settle the receivables.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">A credit account is typically considered in default when the customer has failed to make the required minimum payments for an extended period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> of time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. Management considerations, including customer-specific analyses, are carried out to determine if an allowance has to be allocated to the credit. Following impairment, collection is monitored and reversed in case of receipt of the payment.</span></p>
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<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">L&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Cash and cash equivalents</span></div> </div>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Cash and cash equi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">valents are comprised of cash at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">which are subject to an insignificant risk of changes in value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. 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; line-height: inherit;">approximates fair market value.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">Borrowings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> in current liabilities.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">For the purposes of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Consolidated Statement of C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">low</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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">ash and cash equivalents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">overdrafts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span></p>  </div> </div>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">M&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">quity</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> components</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 </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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </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;">hanges in </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;">quity 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;">:</span></p>
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<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; 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 value of share capital, legal reserve</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;">share premium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and other distributable reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with Luxembourg l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aw;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; 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 currency translation adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">treasury shares, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other reserves,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> retained earnings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">non-controlling</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;">calculated in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> IFRS.</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>2</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share cap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">al</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company has an authorized share capital of a single </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">class of 2.5 billion shares having a nominal value 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;">1.00 per share. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares issued as 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;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span> were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,162,757,528</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a par value of $1.00 per share with one vote each</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares issued as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of December 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;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,180,536,830</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a par value of $1.00 per share with one vote each.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares outstanding as of December 31, 202</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;">, </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;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,084,272,191</span><span style="font-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 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;">were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,167,888,739</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;">as of December 31, </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;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,180,536,830</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with a par value of $1.00 per share with one vote each. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Outstanding shares do not include treasury shares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All issued shares are fully paid.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>3</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Treasury Shares</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or cancellation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any potential</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> gains </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;"> losses on disposal of treasury shares </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;"> 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Changes in 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;"> Treasury shares as of December 31, 202</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;">, </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;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">78,485,337</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and as of December 31, 2023 were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">12,648,091</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></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; line-height: inherit;">(<span>4</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Dividends distribution by the Company to shareholders </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; 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>27</span></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;"> 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="font-size: 10pt; font-family: 'times new roman', times; 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;">&#160;</span></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">N&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Borrowings</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">&#160;</span></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">O&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Current and d</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">eferred income tax</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 income tax expense or credit for the period is the tax payable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or recoverable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Both c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">urrent and deferred t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ax </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;"> recognized in the Consolidated Income Statement</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;">Income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ax</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, except </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to the extent that it relates to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">items recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other comprehensive income or directly in equity.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 current income tax charge is calculated </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 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">e</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">mainly </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">from </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">net operating loss carry-forwards</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">post-employment benefits and other long-term employee benefits</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">fair value adjustments of assets acquired in business combinations. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Deferred tax assets and liabilities are measured at the tax rates that are expected to apply </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">to the</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">by the end of the </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">reporting </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">period</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax assets are recognized to the extent</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;"> it is probable that 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;"> will be available</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> against which the te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and losses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">can be utiliz</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 the end of each reporting period, </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;"> reassesses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> deferred tax assets. 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;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a previously </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> will allow the deferred tax asset to be recovered.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets</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;">liabilities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are not recognized for temporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">arising from the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">carrying amount and t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ax basi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s of investments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">subsidiaries, branches and associates, and interests in joint ventures, </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;"> 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 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and liabilities are re-measured</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> if tax rates change. These amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ther co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">mprehensive income </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 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Comprehensive I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncome, depending on the account to which the original </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amount was charged or credited.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">On December 20, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pillar <span>Two</span> legislation was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adopted in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Luxembourg</span><span style="font-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;">nd </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">me into effect </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;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">January 1, 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 group</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;">within the scope of these rules</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;">herefore, is required to calculate its GloBe effective tax rate for each jurisdiction </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in which it is present</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and is liable to pay a top-up tax for the difference between its Globe effective tax rate per jurisdiction and the 15% minimum rate.&#160;The group applies the IAS 12 exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">P&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Employee benefits</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Short-term obligations</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 22.5pt; break-after: avoid; 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; line-height: inherit;">(<span>2</span>)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Post</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;">employment benefits</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 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.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">For defined benefit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">funded </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plans, net interest income</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">/</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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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 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">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></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 benefits based on years of service and final average salary</span><span style="font-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 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for this plan amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">59.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Employees&#8217; service rescission indemnity</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;">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="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">crued for employees at </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;"> 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="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;"> 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 limited to the contributions of <span>2007</span> onwards.&#160;</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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for this plan amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">10.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Funded retirement benefit plan held in 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;"> for the benefit of some employees hir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed prior a certain date,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">funds. Additionally, an unfunded post</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">retirement health and life plan</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;"> in place</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that offers limited medical and life insurance benefits to the retirees, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">frozen to new participants</span><span style="font-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;">s 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plan</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;"> amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
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<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 primarily of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">annuities purchased from an insurance company for the benefit of current and future retiree</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;"> as well as investments in debt instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In <span>2022</span>, the plant at which all members of the hourly plan were employed was decommissioned and all members ceased to accrue benefits under the plan. </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 style="border-left: none; border-right: none;">4&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the plan</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s&#160;</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;"> overfunded and the net assets related to th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ese</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plan</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;"> amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">9.0&#160;</span></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></li> </ul>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">By their design, the defined benefit plans expose the Company to the typical risks faced by defined benefit plans such as investment performance, changes to discount rates used to value the obligations, rate of compensation increase (including inflation rates) and longevity of plan members . Pension and benefit risks are managed by regular monitoring of the plans, applicable regulations and other factors that may impact the Company&#8217;s expenses and cash flows. </span></p>
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<p style="font-size: 10pt; 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 unfunded defined benefit plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are met as they fall due and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are managed directly by the Company, which is entirely responsible for the plans. The funded defined benefit pension plans are governed and administered in accordance with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The defined benefit plans are monitored on an ongoing basis to assess the funding and investment policies, financial status, and funding requirements. Significant changes to a plan or policy would be subject to approval by the board of directors of each subsidiary of the Company. </span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ther long-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">term benefits </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">During <span>2007</span>, Tenaris launched an</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">employee retention and long</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;">term incentive 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;">&#8220;</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;">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; line-height: inherit;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nits throughout the duration of the Program. The value of each of these </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;">nits is based 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;"> shareholders&#8217; equity (excluding non-cont</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rolling interest). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Until </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the end of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2017</span></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;"> u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nits </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;">vest</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;"> ratably over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a period of <span style="border-left: none; border-right: none;"><span style="border-right: none; border-left: none;">four years</span></span>&#160;and were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mandatorily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> redeemed by the Company <span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">ten years</span></span>&#160;after grant date, with the option of an early redemption at <span style="border-right: none; border-left: none;">seven years</span>&#160;after</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;"> grant date.</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;"><span>2018</span></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;">units </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;">vest</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;"> ratably over the same period and </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;">mandatorily redeemed by the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Company <span style="border-right: none; border-left: none;">seven years</span>&#160;after grant date.</span> </p>
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 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">T</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">he beneficiaries of the Program are</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The payment of the benefit is tied to the book value of the shares, and not to their market value.</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris valued this long-term incentive program as a long</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">-</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">term benefit plan as classified in IAS <span>19</span></span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> &#8220;Employee Benefits&#8221;</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the outstanding liability corresponding to the Program </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;">148.0</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;">119.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, respectively. The total value of the units granted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(vested and unvested) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">er share 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>4</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>3</span></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;">175.0</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;">144.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, respectively.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 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;">(<span>4</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Termination benefits</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>5</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other compensation obligations</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Employ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ee entitlements to annual leave, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-service leave</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, sick leave and other bonuses and compensations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> obligations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are accrued as earned.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">Q&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Provisions </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">, as a result of past events, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">reliably</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> estimated, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">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; line-height: inherit;">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; line-height: inherit;">cash flows.<br/></span></p>
<p style="font-size: 10pt; 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;"><br/></span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">This note should be read in conjunction with </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>27</span></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;"> these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">&#160;</span></p>

<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">R&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trade and other payables </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">subsequently measured at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed cost. They are presented as current liabilities unl</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ess payment is not due within <span>twelve</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> months after the reporting period.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Due to 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;"> short-term nature </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;">heir carrying amount</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;"> considered to be the same as their fair value.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">S&#160; &#160; &#160;&#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Revenue recognition</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> rendering of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Revenue is recognized at a point in time or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">The control </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;"> transfer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">red</span> <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;"> delivery.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">These conditions are determined and ana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lyzed on a contract by contract</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> basis to ensure that all performance obligations are fulfilled</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 particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">For bill and hold transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">does not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">) the usual payment terms apply.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company&#8217;s contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of return</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are based o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n expected value considering past experience</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and contract conditions.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris provides services</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;"> 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; line-height: inherit;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">include:</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">anagement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ervices</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 comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Field </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ervices</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;">Comprises</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;">field technical support and running assistance.</span></p>
<p style="font-size: 10pt; 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;"><br/></span></p>
<p style="font-size: 10pt; 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;">These services</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;">rendered in connection to the sales of goods and</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he following in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">puts and outputs methods are applied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to recognize revenue</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> considering the nature</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of service</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span> </p>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Storage 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;"> the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;"> to be invoiced. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">his fe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">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>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Freights</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;">the revenue </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is recognized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on a pro rata basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> considering the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">units delivered and time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> elapsed.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Field 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;"> the revenue i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s recognized considering output</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> method</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 particular surveys of service comple</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tion provided by the customer.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
<div style="border-right: none; border-left: none;">
 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">T</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">he Company </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">also </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">provide</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">other services, such as </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">hydraulic fracturing</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> coiled tubing </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">and coating </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">services</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">. Regarding these services, the </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">inputs and outputs methods</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> to recognize the revenue are the following:</span></div> </div>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Coating services:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company provides coating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on third-party tubes which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are performed under specific contracts and recognized by reference to the stage of completion. Stage of completion is determined based on surveys of work performed as measured by units of production to date multiplied by contractually agreed-upon rates.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Hydraulic fracturing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> 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;"> the revenue is recognized considering output methods, in particular surveys of service completion provided by the customer.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;"> considering that the contracts do not include any significant financing component,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company does not adjust any of the transaction pric</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Other revenues earned by Tenaris are recognized on the following basis:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Interest income: on the effective yield basis. </span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net income from other sales: when control is transferred to the customer.</span></li> </ul>  </div> </div>

<h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">T&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost of sales and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">other selling expenses</span></h4>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Cost of sales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other selling</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">expenses are recognized in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Consolidated 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 on the accrual basis of accounting.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Commissions, freight</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 other selling expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including shipping and handling costs, </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;">recorded</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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">elling, general and administrative expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consolidated 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

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

<h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">V&#160; &#160; &#160;&#160;</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;">inancial instruments</span> </h4>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contract assets, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">trade and other receivables, cash and cash equivalents, borrowing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s and trade and other payables.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company classifies its financial instruments according to the following measurement categories:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -6.15pt; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 -6.15pt; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">those to be measured at amortised cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="font-size: 10pt; 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 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
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 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">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. Th<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e<span>re are </span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>three</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"> measurement categories into which the Company classifies its debt instruments:</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Amortized Cost</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">tatement.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Fair value through oth</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">er comprehensive income</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;"> 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. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Fai</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">r value through profit and loss</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quity instruments are subsequently measured at fair value.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Accounting for derivative financial instruments and hedging act</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ivities is included within the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ection III, Financial Risk Management.</span></p>  <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</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>
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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>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; color: #cc0066; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">iii</span><span style="font-family: 'Frutiger 45 Light'; color: #cc0066; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">. Financial risk management</span><span> </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; 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="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="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="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"> <br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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="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;">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>4</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>3</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="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; 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="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;">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>
<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;">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="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;">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>
<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;">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="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;">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>4</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>3</span></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>

<table cellpadding="0" cellspacing="0" style="height: 102px; 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: 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: 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; 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; 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; 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: 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; line-height: inherit;"> <span>2024</span> </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>
<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>
<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; 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-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: 77%; background-color: #cceeff;">
<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; 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; line-height: inherit;"> (183,985 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> (203,608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Saudi Arabian Riyal / U.S. dollar </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;"> (173,233 </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;"> (181,931 </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;"> Argentine Peso / U.S. dollar </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;"> (40,565 </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;"> (134,716 </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;"> Brazilian Real / U.S. dollar </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;"> (41,591 </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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (25,680 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr> </tbody> </table>
 </div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<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 main relevant exposures correspond to:</span></p>
<ul style="padding-inline-start: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 1.2; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Euro / U.S. dollar</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 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>4</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>3</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;">1.8</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;">2.0</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>4</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>3</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="padding-inline-start: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Saudi Arabian Riyal / U. S. d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ollar</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 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>4</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>3</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>
<ul style="padding-inline-start: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentine Peso / U.S. dollar</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 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, 2024 and <span>2023</span> 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;">0.4</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;">1.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million as of December 31, 2024 and <span>2023</span> respectively.</span></p>
<ul style="padding-inline-start: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brazilian Real / U.S. dollar</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 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, 2024 and <span>2023</span> consisting primarily of Brazilian Real-denominated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at certain Brazilian subsidiaries whose functional currency is the U.S. dollar. A change of <span>1</span>% in the BRL/USD exchange rate would have generated a pre</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">/</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-tax gain / loss of $</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 and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million as of December 31, 2024 and <span>2023</span> respectively.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Considering the balances held as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous <span>1</span>% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">favorable / unfavorable movement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d be a pre-tax gain / loss of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5.8</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;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million due to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange derivative contracts), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which would be partially offset by changes to Tenaris&#8217;s net equity position of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.4</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;">.</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>3</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;">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;">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 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;">1.1</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;">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; 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>

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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="10" 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;">
<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; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2024</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;"><br/></td>
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<td colspan="4" 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;">
<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-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: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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;">
<p style="margin: 0pt; text-align: center;"><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; margin: 0px; text-indent: 0px; 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: top; border-bottom-width: 1px; border-bottom-style: solid; border-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></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;"><br/></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;"><br/></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;">
<p style="margin: 0pt; text-align: center;"><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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-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></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;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 53%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Fixed rate</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: 0px; padding-right: 0px; vertical-align: bottom; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 172,018 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; 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; line-height: inherit;"> 51% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;"> Variable rate </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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 265,380 </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: top; 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; line-height: inherit;"> 61% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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: top; 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; line-height: inherit;"> 49% </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; 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; 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; border-top-width: 1px; border-top-style: solid; border-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;"> 437,398 </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; 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; font-weight: bold; line-height: inherit;"> </span><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-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;"> 583,437 </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; 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; font-weight: bold; line-height: inherit;"> </span><br/></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> </div>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*) </span><span><span style="font-size: 9pt; line-height: inherit;"><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;">172.0</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;">162.1</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></span></p>

<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></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 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: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> b<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">een <span><span>100</span> basis points higher</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">then t</span>he 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 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;">5.5</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;">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>4</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;">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;">.</span> </p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">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> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">basis </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures </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;"> 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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">There is no concentration of credit risk and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="-sec-ix-hidden:Tag3435">no</span> 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>4</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>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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">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 Petr&#243;leos 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 its 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately 17</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, 202</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;">,</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;">approximately 20% of the Company&#8217;s overall credit exposure as of December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</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;">In December 2024, Pemex issued senior guaranteed floating rate notes due in <span>2025</span> that a financial institution purchased on the issue date, with Pemex agreeing to use a portion of the proceeds from the sale of such notes to pay off outstanding debt with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>one</span> of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Company&#8217;s Mexican subsidiar</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;"> for approximately $200 million. The fee related to this transaction, amounting</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to approximately to $16 million, was borne by the Company and included in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other financial results</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-align: justify; text-indent: 0px;"> <br/></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;">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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">As of December 31, 202</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;">,</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;">1,907.5</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;">208.5</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;">79.8</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;">395.5</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;">33.6</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million; and the allowance for doubtful accounts amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">48.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. </span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> trade receivables amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2,480.9</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 </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;">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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">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: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">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>
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<p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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;">91.4%</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>4</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;">90.8%</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>3</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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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>4</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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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) were </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;">19%</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>4</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>3</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: 0px; text-align: justify; text-indent: 0px;"><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: 1.2; margin: 0px; text-align: justify; text-indent: 0px;">maturity of l<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ess than</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;three months&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at the</span> 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><br/></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;">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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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>4</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>3</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;">93%</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;">94%</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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"><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&#160;one year, 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><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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"><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).</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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
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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: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
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<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2024 </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: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
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<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; width: 23.9291%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.47275%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 675,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 320,212 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 355,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 355,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,372,999 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 722,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 376,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,650,671 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<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; line-height: 1.1;"><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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> 722,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> 722,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </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; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 582,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 582,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 130,034 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 130,034 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 10,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 7px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit; margin: 0pt 0pt 0pt 8.7pt;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 645,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 645,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 645,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 31,383 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 31,383 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 31,383 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 586,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 586,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 586,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 10,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 7px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 376,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 376,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 376,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,005,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 140,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt; line-height: 1.1;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 140,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 140,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,907,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,907,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 435,973 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 191,058 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 191,058 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 191,058 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<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;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 244,915 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 3,281,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 2,131,632 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 746,575 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 2,863,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 7,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 7,049 </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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 437,398 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 437,398 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 880,261 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 880,261 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 887,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 31,985 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;">Other liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 275,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 31,985 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 612,277 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 144,926 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 144,926 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 8,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 8,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 8,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 1,494,570 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 251,564 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 8,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 243,264 </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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<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-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 9pt;">(*)</span><span><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Includes liability related to share buyback program. See note </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 Financial Statements.</span></span></span></span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Certain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Due to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (including contract assets)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, other financial liabilities and other investments are considered to be similar to their fair values.</span></span></p>
 </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;">
<div style="border-right: none; border-left: none;">

<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 550px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 20px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 23.9291%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle">
<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: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"><br/></td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0488%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 23.9291%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,637,821 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,414,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.47275%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,969,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,073,465 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<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; line-height: 1.1;"><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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 282,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 282,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 334,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 334,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 196,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 196,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 82,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 82,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 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;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 405,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 414,778 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 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;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 321,634 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 4,884,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 1,232,501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 479,820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 1,695,109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other liabilties C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 693,913 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;">Other liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 607,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,107,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,107,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 1,825,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 97,390 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<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-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*) </span><span><span style="line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes liability related to share buyback program. See note </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 Financial Statements.</span></span></span></span></p>  </div>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Certain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Due to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (including contract assets)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, other financial liabilities and other investments are considered to be similar to their fair values.</span></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;">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: 0px; text-indent: 0px;"> <br/></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 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: 0px; text-indent: 0px;"> <br/></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 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;">&#160;three months</span><span style="font-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: 0px; text-indent: 0px;"><br/></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;">If <span>one</span> or more of the significant inputs are not based on observable market data, the instruments are included in Level <span>3</span>. The Company values its assets and liabilities in this level using 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 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, main balances in this level included a liability related to the shares to be settled under the share buyback program. Unobservable inputs related to this balance include assumptions regarding average purchase prices of previous periods, and management's past experience related to the conclusion of the share buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability materially. </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>35</span></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-align: justify; text-indent: 0px;"> <br/></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 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: 0px; text-align: justify; text-indent: 0px;"> <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: 104px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; line-height: inherit;"> <span>2024</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; 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-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; width: 77%; 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; 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%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 19px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Decrease </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: 0px; padding-right: 0px; vertical-align: bottom; 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; line-height: inherit;"> (185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; line-height: inherit;"> (47,467 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px;">)</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; 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;"> (177 </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; 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; height: 17px;">)</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; 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;"> 7,049 </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;"> 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> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span> <span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">sale of Venezuela awards. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>6</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></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 presents the changes in Level <span>3</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabilities</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-align: justify; text-indent: 0px;"> <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 style="margin: 0px; text-indent: 0px;">
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; width: 22.1566%;">
<p style="margin: 0px; text-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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; width: 1.03397%;"><br/></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; width: 1.03397%;"><br/></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; width: 10.0443%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; 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;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Settlement of share buy back program liability </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;"> (86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;">)</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; 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; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Increase in share buyback program liability </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><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; border-top-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: 10.0443%;">
<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; font-weight: bold; line-height: inherit;"> 243,264 </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; width: 1.03397%;"><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; width: 1.03397%;"><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; 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; 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; border-top-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: 1.4771%;"><br/></td> </tr> </tbody> </table>

<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">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: 0px; text-align: justify; text-indent: 0px;"> <br/></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 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: 0px; text-align: justify; text-indent: 0px;"> <br/></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 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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">Borrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (level <span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of its main </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;"> 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;">98.3%</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;">99.8%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of its carrying amount (including interests accrued) in <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;"> and <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;"> respectively. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting cash flows.</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></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 carrying amount of investments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at amortized cost approximates its fair value.</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><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: 0px; text-align: justify; text-indent: 0px;"> <br/></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;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> uses derivative financial instruments principally to manage its exposure to fluctuations in exchange rates</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;"> prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities based on their maturity dates. </span><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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </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;">enaris uses market prices or spec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ific tools for calculation of each instrument&#8217;s fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, these tools are tested </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Gains or losses arising from changes in fair value of derivatives are recognized </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;">Financial Results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, except for derivatives that are designated and qualify for hedge accounting.</span> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></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;">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="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></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;">For transactions designated and qualifying for hedge accounting, Tenaris 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 undertaking various hedge transactions. 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 the fair value or cash flow of hedged items. At December 31, 202</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;"> and <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 effective portion of designated cash flow hedges 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 amounted 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;">0.6</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;">debit</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;">8.1</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></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></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 fair values of various derivative instruments used for hedging purposes 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 are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disclosed in note</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></p> </div> <span></span>
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</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>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
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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 );">- 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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialRiskManagementExplanatory</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</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>
</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_DisclosureOfEntitysReportableSegmentsExplanatory', window );">Note 1 - Segment information</a></td>
<td class="text">
<p style="margin: 0pt; line-height: 1.2;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">I</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">V. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</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 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>1</span></span><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: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span>Segment information</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: 1.2; margin: 0pt; text-align: justify;">As mentione<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d in sectio</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>n II.</span><span>C</span><span>, the </span><span>S</span><span>egment </span><span>I</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nformation is disclo</span>sed as follow</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>
<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;">Reportable operating segments</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: 8pt; line-height: inherit;">(All amounts in millions of U.S. dollars</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; 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: 8pt; line-height: inherit;"><br/></span></p>

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<div style="border-right: none; border-left: none;">
<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: 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;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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;"> Tubes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: middle; 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: middle; 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;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: middle; 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: middle; 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;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: 65%; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; 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;"> 2,391 </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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-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: 1%; 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; width: 10%; 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;"> 143 </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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-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: 1%; 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; width: 10%; 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;"> 2,534 </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; border-top-width: 1px; 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: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Difference in cost of sales </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><br/></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><br/></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;"> (115 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in selling, general and administrative 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; line-height: inherit;"> </span><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; background-color: #cceeff; 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;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><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;"><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-top-width: 1px; border-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; line-height: inherit;"> IFRS - operating income </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; line-height: inherit;"> </span><br/></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; 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;"> </span><br/></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; 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;"> 2,419 </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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><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;"><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; line-height: inherit;"> 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,548 </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; line-height: inherit;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9 </span></p> </td>
<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-top-width: 1px; border-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; line-height: inherit;"> Income before income tax </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; line-height: inherit;"> </span><br/></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; 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;"> </span><br/></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; 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;"> 2,557 </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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; line-height: inherit;"> 11,907 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 617 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 12,524 </span></p> </td>
<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-style: italic; line-height: inherit;"> Depreciation and amortization </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-style: italic; line-height: inherit;"> 580 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 53 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 633 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_ZRZXZXZIVK00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 200px; width: 100.04%; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.881%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,337 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 129 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,466 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4881%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> IFRS - operating income </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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,316 </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; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 221 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; 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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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; 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: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,537 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Income before income tax </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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,633 </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; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> 14,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> 684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> 14,869 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 518 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 31 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 549 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_8XIR2VUGS000000000000000000000b">
<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; margin-left: 0.1px;" 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; line-height: inherit;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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;"> Tubes </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: 0px; padding-right: 0px; vertical-align: middle; 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;"> Other </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: 0px; padding-right: 0px; vertical-align: middle; 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;"> 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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,772 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 75 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,847 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><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;"> Difference in cost of sales </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;"><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: 'Times New Roman'; font-size: 10pt; 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;"><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;"> 44 </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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> Differences in selling, general and administrative 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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;"><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; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 74 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><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; line-height: inherit;"> IFRS - operating income </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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,963 </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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</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; line-height: inherit;"> 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; 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; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><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; line-height: inherit;"> Income before income tax </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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,166 </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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 11,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 630 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 11,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; line-height: inherit;"> 588 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; font-style: italic; font-weight: bold; line-height: inherit;"> 608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table> </div> </div>
<div style="border-left: none; border-right: none;">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p> </div>
<div>
<div style="border-left: none; border-right: none;">
 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">There are no material differences between IFRS and management view in total revenues.</span></div> </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The differences between operating income under IFRS and the management view</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 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; line-height: inherit;"> minor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> timing differences.</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 main difference in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other operating income (expenses)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">, net</span><span style="font-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 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;"> ended </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>2022</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is attributable to t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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: 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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he main differences in net income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under the IFRS and management views </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">arise from the impact of functional currencies on financial result, deferred income taxes as well as the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equity in earnings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of non-consolidated companies.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></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;">Following the integration of </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;"> activities into its Tubes segment, the Company re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">presented</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year-to-date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> segment information amounts accordingly.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <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;">Geographical information</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>

<div id="t_ft_23VT8ZAKK000000000000000000000b">
<table cellpadding="0" cellspacing="0" style="height: 343px; 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 style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 40.9684%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> North America </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> South America </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> Europe </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;">Asia Pacific, Middle East and Africa <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; 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; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;">Unallocated <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; 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; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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; margin: 0px; text-indent: 0px; 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; width: 0.979325%;"><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: 40.9684%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; 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: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,558,769 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,621,581 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,262,458 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,081,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,523,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,578,293 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,257,345 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 832,443 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 453,390 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,121,471 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,117,314 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 177,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,357,749 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 65,105 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,255 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 28,242 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,266 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 148,868 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,543,657 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,543,657 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </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: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,765,130 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,382,495 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,175,581 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,545,654 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14,868,860 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,676,352 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,143,752 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 794,242 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 463,833 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,078,179 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </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: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,126,774 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 166,450 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,580 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 61,306 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,377,110 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 50,128 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,241 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 24,832 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,937 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 132,138 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,608,804 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,608,804 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </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: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,902,787 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,550,402 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,000,833 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,308,504 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,762,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,548,844 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,031,423 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 706,539 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 269,457 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,556,263 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,102,265 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 147,102 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,598 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 75,543 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,332,508 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 37,022 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,141 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15,208 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,370 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 111,741 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">(*) </span></sup><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Starting on January 1, 2023, Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Middle East and Africa </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">areas</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> were merged in a single geographical </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">area</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</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;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">(*</span></sup><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">*</span></sup><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">) </span></sup><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the years </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </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;">3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and <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;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Investment</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">s in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">See 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>14</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> t</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">o these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></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;">There are no revenues from external customers attributable to the Company&#8217;s country of incorporation (Luxembourg).&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The principal countries from which the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ompany derives its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">revenues are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">32%</span><span style="font-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;">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;">12%</span><span style="font-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;">Saudi Arabia, </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;">Mexico </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;">Brazil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (each less than 10%)</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>
<div style="border-left: none; border-right: none;">
 <span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">As of December 31, 2024, <span style="border-left: none; border-right: none;">2023</span> and <span style="border-left: none; border-right: none;">2022</span> non-current assets comprising property, plant and equipment, intangible assets and right of use assets attributable to the Company&#8217;s country of incorporation (Luxembourg) amounted to $</span><span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">15.6</span> <span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">million, $</span><span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">10.7</span> <span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">million and $</span><span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">2.9</span><span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> million, respectively.</span></div> </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">approximately </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;">, </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;"> and </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;"> in</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>4</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>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="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;">Tubes segment revenues by market:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></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;">(All amounts in millions of U.S. dollars)</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: 78px; 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 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;"> Revenues Tubes </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: 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>2024</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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><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: 10px;"><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: 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><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: 10px;"><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: 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; height: 17px; width: 65%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Oil &amp; gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> 10,689 </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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> 12,488 </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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> 9,543 </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; line-height: inherit;"> Oil &amp; gas processing plants </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;"> 548 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 738 </span></p> </td>
<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; line-height: inherit;"> Industrial, power and others </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;"> 670 </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; line-height: inherit;"> 879 </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; line-height: inherit;"> 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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 </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;"> 11,907 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 14,185 </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-top-width: 1px; border-top-style: solid; border-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;"> 11,133 </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-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: 1.2; margin: 0pt; text-align: justify;"> <br/></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;">The table above i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nclude</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;"> revenues from services performed on third party tubes of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">483.5</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;">164.8</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;">108.3</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;">the years </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span>, <span>2023</span> and <span>2022</span>, respectively.</span><br/></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;">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 </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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company recognized contract liabilities related to customer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> advances in the 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;">206.2</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;"> 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;">263.7</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;">, respectively. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Contract liabilities represent obligations to perform services or deliver products in the future for cash considerations that have been received from customers.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Each of 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;">se</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounts </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 rec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ognized as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> revenues during the subsequent 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;">. In these periods, no significant adjustment</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 revenues were performed related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">previously satisfied </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">performance obligations.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></p>
<p style="margin: 0pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 2024</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>2023</span>, the Company recognized contract assets related to unbilled revenues in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">50.8</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;">including $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">14.2</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 related parties)</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;">47.5</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;">Contract assets arise from revenue earned for goods or services that is not yet billable 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;"> customer</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> <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 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS08_g20-24_TI<br> -URIDate 2024-03-27<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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>
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<tr><th class="th"><div>Dec. 31, 2024</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>
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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>
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<p style="line-height: 1.2; 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; line-height: inherit;"><span style="border-left: none; border-right: none;">2<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost of sales</span></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"> <br/></p>
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<td colspan="7" 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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: 65%; 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;"> 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%; 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; line-height: inherit;"> 3,921,097 </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; font-weight: bold; line-height: inherit;"> 3,986,929 </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; font-weight: bold; line-height: inherit;"> 2,672,593 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super; height: 10px; padding: 0px 7px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Change in inventory due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></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;"> 52,792 </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;"> 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; line-height: inherit;"> - </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: 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; line-height: inherit;"> 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; 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;"> </span><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;">
<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;"> </span><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;">
<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;"> </span><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Raw materials, energy, consumables and 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; line-height: inherit;"> 4,638,681 </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;"> 5,277,507 </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;"> 5,772,031 </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; line-height: inherit;"> Services and fees </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;"> 408,478 </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;"> 437,804 </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;"> 293,490 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> 1,454,924 </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;"> 1,403,546 </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;"> 1,160,085 </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; line-height: inherit;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 483,535 </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;"> 424,373 </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;"> 465,849 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> 12,193 </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;"> 11,582 </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;"> 11,754 </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; line-height: inherit;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 34,332 </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;"> 30,352 </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;"> 33,244 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Maintenance 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; line-height: inherit;"> 443,498 </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;"> 408,410 </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;"> 267,294 </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; line-height: inherit;"> Allowance for obsolescence </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;"> 41,240 </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;"> 13,581 </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;"> 24,901 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Taxes </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;"> 124,500 </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;"> 272,120 </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; line-height: inherit;"> 194,736 </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; 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 230,161 </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;"> 216,220 </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;"> 178,691 </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: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,924,334 </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;"><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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,603,083 </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;"><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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,402,075 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; margin: 0px; text-indent: 0px; border-top-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;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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; 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;"> (3,709,942 </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;"><span style="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; 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;"> (3,921,097 </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;"><span style="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; 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;"> (3,986,929 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><span style="font-size: 10pt; 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; line-height: inherit;"> </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,135,489 </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;"> 8,668,915 </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; 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;"> 7,087,739 </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;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_MD6X74VEW000000000000000000000b">
<table style="height: 27px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 10px; text-align: center; width: 1%;"><span style="font-size: 8pt;"><sup><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; display: inline !important;">(*)</span></sup></span></td>
<td style="text-align: justify; height: 10px; width: 99%;"><span style="width: 98%; text-align: justify;"><sup> </sup><span style="font-size: 9pt;"><span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year <span>2024</span>, related </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#8217;s pipe coating business unit acquisition. </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>34</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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></span></span></td> </tr>
<tr style="height: 17px;">
<td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br/></td>
<td style="text-align: justify; height: 17px;"><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;">For the year <span>2023</span>, 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'; line-height: inherit;">elated </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus 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'; line-height: inherit;">and Mattr&#8217;s pipe coating business unit 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'; line-height: inherit;">.</span></span></td> </tr> </tbody> </table> </div>  </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_DisclosureOfCostOfSalesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCostOfSalesExplanatory</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>
<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_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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</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_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Note 3 - Selling, general and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
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<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;"><span style="border-left: none; border-right: none;">3<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span></span></span><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: 193px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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;"> </span><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; 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;"><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; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: 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; 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: top; 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: 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; 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: 65%; background-color: #cceeff;">
<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; margin: 0px; text-indent: 0px; 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;"> 183,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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;"> 163,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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;"> 148,331 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; 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-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;"> 705,849 </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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span style="border-left: none; border-right: none;">518,500</span> </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: 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; 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;"> 25,668 </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; 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;"> 21,517 </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; 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;"> 21,883 </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: 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;"> 41,557 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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> </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; 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;"> 35,569 </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; 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;"> 19,925 </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; 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;"> 15,975 </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: 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;"> 624,113 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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> </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; 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;"> 30,356 </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; 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;"> 38,899 </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; 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;"> 20,606 </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: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowances 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;"> (1,095 </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;"> 3,590 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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> </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; 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;"> 152,388 </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; 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;"> 170,484 </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; 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;"> 121,410 </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; 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: 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;"> 106,764 </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;"> 110,883 </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;"> 87,263 </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: 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: right;"><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: 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;"> 1,904,828 </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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-top-color: #000000 !important; border-bottom-width: 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;"> 1,919,307 </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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-top-color: #000000 !important; border-bottom-width: 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; text-indent: 0px; padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; height: 10px; 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> </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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<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>
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<tr><th class="th"><div>Dec. 31, 2024</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>
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<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<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span></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;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 136px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<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;"> </span><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; 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;"><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; 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>2024</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;"><br/></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;"><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>2023</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;"><br/></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;"><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; 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: 65%;">
<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; 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;"> 2,033,067 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,943,825 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,594,200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 35,608 </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;"> 26,470 </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;"> 29,070 </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; 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; 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;"> 16,014 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 15,055 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 13,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> Post-employment benefits - defined benefit plans </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;"> 24,259 </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;"> 19,452 </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;"> 16,320 </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; 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; 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;"> 51,825 </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;"><br/></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;"><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;"> 51,564 </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;"><br/></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;"><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;"> 25,739 </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;"><br/></td> </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;"> </span><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; font-weight: bold;"> 2,160,773 </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>
<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>
<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;"> 2,056,366 </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>
<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>
<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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;">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;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100.001%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<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: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; 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>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; 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>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; 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: 65%;">
<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; 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;"> 6,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 7,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 5,919 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><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;"> Argentina </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;"> 5,811 </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;"> 6,267 </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;"> 6,444 </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;"> USA </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 3,583 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 3,882 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 3,509 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,140 </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;"> 2,187 </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;"> 2,136 </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;"> Romania </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,885 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,884 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,847 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,406 </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;"> 1,492 </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;"> 1,460 </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;"> Canada </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,197 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,195 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 944 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 911 </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;"> 1,573 </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;"> 495 </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;"> Colombia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 893 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,112 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,183 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 759 </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;"> 849 </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;"> 427 </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;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,247 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,193 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 928 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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: 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;"> 25,874 </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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;"> 29,134 </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; text-indent: 0px; padding-left: 0px; padding-right: 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; border-top-width: 1px; 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 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 2024-01-01<br> -Section Scope<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS19_g2-7_TI<br> -URIDate 2024-03-27<br></p></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 );">- 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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<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, 2024</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_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract', window );"><strong>Note 5 - Impairment charge</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_DisclosureOfImpairmentOfAssetsExplanatory', window );">Note 5 - Impairment charge</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;">5<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;">&#160; &#160; &#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Impairment charge</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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> conducts regular assessments of the carrying values of its assets. The recoverable value is based on the value in use. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive, economic and regulatory 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: 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;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n December 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">even</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">though the Company did not identify any </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impairment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">indicators, </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;">conducted impairment tests </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 the CGUs with goodwill in their carrying amounts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and no impairment charges were recorded.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The main discount rates used were in a range between 13.4% and 18.2% and a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> nominal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> growth rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (which includes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mainly the inflation impact on prices and costs</span><span style="font-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 2% was considered.</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 the CGUs carrying goodwill, a reasonably possible change in key assumptions would not cause the carrying amount to exceed </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;">recoverable amount. </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;">In December 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;"> c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">onsidering 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CGU</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;"> 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 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;"> 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">wer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e still</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> valid</span><span style="font-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 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;"> 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;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In <span>2023</span>, a nominal growth rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (which include</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;"> mainly the inflation impact on prices and costs</span><span style="font-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 2% was considered.</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">did not recognize any</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> impairment charge</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 the year <span>2023</span>.</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;">In December 2022, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the presence of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impairment indicator</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s, 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 conducted impairment tests</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and reviewed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the values </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;">certain idle assets in its subsidiaries. The aforementioned analysis resulted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in impairment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> charge</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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">76.7 </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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in $63.1.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million to the Tubes segment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and $13.6 million to the Other s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">egment</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 main discount rate</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;"> used were in a range between 13.4% and 20.2%.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In <span>2022</span>, a nominal growth rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(which include</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;"> mainly the inflation impact on prices and costs</span><span style="font-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 2% was considered.</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>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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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 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS36_g126-137_TI<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</div></th></tr>
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<td class="text">&#160;<span></span>
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<p style="line-height: 1.2; 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; line-height: inherit;"><span style="border-left: none; border-right: none;">6</span>&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Other operating income and expenses</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 309px; 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="7" 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;"> Year ended 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;"><br/></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; 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: 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>2024</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; 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 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; 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: bottom; height: 17px; background-color: #cceeff; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Other operating income </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; 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; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><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;"><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; 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; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><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;"><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; 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; background-color: #cceeff; width: 1%; 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;"> Results from sundry assets </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;"> 10,529 </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;"> 10,960 </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;"> 28,161 </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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net rents </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;"> 4,417 </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;"> 4,702 </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;"> 5,084 </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; line-height: inherit;"> Reclassification of currency translation adjustment reserve </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;"> - </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;"> 878 </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;"> 71,252 </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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bargain purchase gain </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;"> 2,212 </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;"> 3,162 </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;"> - </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; line-height: inherit;"> Result on sale of Venezuela awards </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;"> - </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;"> 33,341 </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; 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;"> Other income </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;"> 43,492 </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;"><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;"><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; 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;"><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; 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; 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;"> 60,650 </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; font-weight: bold; line-height: inherit;"> 53,043 </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; font-weight: bold; line-height: inherit;"> 104,497 </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: 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-style: italic; line-height: inherit;"> Other operating expenses </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: 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: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><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: 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: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><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: 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: top; 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; line-height: inherit;"> Contributions to welfare projects and non-profit organizations </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;"> (17,657 </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; line-height: inherit;"> (15,538 </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; line-height: inherit;"> (13,668 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful receivables </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;"> (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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> (107 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; 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;"> Securities Exchange Commission investigation settlement </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;"> - </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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (78,100 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Provision for the ongoing litigation related to the acquisition of participation in Usiminas </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;"> (107,215 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><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;"> - </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; line-height: inherit;"> Other expense </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;"> - </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;"> (1,628 </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; line-height: inherit;"> (12,595 </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;">)</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;"><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;"> (125,418 </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;"><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-bottom-width: 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;"> (17,273 </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;"><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-bottom-width: 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;"> (104,709 </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;"><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; 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: justify; 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; 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; 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; 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;"> Other operating income and expenses, net </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; line-height: inherit;"> (64,768 </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;"><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-top-color: #000000 !important; border-bottom-width: 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;"> 35,770 </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; line-height: inherit;"> (212 </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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><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;">Other operating income</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;">&#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; line-height: inherit;">Bargain purchase </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">gain:</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 year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span>, related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr&#8217;s pipe coating business unit 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="line-height: 1.2; margin: 0pt; text-align: justify;"><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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span>, related</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;">Isoplus anticorrosion coating division acquisition. </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; line-height: inherit;">Result on sal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">e of Venezuela awards:</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 year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related to the transfer of the awards obtained in connection with the nationalizations of the Company&#8217;s interests in its majority-owned subsidiaries TAVSA &#8211; Tubos de Acero de Venezuela S.A., Matesi Materiales Sider&#250;rgicos S.A. and Complejo Sider&#250;rgico de Guayana, C.A.</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;">&#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; line-height: inherit;">Reclassification of currency translation adjustment reserve:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During <span>2022</span>, a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s result of NKKTubes&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the 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; font-style: italic; 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; line-height: inherit;">Other income:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For the year <span>2024</span>, includes mainly $17.6 million related to the recovery of various legal proceedings in Brazil and $7 million related to an insurance recovery.</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;">&#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;">Other operating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">expens</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">e</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="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;">&#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; line-height: inherit;">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span>, related to the provision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">described in 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;">&#8220;Contingencies, commitments and restrictions to the distribution of profits - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Contingencies - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">CSN claims relating to the January 2012 acquisition of Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;, and does not include the net foreign exchange result.</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;">&#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; line-height: inherit;">Securities Exchange Commission investigation settlement</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 more information see 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;">&#8220;Contingencies, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">commitments and restrictions to the distribution of profits - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Contingencies - Petrobras-related proceedings and claims</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory', window );">Note 7 - Financial results</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="font-size: 10pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">7</span></span><span style="font-variant: normal; font-size-adjust: none; 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';">&#160;&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Financial results</span></span></p>
<p style="margin: 0pt; line-height: 1.2;"><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%; text-indent: 0px; height: 187px;" 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; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="7" style="border-bottom: 0.5pt solid #000000; 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; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; width: 65%; 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;"> &#160;&#160;&#160;&#160; Interest income </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 229,835 </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;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 201,852 </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;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 86,112 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; line-height: inherit;"> &#160;&#160;&#160;&#160; Net result on changes in FV of financial assets at FVPL </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,484 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,622 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (6,092 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding: 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; 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; line-height: inherit;"> Finance income </span></p> </td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 242,319 </span></p> </td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 213,474 </span></p> </td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 80,020 </span></p> </td>
<td style="border-top: 0.5pt solid #000000; 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: top; 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;"> 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; line-height: inherit;"> (61,212 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (106,862 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (45,940 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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: top; 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;"> &#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; line-height: inherit;"> 61,395 </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;"> 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;"><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;"> 15,654 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#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; line-height: inherit;"> (12,727 </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;"> (8,974 </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;"> (25,666 </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-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; line-height: inherit;"> &#160;&#160;&#160;&#160; Other </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; 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;"> (100,719 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; 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;"> (95,044 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; 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;"> (30,108 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; 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: top; 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;"> Other financial results, net </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (52,051 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-weight: bold;">)</span></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 114,365 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (40,120 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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: 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; line-height: inherit;"> Net financial results </span></p> </td>
<td style="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 129,056 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 220,977 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; 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; 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;"> (6,040 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-weight: bold;">)</span></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-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Finance Income: </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, <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;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> includes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">40.7</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">61.2</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;"> $33.0</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;million of interest related to instruments carried at FVPL, respectively. </span></span></p>
<p style="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;">In <span>2024</span>, <span>2023</span> and <span>2022</span> includes $88.2</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;million, $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">30.9</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">million and $5.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;million of interest related to instruments carried at FV</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">OCI</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, respectively.</span> </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 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-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Net foreign exchange transactions results</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2024</span> mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">de</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">preciation against the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S. dollar, together with the result from Euro </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">de</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">preciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> changes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in currency translation adjustment reserve from an Italian subsidiary.</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;">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'; line-height: inherit;">net financial position</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation against the U</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">S. dollar on</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Brazilian denominated</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">net financial position</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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 </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">changes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in currency translation adjustment reserve from an Italian subsidiary.</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;">In <span>2022</span> mainly includes </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">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'; line-height: inherit;">net financial position </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">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 </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">changes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in currency translation adjustment reserve from an Italian subsidiary</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: 10pt; line-height: inherit;">&#160;</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'; font-style: italic; line-height: inherit;">Net f</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">oreign exchange derivatives contracts results:</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2024</span> includes mainly losses on derivatives covering net </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">receivables, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">fiscal</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and other</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> liabilities</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in Brazilian real.</span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">In <span>2023</span> includes mainly losses on derivatives covering net receivables in Brazilian real.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">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: 1.2; margin: 0pt; text-align: justify;"><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'; font-style: italic; line-height: inherit;">Other:</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2024</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">includes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> approximately </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$84 million related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">result of U.S. dollar denominated Argentine bonds </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">used to cancel commercial debt</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>29</span></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-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2024</span> also includes a $16 million loss related to a fee pay</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">able</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> in connection with a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">collection</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> involving the Company&#8217;s Mexican subsidiary.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> See note II</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">I.A.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">iv</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">In <span>2023</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and <span>2022</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">includes a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">net </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss of $94.7</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;million</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$29.8&#160;million</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, respectively, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">related to the transfer of Argentine sovereign bonds paid as dividend in kind from Argentinian subsidiar</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> to its</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> foreign</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> shareholders.</span></span></p> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</div></th></tr>
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<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;">8<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity in earnings of non-consolidated companies</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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 33.871%; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1.34409%; 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: 17px; width: 64.6505%;">
<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: 17px; width: 9.94624%; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.34409%; 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: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Earnings from non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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;"> 8,548 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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;"> 104,897 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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;"> 242,743 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Remeasurement of previously held interest </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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; width: 1.34409%; 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; width: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bargain purchase gain </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-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: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,487 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-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; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment loss on non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; 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; width: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net loss related to participation increase in Usiminas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-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: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (25,486 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-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; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt; text-align: right;"><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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,548 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-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: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 95,404 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-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: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-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;"> 208,702 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; margin: 0px; text-indent: 0px; border-top-width: 1px; 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: Arial; 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; font-style: italic; line-height: inherit;">Earnings f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">rom non-consolidated companies: </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 year ended December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span>, includes a loss 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;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">43.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million related to a provision for the ongoing litigation related to the acquisition of participation in Usiminas.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Remeasurement of previously held interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> and Bargain purchase gain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For year ended December 31, 2023,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">include </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</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</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;">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></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;">&#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; line-height: inherit;">Impairment loss on non-consolidated companies:</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year ended December 31, 2022, $19.1 million related to the investment in Usiminas and $14.9 million related to the joint venture with PAO Severstal (&#8220;Severstal&#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="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;">Net loss related to participation increase in Usiminas: </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>14</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Investments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in non-consolidated companies - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract">
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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;">ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract</td>
</tr>
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<td>ts_</td>
</tr>
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<td><strong> Balance Type:</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_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 Equity in earnings of 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_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory</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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Note 9 - Income tax</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_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="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">9<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Income tax</span></p>
<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;"><br/></span></p>

<table cellpadding="0" cellspacing="0" style="height: 85px; 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; line-height: inherit;"> &#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; 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;"><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: 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>2024</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>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; height: 17px; width: 65%; background-color: #cceeff;">
<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-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;"> (651,769 </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;">)</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;"> (868,695 </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;">)</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;"> (589,706 </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;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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-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;"> 172,089 </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;"> 193,739 </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;"> (27,530 </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>
<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;"> Tax charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit; font-weight: bold;"> (479,680</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: top; height: 17px; 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: top; 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; font-weight: bold; line-height: inherit;"> (674,956 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: top; height: 17px; 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: top; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (617,236</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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> </tr> </tbody> </table>
<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 group is within the scope of the OECD Pillar <span>Two</span> model rules. Pillar <span>Two</span> legislation was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adopted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Luxembourg, the jurisdiction in which 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 is incorporated, and came into effect </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;">from January 1, 2024. <span style="-sec-ix-hidden:Tag3450">The group applies the exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, as provided</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;"> in the amendments to IAS <span>12</span> issued in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">May 2023. </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;">For the year <span>2024</span>, Tenaris recognized an estimated current tax expense related to Pillar <span>Two</span>, amounting to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">81.4</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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><br/></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The tax charge differs from the theoretical amount that would arise by applying the nominal tax rate valid in each jurisdiction to the group's pre-tax income in that jurisdiction as follows:</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;"><br/></span></p>

<table cellpadding="0" cellspacing="0" style="height: 170px; 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></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; 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: 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; line-height: inherit;"> &#160; </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;">
<p style="margin: 0px; text-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;">2024</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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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; 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; 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; line-height: inherit;"> Income before income tax </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; line-height: inherit;"> 2,556,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> 4,632,789 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> 3,165,937 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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: 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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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;"><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; 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;"> (599,944 </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; line-height: inherit;"> (1,127,428 </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; line-height: inherit;"> (705,727 </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (340,094 </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; line-height: inherit;"> (346,573 </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; line-height: inherit;"> (187,186 </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;"><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; 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;"> (24,019 </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; line-height: inherit;"> 1,535 </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;"> (3,422 </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 588 </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;"> 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; line-height: inherit;"> 29,560 </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;"> Tax revaluation, withholding tax and others </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; line-height: inherit;"> 483,789 </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;"><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;"><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; line-height: inherit;"> 796,723 </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;"><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;"><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; line-height: inherit;"> 249,539 </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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> Tax charges </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;">
<p style="margin: 0px; text-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;"> (479,680</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;"><span style="font-weight: bold;">)</span></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: right; padding-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; 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;">)</span></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: 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;"> (617,236</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;"><span style="font-weight: bold;">)</span></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;</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;">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="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;">&#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; 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>2024</span>,</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;">effect relates to the impact of the reduction in Luxembourg's corporate income tax rate that made the blended tax rate for a company registered in Luxembourg Ville decrease from 24.94% to 23.87%. The new blended tax rate is applicable for fiscal years beginning on or after January 1, 2025, but its effect over temporary differences is recognized in <span>2024</span>.</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;">&#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; 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> positive effect from inflationary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tax</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adjustments in Argentina and Mexico</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;">368.2</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;">349.0</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;">250.4</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;">the years </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>4</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;"> 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. It also includes a charge of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20.0</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;">164.3</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;">21.0</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;">for the years <span>2024</span>, <span>2023</span> and <span>2022</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;"> respectively related to withholding taxes for intra-group international operations</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 years <span>2024</span> and <span>2023</span> include </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a positive effect</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">186.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">, 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;">arising from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the recognition </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of previous year&#8217;s tax losses carryforward </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">deferred tax asset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s in the Luxembourg subsidiary. For the year <span>2024</span>, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consumption of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such deferred tax assets for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">86.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is included in the line &#8220;Tax calculated at the tax rate of each country&#8221;. F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or more information see note <span>22</span>.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The year <span>2024</span> includes a charge of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">81.4</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;"> related to Pillar <span>Two</span></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 );">- 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 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88_TI<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</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="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 style="border-left: none; border-right: none;">10<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividends distribution</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 November </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 style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company&#8217;s Board of Directors approved an interim dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.27</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.54</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ADS), or </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;">299</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;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with record date on November 19, 2024 and ex-dividend date of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">November 18, 2024 in Europe and November 19, 2024 in the United States and Mexico.</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 April 30, 2024, the Company&#8217;s shareholders approved an annual dividend in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.60</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per outstanding share ($</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). The amount approved by the shareholders included the interim dividend previously paid in November 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;"> in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per outstanding share ($</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 ADS). The balance, amounting to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.40</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per outstanding share ($</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), was paid on May 22, 2024, for an amount of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">459</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. In the aggregate, the interim dividend paid in November 2023 and the balance paid in May 2024 amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">694</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;">On</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">May 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;"> 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 </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 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> <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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<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>
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<tr><th class="th"><div>Dec. 31, 2024</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_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; line-height: 1.2;"><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;">11<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; &#160;</span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Property, plant and equipment, net</span></p>
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; line-height: 1.2;"><br/></p>

<div style="border-left: none; border-right: none;">
<div id="t_ft_N5REFYZS5S00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="height: 302px; 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; height: 10px; width: 40.9836%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Work in progress </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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; margin: 0px; text-indent: 0px; width: 0.983607%; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 889,957 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13,538,273 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 416,913 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 396,103 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 71,834 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15,313,080 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,336 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (94,711 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,952 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,391 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (350 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (107,740 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,949 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (24,063 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 653 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (10,461 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,176 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,028 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 616,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15,658 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 635,513 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,989 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 548,790 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,275 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (633,440 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,386 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (12,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (65,775 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (21,627 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,153 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,704 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (107,290 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 935,704 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 13,903,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 424,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 372,990 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 81,438 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 15,717,716 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; 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: 40.9836%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Depreciation and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 164,894 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,696,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 351,309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,234,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (699 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (67,918 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,686 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (189 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (71,492 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 16,266 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 457,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20,707 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14,966 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 509,203 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td> </tr>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 40.9836%;">
<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: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (333 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,101 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,594 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,834 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (53,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (20,444 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (75,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 178,294 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 9,030,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 350,480 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 37,431 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 9,596,245 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; 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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 757,410 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,873,502 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 73,562 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 372,990 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 44,007 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; 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;"> 6,121,471 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt; line-height: 1.2;"><br/></p>
<div id="t_ft_AGTQULPL3400000000000000000000b">
<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: 339px;" width="100%">
<tbody>
<tr style="height: 50px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 50px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Work in progress </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; line-height: inherit;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8%; 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; font-weight: bold; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 815,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,857,494 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 402,485 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 252,379 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 55,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14,383,647 </span></p> </td>
<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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,863 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 53,282 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 1,675 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 1,462 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 58,481 </span></p> </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-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt; line-height: inherit;"><sup>(**)</sup></span></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;"> 64,413 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 256,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 831 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 71,838 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 393,981 </span></p> </td>
<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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 330 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 3,661 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 546,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 19,671 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 570,997 </span></p> </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 435,550 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,530 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (471,381 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,270 </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;"> Disposals / Consumptions </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;"> (4,443 </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; line-height: inherit;"> (68,613 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (11,428 </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; line-height: inherit;"> (4,710 </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; line-height: inherit;"> (3,562 </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; line-height: inherit;"> (92,756 </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; line-height: inherit;"> Values 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-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;"> 889,957 </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; line-height: inherit;"> 13,538,273 </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; line-height: inherit;"> 416,913 </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; line-height: inherit;"> 396,103 </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; line-height: inherit;"> 71,834 </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: 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; line-height: inherit;"> 15,313,080 </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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold; line-height: inherit;"> </span><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; text-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><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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;"> Depreciation and impairment </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;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 152,272 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 8,313,971 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 340,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 20,615 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 8,827,384 </span></p> </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; 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: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 390 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 38,074 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,584 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 40,153 </span></p> </td>
<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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 411,861 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 19,839 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 1,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 445,890 </span></p> </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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 </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;"> (391 </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;"> 27 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (380 </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;"> Disposals / Consumptions </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;"> (8 </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; line-height: inherit;"> (67,471 </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; line-height: inherit;"> (10,667 </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; 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;"> (78,146 </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; line-height: inherit;"> 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; border-top-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;"> 164,894 </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; line-height: inherit;"> 8,696,044 </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; line-height: inherit;"> 351,309 </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; line-height: inherit;"> - </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; line-height: inherit;"> 22,654 </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; line-height: inherit;"> 9,234,901 </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>
<tr style="height: 17px; background-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, 2023 </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 725,063 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,842,229 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 65,604 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 396,103 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 49,180 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"></td> </tr> </tbody> </table> </div> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"> <br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit; font-size: 8pt;">(*) </span><span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">elated </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">to Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">.</span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">(*</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">*</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">) </span></span><span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">elated </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">GPC, Isoplus 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; line-height: inherit;">.</span></span></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;">Property, plant and equipment include capitalized interests for net amounts at December 31, 202</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;"> and <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;"> of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">27.2</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;">28.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, respectively. There were no new interests capitalized during <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;"> and <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;"> <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;">Government grants recognized as a reduction of property, plant and equipment were not material for the years <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;"> and <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="margin: 0pt; text-align: justify; line-height: 1.2;"> <br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #212121; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;) holds certain real estate assets, with a carrying value of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">32.1</span><span style="color: #212121; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, that are subject to a judicial mortgage aimed at securing the indemnification potentially payable to Companhia Sider&#250;rgica Nacional (&#8220;CSN") under a lawsuit brough by CSN against Confab and other related companies. The litigation is currently pending, and no amount is currently owed by Confab. See note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>27</span></span> <span style="color: #212121; 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;">&#8220;Contingencies, commitments and restrictions to the distribution of profits - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Contingencies - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">CSN claims relating to the January 2012 acquisition of 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;">.</span> <br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></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;">See note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>28</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">SSPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in which Tenaris holds a 47.79%</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;">.</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;">For the year <span>2024</span> and <span>2023</span>, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he carrying amount of assets pledged as security for current and non-current borrowings 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;">147.9</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;">89.6</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;">, respective</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ly</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> held in Saudi Arabia by the Company&#180;s subsidiary GPC, in which SSPC holds a 57.3% interest</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 style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS16_g73-79_TI<br> -URIDate 2024-03-27<br></p></div>
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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, 2024</div></th></tr>
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<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;">12<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; </span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Intangible assets, net</span></p>
<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;"><br/></span></p>

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 323px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; background-color: #cceeff; width: 40.9367%; 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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; 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: 40.9367%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 648,887 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 560,549 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,488,381 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,790,680 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,488,497 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,139 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,621 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (14,590 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (28,211 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr 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: 40.9367%;">
<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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 43,445 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 58,443 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,584 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 70 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (31,262 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (31,302 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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; 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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 661,605 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 575,607 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,474,693 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,776,037 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,487,942 </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; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Amortization and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 576,722 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 407,217 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,384,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,742,774 </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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,111,387 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,764 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,781 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization 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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 22,664 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,100 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,986 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 53,750 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 108 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 108 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (31,231 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (31,271 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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; border-top-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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 564,499 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 416,311 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,384,674 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,764,709 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,130,193 </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; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2024 </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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 97,106 </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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 159,296 </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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,090,019 </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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 11,328 </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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<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;"> 1,357,749 </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; width: 1.04076%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<div>
 </div>
<div id="t_ft_0YL07KIEXC00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="height: 300px; 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: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 41%;">
<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: bottom; height: 17px; background-color: #cceeff; 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; font-weight: bold;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 614,474 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 550,991 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,469,726 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,762,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,397,233 </span></p> </td>
<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;"> Currency translation adjustment </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;"> 2,233 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 39 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 2,274 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations <span style="font-size: 8pt;"><sup>(***)</sup></span></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;"> 105 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 116 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,616 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,638 </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;"> 47,475 </span></p> </td>
<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;"> Additions </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;"> 39,375 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 9,073 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 48,448 </span></p> </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;"> 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;"> 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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 367 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 804 </span></p> </td>
<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;"> Disposals </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;"> (7,737 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> (7,737 </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;"> 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;"> 648,887 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 560,549 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,488,381 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,790,680 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,488,497 </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>
<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;"><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; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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;"> 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;"><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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; 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;"> Accumulated at the beginning of the year </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;"> 561,119 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 398,417 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 1,384,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 1,720,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 4,064,725 </span></p> </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;"> 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;"> 2,140 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,141 </span></p> </td>
<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;"> Amortization charge </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;"> 21,285 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 8,799 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 22,259 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 52,343 </span></p> </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;"> 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;"> (86 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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 </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;"> Disposals </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;"> (7,736 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> (7,736 </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: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<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; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 576,722 </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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 407,217 </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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,384,674 </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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,742,774 </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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,111,387 </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: 18px;"><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;"> At December 31, 2023 </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;"> 72,165 </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;"><br/></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;"><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;"> 153,332 </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;"><br/></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;"><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;"> 1,103,707 </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;"><br/></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;"><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;"> 47,906 </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;"><br/></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;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,377,110 </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;"><br/></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <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; font-size: 8pt;">(*) </span><span><span style="font-family: 'Frutiger 45 Light';">Includes Proprietary Technology.</span></span></span></p>
<p style="margin: 0pt; text-align: justify;"><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';">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated </span><span style="font-family: 'Frutiger 45 Light';">to 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>
<p style="margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">) </span></span><span><span style="font-family: 'Frutiger 45 Light';">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated </span><span style="font-family: 'Frutiger 45 Light';">to the GPC, Isoplus 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';">.</span></span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The geographical </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allocation of goodwill </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for the year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ended December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;">4</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">944.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for North America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">111.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for South America</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;">33.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Asia Pacific, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Middle East &amp; Africa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for Europe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The geographical allocation of goodwill for the year ended December 31, 2023 was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">944.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for North America, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">111.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for South America, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">33.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for Asia Pacific, Middle East &amp; Africa and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">15.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for Europe.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><br/></span></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The carrying amount of goodwill allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> by CGU, as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, was as follows:</span></p>

<table cellpadding="0" cellspacing="0" style="height: 115px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (all amounts in millions of U.S. dollars) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.9408%;">
<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: 0px;padding-right: 0px;vertical-align: bottom;height: 10px;border-bottom-width: 1px;border-bottom-style: solid;margin: 0px;text-indent: 0px;border-bottom-color: #000000 !important;width: 22.1893%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes Segment </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 64.9408%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> CGU </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Hydril Acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><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: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tamsa </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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; width: 1.0355%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; 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; width: 10.0592%; 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;"> 19 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 10.0592%; 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;"> 365 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Siderca </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 265 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 93 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 358 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><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: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Hydril </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9408%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><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: 64.9408%;">
<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; 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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 920 </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 170 </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; width: 10.0592%;">
<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;"> 1,090</span></p> </td> </tr> </tbody> </table>  <span></span>
</td>
</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">
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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 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS38_g118-128_TI<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th></tr>
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<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_DisclosureOfLeasesExplanatory', window );">Note 13 - Right-of-use assets, net and lease liabilities</a></td>
<td class="text">
<p style="font-family: 'times new roman', times; 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;">13<span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;">&#160; &#160; </span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Right-of-use assets, net and lease 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Right of use assets evolution</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

<div style="border-left: none; border-right: none;">
<div id="t_ft_EAZKEE8FPS00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="height: 324px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 52px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 52px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; height: 52px; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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;"><br/></td> </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; line-height: inherit;"> Opening net book amount </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;"> 66,464 </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;"> 148,380 </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;"> 43,217 </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;"> 3,668 </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;"> 261,729 </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; line-height: inherit;"> Currency translation adjustment </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;"> (167 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (439 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (692 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><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;"> (1,298 </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; line-height: inherit;"> 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; line-height: inherit;"> 16,034 </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;"> 52,040 </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;"> 22,663 </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;"> 584 </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;"> 91,321 </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;"> Transfers / Reclassifications </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;"> (5,027 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,027 </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;"> - </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;"> - </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;"> - </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; line-height: inherit;"> Disposals </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;"> (10,772 </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; line-height: inherit;"> (20,113 </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; line-height: inherit;"> (8,706 </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; 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (39,591 </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; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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; line-height: inherit;"> 66,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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; line-height: inherit;"> 184,895 </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; line-height: inherit;"> 56,482 </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; line-height: inherit;"> 4,252 </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; line-height: inherit;"> 312,161 </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>
<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;"> </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; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-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><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; font-weight: bold; line-height: inherit;"> Depreciation </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><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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; font-weight: bold; line-height: inherit;"> </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 27,972 </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;"> 75,567 </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;"> 25,229 </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;"> 823 </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;"> 129,591 </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; line-height: inherit;"> Currency translation adjustment </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;"> (68 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (283 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (412 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><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;"> (763 </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; line-height: inherit;"> Depreciation charge </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;"> 20,448 </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; line-height: inherit;"> 34,719 </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;"> 13,786 </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;"> 948 </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;"> 69,901 </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;"> Transfers / Reclassifications </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;"> (1,514 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,550 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (36 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><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;"> - </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; line-height: inherit;"> Disposals </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;"> (10,041 </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; line-height: inherit;"> (17,660 </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; line-height: inherit;"> (7,735 </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; 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (35,436 </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;"><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; 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;"> 36,797 </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; line-height: inherit;"> 93,893 </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; line-height: inherit;"> 30,832 </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; line-height: inherit;"> 1,771 </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; line-height: inherit;"> 163,293 </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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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, 2024 </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;"> 29,735 </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; font-weight: bold; line-height: inherit;"> 91,002 </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; font-weight: bold; line-height: inherit;"> 25,650 </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; font-weight: bold; line-height: inherit;"> 2,481 </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; font-weight: bold; line-height: inherit;"> 148,868 </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> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_M8B4Z2UHNK00000000000000000000b">
<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: 358px;" width="100%">
<tbody>
<tr style="height: 69px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 69px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Land and Civil Buildings </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Industrial Buildings, Plant and Production Equipment </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Vehicles, furniture and fixtures </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Others </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; line-height: inherit;"> 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%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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="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; line-height: inherit;"> 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; line-height: inherit;"> 43,570 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 125,677 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 30,291 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,182 </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; line-height: inherit;"> 200,720 </span></p> </td>
<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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></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;"> 11,803 </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; line-height: inherit;"> 37 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,886 </span></p> </td>
<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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13,040 </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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 30,066 </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; line-height: inherit;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 2,486 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (691 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; 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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (2,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (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;">)</td> </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;"> 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; line-height: inherit;"> 66,464 </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; line-height: inherit;"> 148,380 </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; line-height: inherit;"> 43,217 </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; line-height: inherit;"> 3,668 </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; line-height: inherit;"> 261,729 </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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold; line-height: inherit;"> </span><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; text-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><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><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;"> Depreciation </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;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 18,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td> </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; 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: 17px;">
<p style="margin: 0px; text-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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 368 </span></p> </td>
<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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,663 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (691 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; 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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (7,046 </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; line-height: inherit;"> (1,638 </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; 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;"> (10,033 </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; line-height: inherit;"> 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; border-top-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;"> 27,972 </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; line-height: inherit;"> 75,567 </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; line-height: inherit;"> 25,229 </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; line-height: inherit;"> 823 </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; line-height: inherit;"> 129,591 </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>
<tr style="height: 17px; background-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, 2023 </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 38,492 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 72,813 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 17,988 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,845 </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;"><br/></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;"><br/></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;">
<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;"> 132,138 </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> </tbody> </table> </div> </div>
<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; vertical-align: super; line-height: inherit;">(*)</span> <span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC</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;">.</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; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Depreciation of right-of-use assets </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;"> mainly included in Tubes segment.</span></p>
<div style="font-family: 'times new roman', times;">
 <br/></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; font-style: italic; font-weight: bold; line-height: inherit;">Lease liability evolution</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"> <br/></p>
<div style="border-left: none; border-right: none;">

<div style="font-family: 'times new roman', times; 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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9099%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 21.9742%;">
<p style="margin: 0px; text-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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-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; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><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: 76.9099%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03004%; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03004%; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03004%; 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; width: 76.9099%;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><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: 76.9099%;">
<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; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,565 </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: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,237 </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: 1.03004%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><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; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 91,005 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 61,310 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.03004%;"><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: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cancellations </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: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (8,377 </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: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,972 </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: 1.03004%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Repayments <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (73,639 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (54,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;">)</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: 76.9099%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest accrued </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: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,104 </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: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,473 </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: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 144,926 </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; width: 1.03004%;"><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; width: 1.03004%;"><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; width: 9.95708%;">
<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;"> 134,433 </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; width: 1.03004%;"><br/></td> </tr> </tbody> </table> </div>
<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: 8pt; vertical-align: super; line-height: inherit;"><br/></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: 8pt; vertical-align: super; line-height: inherit;">(*) </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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 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;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC</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;">.</span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">*<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">*</span></span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">)</span> </span><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;includes</span><span style="line-height: inherit;"><span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">repayments of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">68.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">in capital </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</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</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of interest</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;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">or </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</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;"> includes repayments of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">51.5</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million in capital and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">3.4</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million of interest</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</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; margin: 0pt; text-align: justify; line-height: 1.2;"><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>4</span></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 amount of remaining payments with maturities of less than <span>1</span> year, between <span>2</span> and <span>5</span> years and more than <span>5</span> years was approximately </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;">46%</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;">23%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, respectively.</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; text-align: justify; line-height: 1.2;"><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 </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;">, </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 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 <span>1</span> year, between <span>2</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</span> years and more than <span>5</span> 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;">, respectively</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;"><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;">Expense</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;"> relat</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 short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">leases of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (included in </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;">ost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">elling, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">eneral and </span><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;">dministrative </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">xpense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; 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;">were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not material for the years <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;"> 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>3</span></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 );">- 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 2024-01-01<br> -Section Presentation<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g47-50_TI<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g51-60_TI<br> -URIDate 2024-03-27<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</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>
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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; line-height: inherit;"><span style="border-left: none; border-right: none;">14<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;</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: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></span></span><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;"> <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: 150px;" width="100%">
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 76.0588%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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: 15px; width: 22.4719%;">
<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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 76.0588%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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: 15px; width: 9.9395%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2024</span> </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: 15px; width: 1.29646%;"><br/></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: 15px; width: 1.29646%;"><br/></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: 15px; width: 9.9395%;">
<p style="margin: 0pt; text-align: center;"><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: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"><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; width: 76.0588%; height: 15px;">
<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: 9.9395%; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,608,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.9395%; height: 15px;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (47,840 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; height: 15px; width: 1.29646%;"><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: 76.0588%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,548 </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: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (71,212 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; height: 15px; width: 1.29646%;">)</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: 76.0588%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; height: 15px; width: 1.29646%;">)</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: 76.0588%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Increase / (decrease) in equity reserves 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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 45,357 </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: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; border-top-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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,543,657 </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: 15px; width: 1.29646%;"><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: 15px; width: 1.29646%;"><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: 15px; width: 9.9395%;">
<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;"> 1,608,804 </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: 15px; width: 1.29646%;"><br/></td> </tr> </tbody> </table>
<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; font-style: italic; line-height: inherit;">Equity in earnings of non-consolidated companies</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>2023</span>, i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncludes a loss of $25.5&#160;million related to the participation increase in Usiminas and d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oes 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;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For more information 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 style="border-left: none; border-right: none;">8</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</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; line-height: inherit;"><br/></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; line-height: inherit;">Dividends and distributions declared</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;">Related to Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">73.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">68.8</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: 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; font-style: italic; line-height: inherit;">Acquisition of non-consolidated companies</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>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to the investment in Usiminas. </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; font-style: italic; line-height: inherit;">Decrease due to step-acquisition</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>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to GPC acquisition.</span></p>
<p style="margin: 0pt;"><br/></p>
<p style="line-height: 12pt; 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: 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: 112px; 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; height: 10px; vertical-align: bottom; width: 29.9571%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 24.9785%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 20.9442%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 21.9742%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 29.9571%;" 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; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 24.9785%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" 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; background-color: #cceeff; width: 29.9571%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">a) Ternium <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: 17px; background-color: #cceeff; width: 24.9785%;">
<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; height: 17px; background-color: #cceeff; width: 9.95708%; 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: 1.03004%; 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: 9.95708%; 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: 1.03004%; 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: 9.95708%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,377,911 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03004%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03004%; 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: 9.95708%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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: 1.03004%; 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; width: 29.9571%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">b) Usiminas <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: 17px; width: 24.9785%;">
<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; width: 9.95708%;">
<p style="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;"> 3.96% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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;"> 3.96% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 102,812 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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; width: 1.03004%;"><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: 29.9571%;">
<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; height: 17px; background-color: #cceeff; width: 24.9785%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 59,782 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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; width: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.9571%;">
<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; height: 17px; width: 24.9785%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><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: 29.9571%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 24.9785%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 1.03004%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,543,657 </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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.03004%;"><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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.03004%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; 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; width: 1.03004%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt;"> <br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Including treasury shares.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(**)</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">At December 31,</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;">4</span></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and <span style="border-left: none; border-right: none;">2023</span>, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the voting rights were </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">6.76%</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p>  </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; 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: 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; 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: 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; 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>4</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;">29.08</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 $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">668.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the carrying value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ownership stake in Ternium, based on Ternium&#8217;s IFRS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Financial S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tements,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,377.9</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>4</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: 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; 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: 12pt; margin: 0pt; text-align: justify;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="height: 251px; 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !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;"> Ternium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; padding-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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 style="border-left: none; border-right: none;">2024</span> </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: 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 77%;">
<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;"> Non-current assets </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; line-height: inherit;"> 12,050,457 </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>
<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>
<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; line-height: inherit;"> 12,148,560 </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: 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;"> Current 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;"> 11,078,090 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; font-weight: bold; line-height: inherit;"> Total assets </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;"> 23,128,547 </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; line-height: inherit;"> 24,179,104 </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>
<tr style="height: 17px;">
<td style="padding: 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;"> Non-current 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;">3,157,819</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> Current liabilities </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;"> 3,839,159 </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; line-height: inherit;"> 3,800,602 </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: 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;"> Total liabilities </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;"> 6,996,978 </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;"> 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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; font-weight: bold; line-height: inherit;"> Total equity </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; font-weight: bold; line-height: inherit;"> 16,131,569 </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; font-weight: bold; line-height: inherit;"> 16,811,859 </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>
<tr style="height: 10px;">
<td style="padding: 0px 7px; 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: 10pt; 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,163,383 </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; 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: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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: 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;"> Revenues </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;"> 17,649,060 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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;"> Gross profit </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;"> 2,888,836 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; 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;"> 3,559,355 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 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;"> Net (loss) / income for the year attributable to shareholders' equity </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;"> (53,672 </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;"> 676,043 </span></p> </td>
<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: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> Other comprehensive income </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;"> 211,817 </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>
<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; line-height: inherit;"> 465,885 </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: 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;"> Total comprehensive income </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;"> 158,145 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; line-height: inherit;"> 1,141,928 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table>

<p style="line-height: 12pt; 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;"><br/></span></p>
<p style="line-height: 12pt; 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) Usiminas</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; line-height: inherit;">Usiminas is a Brazilian producer of high</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quality flat steel products used in the energy, automotive and other industries.</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; 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 style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the closing price of the Usiminas&#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;"> - Brasil Bolsa Balc&#227;o 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;">5.32</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.86</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) and BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5.32</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.86</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 $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">41.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that date, the carrying value of Tenaris&#8217;s ownership stake in Usiminas was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">102.8</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 difference between the carrying </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">value of Tenaris&#8217;s ownership stake in Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and its interest over Usiminas&#8217; shareholders&#8217; equity corresponds to the purchase price allocation performed in <span style="border-left: none; border-right: none;">2023</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; line-height: inherit;">In <span>2023</span>, f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ollowing 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 Usiminas 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 </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.</span></p>
<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; line-height: inherit;">The Company reviews its participation in Usiminas 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>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;">, the Company concluded that the carrying amount did not exceed the recoverable value of the investment.</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; line-height: inherit;">Summarized selected financial information of Usiminas, 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: 12pt; margin: 0pt;"> <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: 240px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; height: 15px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><br/></td> </tr>
<tr style="height: 15px;">
<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: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; height: 15px;">
<p style="margin: 0px; text-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>2024</span> </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; height: 15px;"><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; height: 15px;"><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; height: 15px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><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; width: 77%; height: 15px;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,623,996 </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: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,234,742 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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;">
<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; border-top-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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 6,858,738 </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: 15px;"><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: 15px;"><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: 15px;">
<p style="margin: 0px; text-align: right; padding-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; border-top-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: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,357,347 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 772,412 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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; 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; border-top-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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,129,758 </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: 15px;"><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: 15px;"><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: 15px;">
<p style="margin: 0px; text-align: right; padding-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; border-top-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: 15px;"><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;">
<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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,728,980 </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: 15px;"><br/></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: 15px;"><br/></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: 15px;">
<p style="margin: 0px; text-align: right; padding-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 452,481 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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: 15px;"><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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><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; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,800,787 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 308,043 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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; line-height: inherit;"> Net (loss) / 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (27,084 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">)</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;">
<p style="margin: 0px; text-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: 15px;"><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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,564 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (72,062 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">)</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; line-height: inherit;"> Total comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,480 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 206,340 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 12pt; 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) Techgen</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; line-height: inherit;">Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Tenaris held 22% of Techgen&#8217;s share capital, and its affiliates, Ternium and Tecpetrol (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 style="border-left: none; border-right: none;">4</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 Techgen was approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">59.8</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million.</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; font-weight: normal; line-height: inherit;">Techgen 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 style="border-left: none; border-right: none;">4</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;">36.3</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;">16.6</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: 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; line-height: inherit;">Techgen&#8217;s sponsors granted certain subordinated loans to Techgen. 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;">4</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;">306.5</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;">67.4</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: 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; line-height: inherit;">On February 13, 2019, Techgen 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 Techgen&#8217;s shareholders to secure the replaced facility.</span></p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="line-height: 12pt; 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. Techgen&#8217;s 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 Techgen remain substantially unchanged.</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; line-height: inherit;">Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during <span style="border-left: none; border-right: none;">two</span> consecutive quarters; such account is funded by stand-by letters of credit issued for the account of Techgen&#8217;s sponsors in proportion to their respective participations in Techgen. 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 style="border-left: none; border-right: none;">4</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> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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>
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<tr><th class="th"><div>Dec. 31, 2024</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_DisclosureOfNoncurrentReceivablesTextBlock', window );">Note 15 - Receivables non-current</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;"><span style="border-left: none; border-right: none;">15<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;</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: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</span></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><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; text-align: justify;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="height: 146px; 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 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: 10pt;"> </span><br/></p> </td>
<td colspan="4" 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;"> Year ended 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: 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;"><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; 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 style="border-left: none; border-right: none;">2024</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>
<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>
<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 style="border-left: none; border-right: none;">2023</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; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee advances and loans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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;"> 9,120 </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; height: 17px; 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;"> 7,395 </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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Tax credits <span style="font-size: 8pt;"><sup>(*)</sup></span></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;"> 66,636 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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-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;"> Receivables from 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;"> 69,843 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 69,820 </span></p> </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;"> Legal deposits </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;"> 6,858 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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-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;"> Advances to suppliers and other advances </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;"> 37,434 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 27,043 </span></p> </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;"> Others </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;"> 15,711 </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>
<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>
<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;"> 18,863 </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>
<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;"><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; 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;"> 205,602 </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;"><br/></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;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 185,959 </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;"><br/></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-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <span>As of December 31, 2024 and <span style="border-left: none; border-right: none;">2023</span>, included approximately $54.2 million and $40.6 million, respectively, related to ICMS (Tax on Sales and Services) from Brazilian subsidiaries.</span></span></p> <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_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>
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</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>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfNoncurrentReceivablesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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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<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>dtr-types:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<head>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">16<span style="color: #003366; 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: start; text-indent: -28.3333px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Inventories</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">, net</span></p>
<p style="margin: 0pt;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="height: 159px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" 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: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; 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; 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: top; height: 10px;">
<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: 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 style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: 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 style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finished goods </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; 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;"> 1,332,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; 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;"> 1,401,754 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Goods in process </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;"> 993,294 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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-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;"> Raw materials </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;"> 504,124 </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; 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;"> 569,837 </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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Supplies </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;"> 712,059 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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-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;"> Goods in transit </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;"> 370,993 </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; 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;"> 441,217 </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: 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; 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;"> 3,913,116 </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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; 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;"> 4,130,207 </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;"><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;"> Allowance for obsolescence, see note <span style="border-left: none; border-right: none;">25</span> (i) </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;"> (203,174 </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;">)</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; 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;"> (209,110 </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;">)</td> </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;"> </span><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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,709,942 </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; 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;"> 3,921,097 </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;"></td> </tr> </tbody> </table>  <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_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_DisclosureOfInventoriesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS02_g36-39_TI<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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-2022:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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>
</tr>
<tr class="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">
<div id="Dsov2n6uno5gdazcif3zqla" style="font-family: 'times new roman', times; font-size: 10pt;">
<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>17</span>&#160; &#160; </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: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 190px;" 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="4" 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;">
<p style="margin: 0px; text-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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <span>2024</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>
<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>
<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;">
<p style="margin: 0px; text-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; 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: 77%; height: 17px;">
<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-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;"> 53,318 </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;"> 56,564 </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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government entities </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;"> 2,420 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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-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;"> Employee advances and loans </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;"> 11,695 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 14,316 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 35,965 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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-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;"> Government tax refunds on exports </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;"> 16,969 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 8,210 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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 related parties </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;"> 3,585 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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-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;"> 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;"> 58,756 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 50,173 </span></p> </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;"> &#160; </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; height: 10px; 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;"> 182,708 </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; height: 10px; border-top-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; height: 10px; border-top-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; height: 10px; 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;"> 184,807 </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; height: 10px; border-top-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;"> Allowance for other doubtful accounts, see note <span>25</span> (i) </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;"> (3,094 </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; 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;"> (3,439 </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;"><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; 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 179,614 </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; height: 10px; 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; 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;"><br/></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; height: 10px; 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;"> 181,368 </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; height: 10px; border-bottom-color: #000000 !important;"><br/></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 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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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 21.3pt; 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;">18</span>&#160; &#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Current tax assets</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> and liabilities</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" 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;">
<p style="margin: 0px; text-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; 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: bottom; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 10%; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; border-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; width: 1%; border-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; width: 10%; 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; width: 1%; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 135,621 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 122,257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> V.A.T. credits </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;"> 195,745 </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;"> 132,972 </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;"> Other prepaid taxes </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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,255 </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; background-color: #cceeff;"><br/></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; background-color: #cceeff;"><br/></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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,172 </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; background-color: #cceeff;"><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;"> &#160; </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 332,621 </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>
<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>
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 256,401 </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> </tbody> </table> </div>
<div style="border-left: none; border-right: none;"><br/></div> </div>
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<div id="t_ft_MADFN0UTA800000000000000000000b">

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" 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;">
<p style="margin: 0px; text-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; 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: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current tax liabilities </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;">
<p style="margin: 0px; text-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>2024</span> </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>
<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>
<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;">
<p style="margin: 0px; text-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; 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; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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;"> 277,712 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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;"> 344,565 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><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;"> V.A.T. 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;"> 16,599 </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;"> 60,047 </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;"> Other taxes </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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,981 </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; background-color: #cceeff;"><br/></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; background-color: #cceeff;"><br/></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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 83,665 </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; background-color: #cceeff;"><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;"> &#160; </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 366,292 </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>
<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>
<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;">
<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;"> 488,277 </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;"></td> </tr> </tbody> </table>  </div> </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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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>
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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>19</span></span><span style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Trade receivables, net</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="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 119px;" 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;"> &#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;"> 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;"> &#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>2024</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>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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<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;"> Current accounts </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,923,620 </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;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,471,565 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> Receivables from related parties </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;"> 32,012 </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;"> 58,370 </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;"> &#160; </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;"> 1,955,632 </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;"> 2,529,935 </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;"> Allowance for doubtful accounts, see note <span>25</span> (i) </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;"> (48,125 </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; 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;"> (49,046 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> 1,907,507 </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; 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;"> 2,480,889 </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> </tbody> </table>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The following table sets forth details </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the aging</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of trade receivables:</span></p>
<p style="margin: 0pt;"><br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"> At December 31, 2024 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Trade Receivables </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; 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;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Not Due </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; 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;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Past due </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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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;"> &#160; </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: rgb(0, 0, 0) !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>180</span> days </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &gt; <span>180</span> days </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: rgb(0, 0, 0) !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;"> &#160; </span></p> </td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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: rgb(204, 238, 255); width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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;"> 288,388 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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;"> 254,777 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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;"> 33,341 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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;"> 270 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); 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;"> Not guaranteed </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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,667,244 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,305,338 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 298,988 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 62,918 </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: rgb(0, 0, 0) !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: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,955,632 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,560,115 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 332,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 63,188 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> 0.03% </span></p> </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;"><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;"> 0.01% </span></p> </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;"><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;"> 0.09% </span></p> </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;"><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;"> 0.33% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (525 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (323 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (47,600 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (303 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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;"> (47,297 </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: rgb(0, 0, 0) !important;">)</td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"> 1,907,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"> 1,559,968 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"> 331,703 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"> 15,836 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Trade Receivables </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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 rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Not Due </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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 rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 17px; border-top-width: 1px; border-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;"> Past due </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; 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;"> &#160; </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>1</span> - <span>180</span> days </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;"> &gt; <span>180</span> days </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;">
<td style="padding-left: 5.4pt; 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: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; 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: 53%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Guaranteed </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;"> 261,113 </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; 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;"> 236,714 </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; 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;"> 23,991 </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; 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;"> 408 </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;"> Not guaranteed </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;"> 2,268,822 </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;"> 1,613,626 </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;"> 590,236 </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;"> 64,960 </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Guaranteed and not guaranteed </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; font-weight: bold;"> 2,529,935 </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; 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; font-weight: bold;"> 1,850,340 </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; 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; font-weight: bold;"> 614,227 </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; 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; font-weight: bold;"> 65,368 </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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> 0.06% </span></p> </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;"><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;"> 0.02% </span></p> </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;"><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;"> 0.18% </span></p> </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;"><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;"> 0.46% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,636 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"> (312 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"> (1,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"> (75 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (47,410 </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;"> - </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;"> (748 </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;"> (46,662 </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>
<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;"> Net Value </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; font-weight: bold;"> 2,480,889 </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; 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; font-weight: bold;"> 1,850,028 </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; 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; font-weight: bold;"> 612,230 </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; 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; font-weight: bold;"> 18,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Trade receivables are mainly denominated in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">U.S. dollars.</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 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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></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 );">- 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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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>
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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_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock', window );">Note 20 - Cash and cash equivalents and other investments</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><span>20</span></span><span>&#160; &#160; </span><span>Cash and cash equivalents</span><span> and </span><span>o</span><span>ther investments</span></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; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 265px;" 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; font-weight: bold;"> &#160; </span></p> </td>
<td colspan="4" style="font-family: &quot;arial black&quot;, &quot;avant garde&quot;; font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; 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: top; height: 10px;">
<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="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; width: 77%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><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: 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;">Cash and cash equivalents</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; width: 77%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Cash at banks </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 290,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 370,487 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Liquidity funds </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 355,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Short-term investments </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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,311 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,043,910 </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: rgb(0, 0, 0) !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 675,256 </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,637,821 </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> Other investments - current </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;"><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; 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fixed income (time-deposit, <span style="border-left: none; border-right: none;">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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 722,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> 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: 10pt;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 834,281 </span></p> </td>
<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: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fund investments </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 376,998 </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; 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', times; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,372,999 </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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,969,631 </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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> 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: rgb(204, 238, 255);">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> 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: 10pt;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fixed income (time-deposit, <span style="border-left: none; border-right: none;">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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 140,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 56.2409%; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Others </span></p> </td>
<td style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,411 </span></p> </td>
<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: rgb(204, 238, 255);">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; 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; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,005,300 </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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 9pt; font-weight: bold; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 405,631 </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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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 cash and cash equivalents and other investments.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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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>21</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span>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%; height: 164px; 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: 10pt;"> </span><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: 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;">
<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: 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>2024</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>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> </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;"> Non-current </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><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></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><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 77%;">
<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; width: 10%; 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;"> 11,399 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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: bottom; height: 17px; width: 1%; border-bottom-width: 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%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; height: 17px; background-color: #cceeff;">
<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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 11,399 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; font-weight: bold;"> 48,304 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; 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;"><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: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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: 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; 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;"> 411,541 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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;"> 513,909 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> Bank overdrafts </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;"> 14,458 </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: 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;"> 21,224 </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: 11px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<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: 11px; 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;"> 425,999 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff; border-bottom-width: 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: 11px; 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: 11px; 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;"> 535,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff; 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 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 437,398 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 583,437 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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> </tbody> </table>
<p style="margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The maturity of borrowings is as follows:</span></p>
<p style="margin: 0px; text-indent: 0px;"> <br/></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: 88px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 10px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 10px; 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;"> 425,999 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"> 11,399 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"> 437,398 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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-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;"> 425,999 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> 11,399 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> 437,398 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> 6,270 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> 672 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> 6,942 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; 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;"> 432,269 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;"> 12,071 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;"> 444,340 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 95px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 535,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 46,804 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 1,500 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 583,437 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 46,804 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 1,500 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 583,437 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 10,510 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 3,533 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 283 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 14,326 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<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-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;">
<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;"> 545,643 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 50,337 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 1,783 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 597,763 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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> </tbody> </table>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Significant borrowings include:</span></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></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: 73px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="margin: 0px; text-indent: 0px; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 13px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 32.6619%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 37.2891%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Type </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Outstanding </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 11px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 32.6619%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 37.2891%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200 </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 12px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 12px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40 </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2026</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26 </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 10px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Siderca SAIC </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20 </span></p> </td> </tr> </tbody> </table>

<p style="margin: 0px; text-align: justify; text-indent: 0px;"><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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 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: 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;">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>4</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>3</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: 0px; text-align: justify; text-indent: 0px;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="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="margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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; border-top-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: 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; 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; 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="margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; 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;"> 6.52% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; 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;"> 10.56% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Breakdown of long-term</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and short-term</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> borrowings by currency and rate is as follows:</span> </p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><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: 0px; text-indent: 0px;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 119px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 34px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 34px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 34px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;">
<p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </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>
<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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; 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; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 57%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 20%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; width: 10%; background-color: #cceeff; 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;">-</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; text-indent: 0px; padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,903 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 1,496 </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>
<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>
<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;">
<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;"> 4,501 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total non-current borrowings </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"> 11,399 </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>
<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>
<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;">
<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;"> 48,304 </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="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><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: 0px; text-indent: 0px;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="height: 168px; 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: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></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; 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="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px;"><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; 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; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </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: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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: center; text-indent: 0px; padding-left: 0px; padding-right: 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; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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;"> 260,866 </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; height: 17px; 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;"> 221,008 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 57%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 20%;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; width: 10%;">
<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;"> 9,173 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<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;"> 111,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> BRL </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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-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; height: 17px; 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;"> 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,278 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ARS </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; 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;"> 8,551 </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; height: 17px; 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;"> 23,462 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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;"> 3,018 </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; margin: 0px; text-indent: 0px; height: 17px;">
<div style="border-left: none; border-right: none;">
<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;">3,035</span></p> </div> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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: 15px; background-color: #cceeff; 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;"> 130,113 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: 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: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff; 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;"> 110,923 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total current borrowings </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;"> 425,999 </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;"> 535,133 </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> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><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: 0px; text-indent: 0px;"> <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; text-indent: 0px; width: 100%; height: 140px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></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; 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, 2024 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; 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: middle; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </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: 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;">
<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>2023</span> </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: 11px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; height: 11px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; height: 11px; 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;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 11px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 11px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; height: 11px; 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;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 11px; background-color: #cceeff;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (6,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (74,806 </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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (128,761 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (211,797 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> (3,707 </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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,691 </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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></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;">
<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-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; text-indent: 0px; padding-left: 0px; padding-right: 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; height: 10px; background-color: #cceeff;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> (6,766 </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; 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;"> 21,130 </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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><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; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 437,398 </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; text-indent: 0px; padding-left: 0px; padding-right: 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: 17px; background-color: #cceeff; 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: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 9pt; margin: 0px; text-align: justify; text-indent: 0px;"><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';">For the year <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated to GPC</span> <span style="font-family: 'Frutiger 45 Light';">acquisition</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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<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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<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>
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<tr><th class="th"><div>Dec. 31, 2024</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_DisclosureOfDeferredTaxesExplanatory', window );">Note 22 - Deferred tax assets and liabilities</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><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;">22<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Deferred </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">tax</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> assets and liabilities</span></p>
<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: 10pt; line-height: inherit;">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: 1.2; margin: 0pt;"> <br/></p>
<p style="line-height: 1.2; margin: 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;">evolution of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> deferred tax assets and liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during the year </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;"> as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <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 liabilities</span></p>
<p style="margin: 0pt; line-height: 1.2;"> <br/></p>
<div id="t_ft_59A94BNAMO00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; height: 98px; 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; width: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" 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: 52.9412%; 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; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 618,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 114,335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 160,202 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 893,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; 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; width: 52.9412%;">
<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: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (194 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (72 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (440 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</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: 52.9412%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></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: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,223 </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: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-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: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,033 </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: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,256 </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: 0.965759%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 52.9412%;">
<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; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-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: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-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: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (904 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (904 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</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: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement credit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (51,265 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (39,033 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (46,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (137,238 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 568,638 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 75,230 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 114,217 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 758,085 </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></td> </tr> </tbody> </table> </div>
<div id="t_ft_ZYVVYBIB0G00000000000000000000b">
<p style="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%; height: 84px; 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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Fixed assets </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Intangible assets and other </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; height: 17px; width: 53%; 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; 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; line-height: inherit;"> 575,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> 43,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> 114,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> 733,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"><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;">
<p style="margin: 0px; text-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 </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;"> 113 </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;"> 397 </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;"> 551 </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;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(**)</span></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;"> 4,175 </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;"> 7,563 </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;"> 5,498 </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;"> 17,236 </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: 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-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; 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;"> - </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;"> 138 </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;"> 138 </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; line-height: inherit;"> Income statement charge </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;"> 38,991 </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;"> 63,127 </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;"> 39,627 </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;"> 141,745 </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: 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, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 618,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 114,335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 160,202 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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;"> 893,411 </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px;"><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: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">(*)</span> </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#8217;s pipe coating business unit acquisition. 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></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(**) </span><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></span></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;"><br/></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;">Deferred tax assets</span></p>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_6I89GYVUQ800000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; height: 112px; 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Provisions and allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; 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: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,511 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 199,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 634,894 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 185,997 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,051,421 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"><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;">
<p style="margin: 0px; text-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 </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;"> (277 </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;"> (76 </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;"> (829 </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;"> (1,204 </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: 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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; 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;"> 88 </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;"> (414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; 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;"> 1,821 </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;"> 1,495 </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,006 </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;"> 885 </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;"> (1,121 </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: 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;"> Income statement credit / (charge) </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;"> 24,436 </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;"> (44,915 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; 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;"> 82,400 </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;"> (27,070 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; 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;"> 34,851 </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 55,925 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 153,915 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 714,798 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 160,804 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,085,442 </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;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_O6L7YAW3HS00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; text-indent: 0px; height: 138px;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Provisions and allowances </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Tax losses </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; 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; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> 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;"> 6 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-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; line-height: inherit;"> 611 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></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'; line-height: inherit;">Increase due to business combinations </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: 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; line-height: inherit;"> 1,374 </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; 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: 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; line-height: inherit;"> 1,875 </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; line-height: inherit;"> 35,941 </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; line-height: inherit;"> 39,413 </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> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-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;"> Income statement credit / (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; line-height: inherit;"> 4,314 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 18,620 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 322,431 </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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (9,881 </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;"> 335,484 </span></p> </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;"> At December 31, 2023 </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; 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;"> 31,511 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 199,019 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 634,894 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 185,997 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 1,051,421 </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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<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; vertical-align: super; line-height: inherit;">(*) </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#8217;s pipe coating business unit acquisition. 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></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">*</span></span><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="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus anticorrosion coating division 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;">.</span></span></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 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. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In determining the amount of deferred taxes to be recognized, </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;">considered</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 </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 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></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;">Deferred tax assets related to tax losses as of the end of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span> include $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">623.8</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;">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;">respectively, </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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>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;">and <span>2023</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that it is probable that sufficient future taxable profits will be generated by business carried out by its Luxembourg subsidiary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which has expanded its activities including sales, distribution, logistics and marketing of steel products and other related services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, against which the above-mentioned tax losses could be utilized prior to their expiration. </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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as of the end of <span>2024</span> and <span>2023</span></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;">79.4</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;">and $</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 respectively, </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;"> 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 </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>97</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, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the unrecognized deferred tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> originating in tax losses or tax credits</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;">2,683.5</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;">Approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>98</span>%</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;">unrecognized deferred tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have an expiration date </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in more than <span>5</span> years or do</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="height: 54px; 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: middle; 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="4" 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: 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: 10px;"><br/></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-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><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 style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; height: 10px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; height: 10px;"><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 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; border-top-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;"><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;"> Deferred tax assets to be recovered after <span style="border-left: none; border-right: none;">12</span> months </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; line-height: inherit;"> 755,743 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> 655,415 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Deferred tax liabilities to be settled after <span style="border-left: none; border-right: none;">12</span> months </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;"> 696,693 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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;">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; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">off current tax assets against current tax liabilities and (<span>2</span>)</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;"> the deferred income taxes relate to the same fiscal authority</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">. The following amounts, determined after appropriate set</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">off, are shown 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </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;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">osition</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>
<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: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" valign="bottom"><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; width: 77%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 831,298 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 789,615 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Deferred tax 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;"> 503,941 </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: 10pt; line-height: inherit;"> 631,605 </span></p> </td>
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 327,357 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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-weight: bold; line-height: inherit;"> 158,010 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </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;">
<div>
<div style="border-left: none; border-right: none;">
<div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">The movement i</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">n the net deferred income tax </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">asset / </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">liability</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> account is as follows:</span></span></p> </div> </div> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></p>
<div id="t_ft_K768C58TXS00000000000000000000b">
<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: 136px;" 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; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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: 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; line-height: inherit;"> </span><br/></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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2024</span> </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>
<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>
<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;">
<p style="margin: 0pt; text-align: center;"><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: 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; 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;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 158,010 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (60,199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> 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;"> (764 </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; line-height: inherit;"> 89 </span></p> </td>
<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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></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; line-height: inherit;"> (1,761 </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;"> 22,177 </span></p> </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;"> 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; line-height: inherit;"> (217 </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; line-height: inherit;"> 2,204 </span></p> </td>
<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;"> Income statement credit </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;"> 172,089 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 193,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 327,357 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </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;"><span style="font-size: 10pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span> <span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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></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;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus 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;">.</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 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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<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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<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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<p style="font-family: 'times new roman', times; 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>23</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span>Other liabilities</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><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;">Other liabilities &#8211; Non</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;">current</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 85px;" width="100%">
<tbody>
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<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;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 14px;">
<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; height: 14px; 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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: 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-top-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: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits </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;"> 131,564 </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;"> 117,506 </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;"> Other long-term benefits </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;"> 101,260 </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;"> 91,435 </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;"> Miscellaneous </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;"> 68,927 </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;"> 62,327 </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;"> </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;"> 301,751 </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;"> 271,268 </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="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Post-employment benefits</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 74px;" 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;"><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; height: 20px; 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; height: 20px; 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;"><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; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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: 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-top-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;"> Unfunded </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;"> 129,032 </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;"><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;"><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;"> 112,532 </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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> 2,532 </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;"> 4,974 </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: right;"><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; border-top-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;"> 131,564 </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-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: 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; background-color: #cceeff; 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;"> 117,506 </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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At December 31, 2024 and <span>2023</span> the weighted average duration of liabilities related to post-employment benefits was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> years, respectively.</span></p>
<ul style="font-family: 'times new roman', times; font-size: 10pt; padding-inline: 13px;">
<li style="font-variant: JIS78; font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 7.42pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Unfunded</span></li> </ul>
<div style="border-left: none; border-right: none;">

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 223px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 22.5997%;">
<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: 34px; 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;"><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; 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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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-bottom-width: 1px; border-bottom-style: solid; height: 17px; width: 1.4771%; 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; border-top-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; width: 1.03397%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-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; border-top-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; 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; width: 76.9572%; height: 17px;">
<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; 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;"> 112,532 </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;"><br/></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;"> 103,822 </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;"><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;"> Current service cost </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;"> 7,206 </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>
<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;"> 6,537 </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;"> Interest cost </span></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;"> 14,692 </span></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>
<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;"> 11,707 </span></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;"> Curtailments and settlements </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;"> (131 </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>
<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;"> (675 </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: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Remeasurements </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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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;"> 7,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; width: 1.4771%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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: 19px; 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;"> 8,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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;"> 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;"> (6,865 </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>
<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;"> (12,687 </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;">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; 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;"> - </span></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>
<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;"> 4,531 </span></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;"> Benefits paid from 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;"> (8,345 </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>
<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;"> (8,762 </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;"> Other </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; 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;"> 2,437 </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; height: 17px; width: 1.4771%; border-bottom-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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> (840 </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; 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; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;"> 129,032 </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; height: 17px; width: 1.4771%; 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; border-top-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; width: 1.03397%;"><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; 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; font-weight: bold;"> 112,532 </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; width: 1.4771%;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span> </span><span><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </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>4</span></span> <span style="font-family: 'Frutiger 45 Light';">a </span><span style="font-family: 'Frutiger 45 Light';">loss</span> <span style="font-family: 'Frutiger 45 Light';">of $</span><span style="font-family: 'Frutiger 45 Light';">1.6</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumption</span><span style="font-family: 'Frutiger 45 Light';">s</span><span style="font-family: 'Frutiger 45 Light';"> and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">5.9</span><span style="font-family: 'Frutiger 45 Light';"> million to financ</span><span style="font-family: 'Frutiger 45 Light';">ial assumptions.</span></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </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';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.6</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">8.3</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"><span style="font-size: 8pt;">(**)</span> </span><span><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </span><span style="font-family: 'Frutiger 45 Light';"><span>2024</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></span></p>  </div>

<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <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 actuarial assumptions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for the most relevant plans</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> were as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="height: 71px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td> </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: 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; 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;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 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-left: 0px; padding-right: 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-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; 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;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 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: 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;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; 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;"> 3% - 8% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; 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;"> 3% - 7% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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;"> 2% - 6% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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;"> 2% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> </tbody> </table>
<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;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">f 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, an increase / (decrease) of 1% in the discount rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">would have generated a (decrease) / increase on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">defined benefit obligation of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">6.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">5.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million respectively, and an increase / (decrease) of <span>1</span>% in the rate of compensation assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">would have generated an increase / (decrease) impact on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">defined benefit obligation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4.8</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million respectivel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">y. The above sensitivity analyse</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;"> 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;">.</span></p>
<ul style="font-family: 'times new roman', times; font-size: 10pt; padding-inline: 13px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; padding-left: 8.42pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Funded</span></li> </ul>
<p style="font-family: 'times new roman', times; font-size: 10pt; 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: normal;">The amounts recognized in the statement of financial position</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> for the current annual period and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> previous </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">annual period</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">are as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 78px;" width="100%">
<tbody>
<tr style="height: 18px;">
<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: 12pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 18px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; border-top-style: solid; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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: 15px; border-top-width: 1px; border-top-style: solid; 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>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; 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: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Present value of funded obligations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 91,698 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 123,234 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><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;"> Fair value of plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (102,653 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">)</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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (134,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">)</td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Asset (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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;"> (10,955 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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: 15px; 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;"> (10,818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 80%; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; 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;">(*)</span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"> In <span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>4</span></span><span style="font-family: 'Frutiger 45 Light';"> and </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>3</span></span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">13.5</span> <span style="font-family: 'Frutiger 45 Light';">million </span><span style="font-family: 'Frutiger 45 Light';">and $</span><span style="font-family: 'Frutiger 45 Light';">15.8</span><span style="font-family: 'Frutiger 45 Light';"> million </span><span style="font-family: 'Frutiger 45 Light';">corresponding to </span><span style="font-family: 'Frutiger 45 Light';">plans</span> <span style="font-family: 'Frutiger 45 Light';">with surplus balance</span><span style="font-family: 'Frutiger 45 Light';">s that</span><span style="font-family: 'Frutiger 45 Light';"> w</span><span style="font-family: 'Frutiger 45 Light';">ere</span> <span style="font-family: 'Frutiger 45 Light';">reclassified</span><span style="font-family: 'Frutiger 45 Light';"> within other </span><span style="font-family: 'Frutiger 45 Light';">non-</span><span style="font-family: 'Frutiger 45 Light';">current assets</span><span style="font-family: 'Frutiger 45 Light';">, respectively</span><span style="font-family: 'Frutiger 45 Light';">, consequently the net post-employment benefits funded exposed as liabilities amounted to $</span><span style="font-family: 'Frutiger 45 Light';">2.5</span><span style="font-family: 'Frutiger 45 Light';"> million and $</span><span style="font-family: 'Frutiger 45 Light';">5.0</span><span style="font-family: 'Frutiger 45 Light';"> million respectively.</span></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The movement in the present value of funded obligations is as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 192px;" 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;"><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; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-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; 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: 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: 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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: 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; 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>
<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;"> 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;"> 123,234 </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;"> 116,617 </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="padding-left: 5.4pt; 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;"> (5,627 </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;"> 1,940 </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;"> Current service cost </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;"> 176 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest 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;"> 5,424 </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: 10pt;"> 5,715 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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;">Remeasurements </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (182 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(**)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td> </tr>
<tr style="height: 17px; background-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;"> Benefits 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,300 </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;"> (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;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (23,027 </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;"> 571 </span></p> </td>
<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;"> 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; border-top-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;"> 91,698 </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;"> 123,234 </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="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><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';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </span><span style="font-family: 'Frutiger 45 Light';"><span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>4</span></span><span style="font-family: 'Frutiger 45 Light';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.1</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.1</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span> </span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For</span><span style="font-family: 'Frutiger 45 Light';"> the year</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';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.9</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">1.3</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span> </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"><span style="font-size: 8pt;">(**)</span> </span><span><span style="font-family: 'Frutiger 45 Light';">For the years <span>2024</span> and <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>

<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The movement in the fair value of plan assets is as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 188px;" 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 22.1565%;">
<p style="margin: 0px; text-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; 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;"><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; 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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px; width: 1.03397%;"><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; width: 1.03397%;"><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; width: 10.0443%;">
<p style="margin: 0px; text-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; 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; 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; width: 76.9572%; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (134,052 </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%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (126,842 </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%; 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;"> 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;"> 7,047 </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;"> (1,897 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</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;"> Return on plan assets </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: 10.0443%;">
<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;"> (6,010 </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: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10.0443%;">
<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;"> (6,121 </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: 1.4771%;">)</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;"> 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;"> (302 </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;"> (4,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</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; width: 76.9572%;">
<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;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; 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;"> (3,903 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; 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;"> 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;"> (1,269 </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;"> - </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;"> Benefits paid from the plan </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: 10.0443%;">
<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;"> 8,300 </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: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10.0443%;">
<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;"> 8,459 </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: 1.4771%;"><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;"> 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;"> <span style="border-left: none; border-right: none;">23,633</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%;"><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;"> <span style="border-left: none; border-right: none;">477</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%;"><br/></td> </tr>
<tr 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;"> 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; border-top-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; 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; font-weight: bold;"> (102,653 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 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; font-weight: bold;"> (134,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px; width: 1.4771%;">)</td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><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';">For the years <span>2024</span> and <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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; font-size: 10pt; margin: 0pt;"> <br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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: 10pt;"> </span><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;"> 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;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</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;"> <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> </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;"> Equity instruments </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;"> 3% </span></p> </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: 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;"> 18% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><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;"> 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;"> 60% </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;"> 33% </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;">
<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;">Others </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></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;"> 37% </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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><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';">For the years <span>2024</span> and <span>2023</span>, mainly include </span><span style="font-family: 'Frutiger 45 Light';">annuities purchased from an insurance company for the benefit of current and future retirees</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no unusual, entity-specific, or plan-specific risks in terms of the plan assets of funded pension plans.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The actuarial assumptions for the most relevant plans were as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" width="100%">
<tbody>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: 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; 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; 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;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</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;"> <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> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5% - 6% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><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;"> 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;"> 3% - 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;"> 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; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <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 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;">return</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">plan assets is determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">long-term, prospective rates of return as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the end of the reporting period. </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 11pt; 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;">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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, an increase / (decrease) of 1% in the discount rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">would have generated a (decrease) / increase on the defined benefit obligation of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">8.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">7.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million respectively, and an increase / (decrease) of <span>1</span>% in the compensation rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">would have generated an increase / (decrease) on the defined benefit obligation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">0.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">0.7</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;">Th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e above sensitivity analyse</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;"> 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;">.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 11pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> expected employer </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">contributions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for the year <span>202</span></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;"> are not material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span> </p>

<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"> <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 methods and types of assumptions used in p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">reparing the sensitivity analyse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s did not change compared to the previous period.</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 0pt 0pt 36pt; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(ii)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Other liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">urrent</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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: 10pt;"> </span><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;"> 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: top;">
<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: 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;"> <span>2024</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;"> <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> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payroll and social security payable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 270,016 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 301,213 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Shares to be settled under buyback program </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;"> 243,264 </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;"> 86,240 </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;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 72,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 35,192 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 585,775 </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;"> 422,645 </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>  <span></span>
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<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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<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>
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<tr><th class="th"><div>Dec. 31, 2024</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_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract', window );"><strong>Note 24 - Non-current allowances and provisions</strong></a></td>
<td class="text">&#160;<span></span>
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<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<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span></span></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: 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;">Liabilities</span></p>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="height: 146px; border-collapse: collapse; margin: 0px; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; 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; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; 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; vertical-align: bottom; height: 17px; width: 77%; background-color: #cceeff;">
<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; 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;"> 101,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> 98,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Translation differences </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;"> (11,718 </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; 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: &quot;Frutiger 45 Light&quot;; 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: 10px;"><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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></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;"> (900 </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: 9pt;">)</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> 1,500 </span></p> </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;"> Additional allowance </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;"> 10,077 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; 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> </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;"> Reclassifications </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;"> (9,839 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; 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;"><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 and other movements </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;"> (6,967 </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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; 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;"><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; height: 17px; background-color: #cceeff;">
<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; 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;"> 82,106 </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: 9pt; 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> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Non-current allowances and provisions related to liabilities include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*) </span></sup></span><span><span style="font-family: 'Frutiger 45 Light';">For the years <span style="border-left: none; border-right: none;">2024</span> and <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_DisclosureOfCurrentAllowancesAndProvisionsAbstract', window );"><strong>Note 25 - Current allowances and provisions</strong></a></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_DisclosureOfCurrentAllowancesAndProvisionsTextBlock', window );">Note 25 - Current allowances and provisions</a></td>
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<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;">25<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: -28.4px; text-transform: none; widows: 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;">&#160; &#160;<span>&#160;</span></span></span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Current </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">allowances and </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;"> <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;">(i)</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;">Deducted from assets</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt; text-align: justify;"> <br/></p>

<div id="t_ft_92IN997XVK00000000000000000000b">
<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: bottom; height: 10px; width: 50%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2024 </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; height: 10px; width: 15%; 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;"> Allowance for doubtful accounts - Trade receivables </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> Allowance for other doubtful accounts - Other receivables </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> Allowance for inventory obsolescence </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; height: 10px; width: 1%; 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;">
<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; 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;"> (49,046 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> (3,439 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</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: 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;"> (209,110 </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;"> 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;"> 194 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 897 </span></p> </td>
<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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (*)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"> (1,151 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"> (3,676 </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;"> (Additional) / reversal 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;"> 1,095 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (41,240 </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 and other movements </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 783 </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;"><br/></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; height: 17px;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 567 </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;"><br/></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; height: 17px;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 49,955 </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;"><br/></td> </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, 2024 </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;">
<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;"> (48,125 </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;"><span style="font-weight: bold;">)</span></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; height: 17px;"><br/></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;">
<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;"> (3,094 </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;"><span style="font-weight: bold;">)</span></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; height: 17px;"><br/></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;">
<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;"> (203,174 </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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<div><br/></div>
<div><span style="color: #000000; font-family: 'times new roman', times; 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-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)<span>&#160;</span></span></sup></span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';">For the year 2024, related to Mattr&#8217;s pipe coating business unit acquisition. For more information see note 34.</span></span></span> </div>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<div id="t_ft_OK09O95Q8W00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 124px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; vertical-align: bottom; width: 50%;" 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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 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: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 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: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Allowance for inventory obsolescence </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><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;"> Values 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: 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: 10pt;"> (45,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 10pt;"> (3,479 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 10pt;"> (222,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; 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;"> 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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="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; height: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="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: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="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; height: 19px; background-color: #cceeff; 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;"> (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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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;">)</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;"> Used </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;"> 1,066 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #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;"> 235 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #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;"> 36,768 </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;"> At December 31, 2023 </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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;"><span style="font-weight: bold;">)</span></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: 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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;"><span style="font-weight: bold;">)</span></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: 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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt;"><br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></sup></span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></span></span></span></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></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;">(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><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;">Liabilities</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;"><br/></span></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; height: 132px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Year ended December 31, 2024 </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; height: 10px; width: 15%; 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;"> Sales risks </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<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;">Other claims and contingencies </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; line-height: inherit;">(*)</span></sup></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> 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; height: 10px; width: 1%; 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;">
<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; 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;"> 19,940 </span></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: 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;"> 16,019 </span></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: 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;"> 35,959 </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;"> 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;"> (1,301 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (18,978 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (20,279 </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: 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';">Changes due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"> - </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"> 722 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"> 722 </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: 10pt;"> 21,296 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 106,198 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 127,494 </span></p> </td>
<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; 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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: 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;"> 9,839 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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: 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;"> 9,839 </span></p> </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: 10pt;"> (23,564 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,827 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (34,391 </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;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 16,371 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 102,973 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 119,344 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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> </div>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><br/></p>
<div id="t_ft_DSO53OGSG000000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 132px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 50%;">
<p style="margin: 0px; text-indent: 0px;"><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; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px; 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;">Other claims and contingencies </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; line-height: inherit;">(*)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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; width: 1%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"> 3,186 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,999 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,185 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 285 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (208 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 77 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 19px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span> <sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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;"> 5,317 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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;"> 5,317 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 30,057 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 36,998 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; background-color: #cceeff; 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;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 164 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,588 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (4,194 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (17,782 </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: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; text-indent: 0px;"><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; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-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;"> 19,940 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 18px; border-top-width: 1px; border-top-style: solid; border-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;"> 16,019 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 18px; border-top-width: 1px; border-top-style: solid; border-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;"> 35,959 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; 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: 10pt; margin: 0px; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*) </span></sup></span><span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';"><span style="border-right: none; border-left: none;">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></span></span></span></span></span></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For the year 2024, includes $89.4 million related the ongoing litigation related to the acquisition of participation in Usiminas. For more information see note 27 (i).</span></span></p>
<p style="line-height: 10pt; margin: 0px; text-indent: 0px;"><br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></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="font-family: 'Frutiger 45 Light';">For the years 2024 and 2023, related to Mattr&#8217;s pipe coating business unit acquisition. For more information see note 34.</span></span></span></span></span></span></p>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<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>
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<tr><th class="th"><div>Dec. 31, 2024</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="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>26</span></span><span style="font: 10pt 'Times New Roman';">&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Derivative financial instruments</span> </p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Net fair values of derivative financial instruments</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-variant: small-caps;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The net fair values of derivative financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, in accordance with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IFRS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>13</span></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;">re:</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></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: 139px;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-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; 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; 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: 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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: 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; 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>
<tr style="height: 17px; background-color: #cceeff;">
<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;"> Other derivatives </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;"> 7,484 </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;"> 9,801 </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; font-weight: bold;"> Contracts with positive fair values </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;"> 7,484 </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;"> 9,801 </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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold;"> &#160; </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;"> &#160; </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;"> &#160; </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;"> Other derivatives </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,300 </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>
<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>
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (11,150 </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: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Contracts with negative fair values </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (8,300 </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;"><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; 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; background-color: #cceeff; 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;"> (11,150 </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;"><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;"><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; 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;"> (816 </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;"><span style="font-weight: bold;">)</span></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>
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,349 </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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table>  <br/> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Other derivatives include contracts which are designated to hedge positions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">other than borrowings and investments.</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; 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; font-weight: bold;">Foreign e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">xchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">and commodities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">derivative</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> and hedge accounting</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; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">naris applies hedge accounting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">to certain cash flow hedges of highly probable forecast transactions. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The net fair values of exchange rate derivatives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and those derivat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">iv</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">es that were designated for hedge accounting as of 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> were as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></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: 289px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 32.9882%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Purchase currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sell currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Term </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; width: 22.1894%; 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;"> Fair Value </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; width: 1.0355%;"><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; width: 1.0355%;"><br/></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; width: 22.1894%; 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;"> Hedge Accounting Reserve </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; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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>2024</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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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>2024</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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 32.9882%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 10.0592%; height: 17px; margin: 0px; text-indent: 0px; 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;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.0592%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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;"> (2,818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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;"> 49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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;"> 1,776 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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;"> 49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.47929%; 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: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,557 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,091 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 624 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,579 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; height: 17px; background-color: #cceeff; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CAD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,465 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (836 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,089 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,966 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 383 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,142 </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: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> MXN </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 770 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> KWD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="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 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (388 </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: 1.47929%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (282 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,125 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> NGN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (212 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> COP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> GBP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CNY </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 73 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> RON </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="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 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 261 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.47929%;"><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; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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; width: 10.0592%;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="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 </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; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="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; width: 1.47929%;"><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; width: 32.9882%;">
<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: 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; width: 10.0592%;">
<p style="margin: 0pt;"><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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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 </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; width: 1.0355%;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,554 </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; width: 1.0355%;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 188 </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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 7,928 </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; width: 1.47929%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<div>
 <br/></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%; text-indent: 0px; height: 136px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Commodity Derivatives </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 34px; 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;"> Term </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;"> Fair Value </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 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;"> Hedge Accounting Reserve </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;">
<td style="padding-left: 0px; padding-right: 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;"> <span>2024</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: 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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: 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; 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: 43%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> LME Scrap </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; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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;"> (1,974 </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;">)</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;"> 1,376 </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;"> (1,974 </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;">)</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;"> 1,376 </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;"> PSV Gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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;"> 1,097 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,566 </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,097 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,566 </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;"> Nickel </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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;"> 52 </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;"> 1,966 </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;"> 52 </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;"> 1,966 </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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Houston Ship Channel Gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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;"> 34 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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 </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;"> 34 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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 </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; 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;"> Electric Energy </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; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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;"> (17 </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;">)</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;"> (340 </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;">)</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;"> (17 </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;">)</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;"> (340 </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;">)</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;"> 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (808 </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;"> 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; 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;"> (808 </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;"> 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> </tr> </tbody> </table> </div>
<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;"><br/></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: normal;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">ollowing is a summary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> of the hedge reserve evolution:</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9199%; text-indent: 0px; height: 68px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;"> Movements <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2023</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;"> Movements <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2024</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; height: 34px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<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: 10pt;"> Foreign Exchange &amp; Commodities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,122 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,989 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,753 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (620 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Total Cash flow Hedge </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;"> 13,122 </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;"> (4,989 </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;"><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: 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;"> 8,133 </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-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-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,753</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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><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: 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;"> (620 </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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table>
<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;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris estimates that t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">majority of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">cash flow he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">dge reserve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">corresponding to derivatives instruments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> will be recycled to the Consolida</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ted Income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Statement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">during <span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;">5</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;"> For informa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">tion on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">hedge accounting reserve,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">see</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;">ection III.D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> to these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of derivative financial instruments. [Refer: 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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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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<tr><th class="th"><div>Dec. 31, 2024</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_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 style="border-left: none; border-right: none;">27</span> </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>
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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;">(i) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Contingencies</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 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</span><span style="font-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 the assistance of legal counsel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> periodically reviews the status of each significant matter and assesses potential financial exposure. </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;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">situations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company has not accrued a provision for the potential outcome of these cases.</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;">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><a href="#TOC"></a></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;"><br/></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 believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements</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 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></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;">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: 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;">CSN claims relating to the January 2012 acquisition of 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;">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 party to a longstanding</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> lawsuit filed in Brazil by Companhia Sider&#250;rgica 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 Usiminas shareholders agreement. The entities named in the CSN lawsuit had acquired participation</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 Usiminas in January 2012. The CSN lawsuit allege</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;"> that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, and sought 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 Usiminas not belonging to Usiminas&#8217; control group. Confab&#8217;s share in the offer would be 17.9%.</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;">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. </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;">CSN made several submissions in connection with the SCJ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s March 7, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> decision, including a motion for clarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote. At an October 17, 2023 session, <span>two</span> justices of the SCJ 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 of the SCJ 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 was summoned to produce the tie-breaking vote.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On June 18, 2024, the SCJ completed its voting on CSN&#8217;s motion for clarification and reversed, by majority vote, its March 7, 2023 decision, and resolved that Confab and the <span>three</span> subsidiaries of Ternium should pay CSN an indemnification in connection with the acquisition by the T/T Group of a participation in Usiminas in January 2012, with CSN being allowed to retain ownership of the Usiminas ordinary shares it currently owns. </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;">On August 1, 2024, Confab and the other T/T Group entities filed a motion for clarification against the SCJ decision and, subsequently, CSN filed its reply. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On December 6, 2024, the SCJ rejected this motion for clarification, confirming the obligation of Confab and the other T/T Group entities to pay indemnification in connection with the <span>2012</span> acquisition of the participations in Usiminas. Notwithstanding the foregoing, the SCJ unanimously resolved to modify the applicable monetary adjustment mechanism and to cap the applicable attorney&#8217;s fees, thereby lowering the aggregate amount that would be payable if CSN ultimately prevails in this claim. Based on such SCJ decision, assuming monetary adjustment thorough December 31, 2024, and attorney&#8217;s fees in the amount of BRL5 million, the revised aggregate amount potentially payable by Confab if CSN finally prevails on its claims, would be of approximately BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">553.4</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million (approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">89.4</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at the BRL/$ rate as of such date</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 Company continues to believe that all of CSN's claims and allegations are unsupported 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, and that in connection with the Usiminas acquisition the T/T Group was not required either to launch a tender offer or to pay indemnification to CSN. Accordingly, on February 10, 2025, Confab and the other T/T Group entities filed an extraordinary appeal against the SCJ decisions that ordered an indemnification payment, seeking their review and reversal by the Supreme Federal Tribunal. The Company, however, cannot predict the ultimate resolution of the matter.</span> </p> </div>
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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>
<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 Veracel Celulose S.A. (&#8220;Veracel&#8221;) in connection with a rupture in <span>one</span> of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel. Ita&#250; Seguros S.A. (&#8220;Ita&#250;&#8221;), Veracel&#8217;s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&#8220;Chubb&#8221;), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Ita&#250; and Veracel claimed that the Veracel accident was caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes that the Veracel accident was caused by the improper handling by Veracel&#8217;s 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><span style="font-size: 8pt;"><sup>th</sup></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;Civil Court of S&#227;o Caetano do Sul. However, each lawsuit will be adjudicated separately.</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;">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>
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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;">On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:</span></p>
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<td style="width: 97%; height: 15px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With respect to Chubb&#8217;s claim, the court subsequently homologated the above-mentioned settlement and, accordingly, the claim was finalized.</span></td> </tr>
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<td style="vertical-align: top; text-align: center; height: 111px; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman'; 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; float: none; line-height: inherit; display: inline !important;">&#8226;</span></td>
<td style="text-align: justify; height: 111px; width: 97%;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With respect to Veracel&#8217;s claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to BRL110.5 million (approximately $17.8 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 Veracel expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL94.8 million (approximately $15.3 million) of damages arising therefrom. Confab has additional defence 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, Veracel filed its response to the appeal. In June 2022, the court resolved that it lacked jurisdiction to decide on the appeal, which was re-allocated to another court. On August 26, 2024, the court issued a decision rejecting certain procedural objections and ordering that new expert evidence be produced. As a result, the trial was redirected to the first instance court for new technical evidence to be produced by a new expert. On September 9, 2024, Veracel filed a motion for clarification, which was responded by Confab on October 23, 2024, and remains pending decision. At this stage, the Company cannot predict the outcome of the claim or the amount or range of loss in case of an unfavourable outcome.</span> </td> </tr>
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<td style="vertical-align: top; text-align: center; height: 19px; width: 3%;" valign="top"><span style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;">&#8226;</span></td>
<td style="height: 19px; width: 97%;"><span style="font-style: italic; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petrobras-related proceedings and claims<sup></sup></span></span></td> </tr> </tbody> </table> </div>
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<p style="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;">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, the Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company&#8217;s review of these matters.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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>
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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 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 </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 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. 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 February 22, 2024, the court of appeals referred the case to the court of cassation, which, on May 23, 2024, confirmed the decision of the first-instance court and closed the case.</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;"><br/></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>. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On December 11, 2024, the Confab executives were acquitted. The acquittal has already been appealed, so the criminal proceedings continue to be underway</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Neither the Company nor Confab is a party to these criminal proceedings.</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 addition, Petrobras and the Brazilian public prosecutors filed civil claims for alleged damages arising from the same events 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</span><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</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>2024</span>, the aggregate amount of these claims was estimated at BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">193.2</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;">31.2</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;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">defence</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is contesting them. At this stage, the Company cannot predict the outcome of these civil proceedings.</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;">In late March 2024, the Company became aware of a resolution of Brazil&#8217;s General Controllers Office, which opened&#160;administrative responsibility proceedings against Confab and other non-Tenaris affiliates and formed an investigative&#160;commission charged with investigating the same purported irregularities. Confab received notice of these proceedings&#160;in February 2025, and believes that the General Controllers&#8217; Office&#8217;s allegations do not address either the defence&#160;arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions. Although the Company&#160;is defending itself, it cannot predict the outcome of these administrative proceedings.</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;">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. Special appeals were filed by Confab in July 2023 and by the Brazilian General Tax Attorney in September 2023. The parties are 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;">62.1</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;">10.0</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: 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;">U.S. patent infringement litigation</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;">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>
<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;">U.S. Antidumping Duty Investigations</span></li> </ul>
<p style="line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and, with respect to certain claims, to the Court of Appeals for the Federal Circuit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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>

<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;"><br/></span></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-size-adjust: none; 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';"><span style="font-size: 10pt; line-height: inherit;"> </span></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 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><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;">Set forth is a description of the Tenaris&#8217;s main outstanding commitments:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain subsidiaries of the Company entered into a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contract with Praxair S.A. for the service of oxygen and nitrogen supply. 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>2024</span>, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled approximately $</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.</span></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A Mexican subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen for the supply of <span>197</span> MW (which represents 22% of Techgen&#8217;s 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 Techgen&#8217;s 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 Mexican </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Comisi&#243;n Federal de Electricidad</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;CFE&#8221;) or its successors. The Company&#8217;s subsidiary may instruct Techgen 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></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><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 Nucor Steel Memphis 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 in April 2021, with an original duration of 3 years. In September 2023, the parties agreed to extend its term until December 31, 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and in October 2024, agreed a renovation until December 31,2025</span><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</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>2024</span>, the estimated aggregate contract amount calculated at current prices, was approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">57.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><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, Tenaris became the exclusive distributor of TMK&#8217;s OCTG and line pipe products in United States and Canada. At the end of the MDA&#8217;s <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 would be no minimum yearly purchase requirement for the OCTG product category for <span>2022</span>, and there would be no minimum yearly purchase requirement for TMK line pipe products under the MDA neither for <span>2022</span>, nor for any subsequent contract year until expiration of the MDA&#8217;s term. In addition, no purchases of TMK products were made during <span>2023</span> </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;"> <span>2024</span>.</span></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain subsidiaries of the Company entered into a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contract with the supplier JFE Steel Corporation for the purchase of tubular material, including <span>13</span> chrome alloy products. Such contract foresees a penalty for a maximum amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">25.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in case of early termination.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The contract is valid until June 30, 2029.</span></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain subsidiaries of the Company entered into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">short-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">agreements with Vestas Group for the supply of materials and services related to the construction of a wind farm in Argentina. 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>2024</span>, the amount related to these commitments was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">90.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An Argentine subsidiary of the Company entered into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">short-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">agreements with COARCO S.A. for execution of civil and electrical works, including auxiliary services, related with the construction of a wind farm in Argentina. 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>2024</span>, the amount related to these commitments was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">39.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A U.S. subsidiary of the Company entered into a <span style="-sec-ix-hidden:Tag3439">one</span>-year agreement with U.S. Steel Corporation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under which it is committed to take or pay on a monthly basis a specified minimum volume of steel billets, at prices calculated on a monthly 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;"> 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>2024</span>, the estimated aggregate contract amount, calculated at current prices, stands at approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">31.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><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 Argentine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiary of the Company entered into a contract with Usiminas from which it committed to purchase steel coils for a remaining amount of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">88.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million to use for manufacturing welded pipes for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">VMOS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> project 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;">Vaca Muerta </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shale </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;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><br/></span></li> </ul>
<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;">In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations of Techgen as described in note <span>14</span> (c) and (ii) issued performance guarantees mainly related to long-term commercial contracts with several customers and Tenaris companies for approximately $4.1 billion as of December 31, <span>2024</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;"><br/></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;"> </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;"> <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;">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</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;"> until such reserve equals 10% of the issued share capital.</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 April 30, 2024, the extraordinary general meeting of shareholders approved the cancelation of 17,779,302 ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced. 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>2024</span>, this reserve </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;"> 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;"> <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 may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</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 commitments and contingent liabilities. [Refer: Classes of contingent liabilities [domain]]</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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<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, 2024</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_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract', window );"><strong>Note 28 - Cancellation of title deed in Saudi Steel Pipe Company</strong></a></td>
<td class="text">&#160;<span></span>
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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; line-height: inherit;"><span>28</span></span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cancellation of title deed in Saudi Steel Pipe Company</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: normal; 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-weight: normal; line-height: inherit;">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: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; 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-weight: normal; line-height: inherit;">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: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; 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 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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>
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<tr><th class="th"><div>Dec. 31, 2024</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_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_DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock', window );">Note 29 - Foreign exchange control measures in Argentina</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"><span>29</span></span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#160;</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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">Between September 2019 and December 13, 2023, 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 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>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<td style="width: 4%; text-align: center; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8226;</span></td>
<td style="width: 96%; text-align: justify; padding: 0px 0px 8px;"><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 remained stable during the <span>twelve</span>-month period ended December 31, 2024, but it is unclear if it will be further modified in the short term. </span></td> </tr>
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<td style="text-align: center; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8226;</span></td>
<td style="text-align: justify; padding: 0px 0px 8px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 for <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>
<td style="text-align: center; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8226;</span></td>
<td style="text-align: justify; padding: 0px 0px 8px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Access to the MULC to pay for imports of goods with customs clearance as from December 13, 2023, does not require government approval. Payment of the price of such imports is deferred for varying periods of time depending on the date of customs clearance; in the case of imports of goods with customs clearance on or after October 21, 2024, the price may be paid in full as from the <span>30</span>th calendar day as from the date of custom clearance. Advance payments or at sight cannot be made. In December 2024, the government eliminated the tax on imports.</span></td> </tr>
<tr>
<td style="text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8226;</span></td>
<td style="text-align: justify;"><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></td> </tr> </tbody> </table> </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;"><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;"><br/></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;"><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 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 MULC at the official exchange rate.</span></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. It is still unclear if or when the new Argentine Securities Commission&#8217;s authorities will eliminate or loosen the remaining restrictions.</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 exchange rate of the Argentine peso against the U.S. dollar devaluated by more than <span>100</span>% upon the change of government in December 2023. Since then</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and until December 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the new Administration maintains a &#8220;crawling peg&#8221; policy by devaluating the Argentine currency at a rate of approximately 2% per month</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, rate which will be reduced to 1% per month as from February 1, 2025</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The extent and rate of the crawling peg remains unclear.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tenaris&#8217;s financial position in Argentine pesos 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>2024</span>, amounted 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;">40.6</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;">. In the event of an additional devaluation, our Argentine subsidiaries, which hold 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;">217.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, may be adversely affected, and 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;"><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 </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>2024</span>, the total equity of Argentine subsidiaries represented approximately </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;"> of Tenaris&#8217;s total equity and the sales made by Argentine subsidiaries during the period ended </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>2024</span>, amounted approximately to </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 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</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>2024</span>, are valued at the prevailing official exchange rate.</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;">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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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 30 - Cash flow disclosures<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</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>30</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="color: #000000; font-family: 'Times New Roman'; 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: -51.6667px; 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;">&#160;&#160;&#160;&#160;</span>Cash flow disclosures</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>

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<table cellpadding="0" cellspacing="0" style="height: 309px; 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: '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;"><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: 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; 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: bottom; height: 10px;">
<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: 10px;">
<p style="margin: 0pt;"><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: 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>2024</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: 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; 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;"> <span>2022</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> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 5%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (i) </span></p> </td>
<td style="padding: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 60%;" valign="bottom">
<p style="font-family: 'Frutiger 45 Light'; font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; vertical-align: bottom;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Changes in working capital </span><sup><sup style="vertical-align: bottom;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt;">(*)</span></sup></sup></span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<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: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<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: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 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-align: center;"><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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 184,996 </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;"> 186,903 </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;"> (1,329,865 </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; 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: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables and prepayments, contract assets and current tax assets </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;"> (60,456 </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;"> 64,000 </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;"> (155,449 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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: 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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 550,334 </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;"> 153,920 </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;"> (1,208,278 </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; 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: 17px; background-color: #cceeff;">
<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; 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;"> (100,133 </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;"> 28,275 </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;"> 57,389 </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: bottom; height: 17px;">
<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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (71,100 </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;"> (101,646 </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;"> 151,066 </span></p> </td>
<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;"><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: 17px; background-color: #cceeff;">
<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; 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;"> (216,724 </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;"> (149,024 </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;"> 353,892 </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: bottom; height: 17px;">
<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: 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 286,917 </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;"> 182,428 </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;"> (2,131,245 </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;"><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; height: 17px; background-color: #cceeff;">
<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; height: 17px; background-color: #cceeff;">
<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; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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;">
<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; 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; 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; 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: '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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 479,680 </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;"> 674,956 </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;"> 617,236 </span></p> </td>
<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;"><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: 17px; background-color: #cceeff;">
<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; 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;"> (702,190 </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;"> (818,347 </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;"> (359,585 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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: 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: 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (222,510 </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;"><span style="font-weight: bold;">)</span></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;"> (143,391 </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;"><span style="font-weight: bold;">)</span></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;"> 257,651 </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; height: 17px; background-color: #cceeff;">
<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; height: 17px; background-color: #cceeff;">
<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; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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;">
<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; 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; 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; 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: '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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (181,107 </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;"> (106,612 </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;"> (34,080 </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; 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: 17px; background-color: #cceeff;">
<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; 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;"> 240,809 </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;"> 147,473 </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;"> 68,335 </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: bottom; height: 17px;">
<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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (60,769 </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;"> (94,341 </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;"> (32,775 </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; 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: 17px; background-color: #cceeff;">
<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; 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;"> (1,067 </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;"><span style="font-weight: bold;">)</span></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;">
<p style="margin: 0px; text-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; 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;"><span style="font-weight: bold;">)</span></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;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><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; margin: 0px; text-indent: 0px; 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;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*) 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></sup></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 IAS<br> -Number 7<br> -IssueDate 2024-01-01<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-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS07_g10-17_TI<br> -URIDate 2024-03-27<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, 2024</div></th></tr>
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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;"><span>31</span></span><span style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160;&#160;&#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;"><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;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>4</span></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>
<div id="t_ft_1QK0KOQNWW00000000000000000000b">
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<tbody>
<tr style="height: 17px;">
<td style="width: 3%; height: 17px; text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8226;</span></td>
<td style="width: 97%; height: 17px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">San Faustin S.A., a Luxembourg soci&#233;t&#233; anonyme, owned 713,605,187 shares in the Company, representing 61.37% of the Company&#8217;s share capital and 65.81% of the voting rights.</span></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8226;</span></td>
<td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"><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 Holdings S.&#224;.r.l., a Luxembourg </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><i>soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e</i></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(&#8220;Techint&#8221;),</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">who is the holder of record of the above-mentioned Tenaris shares.</span></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8226;</span></td>
<td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (&#8220;RP STAK&#8221;) held voting shares in San Faustin sufficient in number to control San Faustin. </span></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: center; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8226;</span></td>
<td style="height: 17px; vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">No person or group of persons controls RP STAK.</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: 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 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 share capital and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">0.08%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of the voting rights.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">Transactions and balances disclosed as with &#8220;associated companies&#8221; are those with companies over which Tenaris exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances disclosed as with &#8220;joint ventures&#8221; are those with companies over which Tenaris exerts joint control in accordance with IFRS, but does not have control. All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as &#8220;other related parties&#8221;.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">

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<div id="t_ft_8YYMEOEYXC00000000000000000000b">
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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: 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;">
<p style="margin: 0px; text-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; 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: 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;">
<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: 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;">
<p style="margin: 0px; text-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>2024</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>
<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>
<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;">
<p style="margin: 0px; text-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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <span>2022</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: top; width: 5%; background-color: #cceeff; 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; width: 60%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Sales of goods, services and other transactions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 37,551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </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; </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;"> Sales of goods to other related parties </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;"> 83,250 </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;"> 121,679 </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;"> 151,884 </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> </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 and others to associated companies </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;"> 3,456 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </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; </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;"> Sales of services and others to joint ventures </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;"> 139 </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;"> 135 </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;"> 131 </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; </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 and others to other related parties </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;"> 127,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></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;">
<p style="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; 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; 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; 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;"> 109,123 </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>
<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;"> &#160; </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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 252,336 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></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;">
<p style="margin: 0px; text-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; 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>
<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>
<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;">
<p style="margin: 0px; text-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; 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: 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, services and other transactions </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;"> &#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;"> &#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;"> &#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; 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; background-color: #cceeff; height: 17px;">
<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; 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;"> 154,772 </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;"> 324,556 </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;"> 555,257 </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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23,466 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> Purchases of goods to other related parties </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;"> 70,425 </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;"> 61,366 </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;"> 51,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </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 and others to associated companies </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;"> 17,544 </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;"> 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> Purchases of services and others to other related parties </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;"> 55,576 </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; 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;"> 76,751 </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>
<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>
<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;"> 36,767 </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; 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; 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;"> 321,783 </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-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;"> 548,763 </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>
<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>
<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;"> 758,443 </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>
<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;"> &#160; </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;"> (c) 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;">
<p style="margin: 0px; text-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; 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; font-weight: bold;"> &#160; </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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </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;"> &#160; </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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 6,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<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; 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;"> &#160; </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;"> (d) Dividends </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; font-weight: bold;"> &#160; </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; font-weight: bold;"> &#160; </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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,211 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </tr>
<tr style="height: 17px; background-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: 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends distributed to Techint Holdings S.&#224;r.l. </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;"> 478,115 </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;"> 385,347 </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="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 321,122 </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr> </tbody> </table> </div> </div>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_COQ50LXH4000000000000000000000b">
<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: 238px;" 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: 9pt; 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: 9pt;"> &#160; </span></p> </td>
<td colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; height: 17px; 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: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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; font-weight: bold;"> (ii) </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;"> Period-end balances </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>2024</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>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> </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; width: 5%;">
<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; background-color: #cceeff; height: 17px; width: 72%;">
<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 and other transactions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,133 </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;"> 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> </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; </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;"> Receivables from joint ventures </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;"> 68,759 </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;"> 63,374 </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; </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 47,713 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </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; </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;"> Payables to associated companies </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;"> (23,531 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</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;"> (21,012 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; 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;"> (28,361 </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; background-color: #cceeff; 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; background-color: #cceeff; height: 17px;">
<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; 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;"> (12,165 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 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; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 83,857 </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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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; 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;"> &#160; </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;"> (b) Financial debt </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;"> &#160; </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;"> &#160; </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; </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; 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;"> (1,459 </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;"> &#160; </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;"> Finance lease liabilities from other related parties </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;"> (260 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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 style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,286 </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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,834 </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div> </div>  </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: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In addition to the tables above, the Company issued various guarantees in favor of Techgen; for further details, please 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;"> (c)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and 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;">(ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these Consolidated Financial Statemen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. No other material guarantees were issued in favor of other related parties.</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; font-weight: bold;">Directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> and senior management compensation</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">During the years ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>4</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>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 cash compensation of Directors and Senior managers amounted to <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;">$</span>33.4</span>&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">47.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">35.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;">448</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">388</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">437</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> thousand units for a total amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">6.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">5.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">5.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million respectively in connection with the Employee retention and long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">term incentive program mentioned in note II.P.<span>3</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Employee benefits &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other long</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;">term benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these Consolidated Financial Statements.</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 related parties.</p></div>
<a href="javascript: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 2024-01-01<br> -Section Disclosures<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS24_g13-24_TI<br> -URIDate 2024-03-27<br></p></div>
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<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>
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<tr><th class="th"><div>Dec. 31, 2024</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_AdditionalInformationAbstract', window );"><strong>Note 32 - Principal accountant fees</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_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="font-size: 10pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">32</span><span style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">Princ</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">ipal a</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">ccountant</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">f</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;">ees</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">Total fees accrued for professional services rendered </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to Tenaris S.A. and its subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Ernst &amp; Young S.A. (&#8220;EY&#8221;) </span><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;">for the year <span>2024</span> and <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> PricewaterhouseCoopers, Soci&#233;t&#233; coop&#233;rative</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(&#8220;PwC&#8221;)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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;"> are detailed as follows:</span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>

<div id="t_ft_6ZT4E7GMPS00000000000000000000b">
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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: bottom; height: 20px;" 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: 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: 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; border-top-width: 1px; 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;"> <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-top-width: 1px; 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: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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: 17px; border-top-width: 1px; 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;"> <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;" valign="bottom"><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;" valign="bottom"><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;" 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: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit fees </span></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;"> 4,569 </span></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;"> 4,386 </span></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;"> 3,966 </span></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: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit-related fees </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;"> 51 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 273 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 255 </span></p> </td>
<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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax fees </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;"> 78 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 148 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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> </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;"> All other fees </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;"> 14 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; 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;"><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: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,698 </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;"> 4,821 </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; 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-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-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: 10pt; margin: 0pt; text-align: justify;"><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: 10pt;">In addition,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the year <span>2023</span>,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> PwC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rendered $242 </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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of additional information that is not presented elsewhere in the financial statements, but that is relevant to an understanding of 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 IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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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, 2024</div></th></tr>
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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;">33<span style="color: #000000; font-family: 'Times New Roman'; 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: -51.6667px; 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;">&#160;&#160;&#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Principal subsidiaries</span></p>
<p style="line-height: 10pt; margin: -2pt; 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 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;"><span>4</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>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="line-height: 12pt; margin: -2pt; text-align: justify;"> <br/></p>
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<tr style="height: 19px;">
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Company </span></p> </td>
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Country of Incorporation </span></p> </td>
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Main activity </span></p> </td>
<td colspan="3" style="padding: 0px 7px; vertical-align: middle; height: 19px; border-bottom-width: 1px; border-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;">Percentage of ownership at December 31,&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2022</span> </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 37%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> ALGOMA TUBES INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 12%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 27%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> BREDERO SHAW INTERNATIONAL B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company and supplier of pipe coating services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> NA </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> CONFAB INDUSTRIAL S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Brazil </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> DALMINE S.p.A. and subsidiaries (a) </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: 8pt;"> Italy </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: 8pt;"> Manufacturing of seamless steel pipes </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> EXIROS B.V. and subsidiaries (b) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Procurement and trading services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 50% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 50% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 50% </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: 8pt;"> HYDRIL COMPANY </span></p> </td>
<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: 8pt;"> USA </span></p> </td>
<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: 8pt;"> Manufacturing and marketing of premium connections </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> MAVERICK TUBE CORPORATION and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> USA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> P.T. SEAMLESS PIPE INDONESIA JAYA </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: 8pt;"> Indonesia </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: 8pt;"> Manufacturing of seamless steel products </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: 8pt;"> 89% </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: 8pt;"> 89% </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: 8pt;"> 89% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> SILCOTUB S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Romania </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> SAUDI STEEL PIPE CO. and subsidiaries (c) </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: 8pt;"> Saudi Arabia </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: 8pt;"> Manufacturing of welded steel pipes </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: 8pt;"> 48% </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: 8pt;"> 48% </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: 8pt;"> 48% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> SIAT SOCIEDAD ANONIMA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (d) </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: 8pt;"> Argentina </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: 8pt;"> Manufacturing of seamless steel pipes </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Portugal </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS BAY CITY, INC. </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: 8pt;"> USA </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: 8pt;"> Manufacturing of welded and seamless steel pipes </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS CONNECTIONS BV </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Development, management and licensing of intellectual property </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS FINANCIAL SERVICES S.A. </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: 8pt;"> Uruguay </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: 8pt;"> Financial operations </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS GLOBAL SERVICES (CANADA) INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </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: 8pt;"> USA </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: 8pt;"> Marketing of steel products </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS GLOBAL SERVICES (UK) LTD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> United Kingdom </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company and marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries </span></p> </td>
<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: 8pt;"> Uruguay </span></p> </td>
<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: 8pt;"> Marketing, distribution of steel products and holding company </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </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: 8pt;"> 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: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Luxembourg </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing and distribution of steel products, financial operations and holding company </span></p> </td>
<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: 8pt;"> 100% </span></p> </td>
<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: 8pt;"> 100% </span></p> </td>
<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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS QINGDAO STEEL PIPES LTD. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> China </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Processing of premium joints, couplings and automotive components </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS TUBOCARIBE LTDA. </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: 8pt;"> Colombia </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: 8pt;"> Manufacturing of welded and seamless steel pipes </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Mexico </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: -2pt; text-align: justify;"> <br/></p>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light';"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span>&#160;All percentages rounded.</span> </span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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 Baogang Baotou Steel Pipes Ltd. Until <span>2022</span> held 98.4% of Tenaris Supply Chain S.A.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">(a) <span>Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">b</span><span style="font-family: 'Frutiger 45 Light';">) <span>Tenaris holds 50% of the voting rights</span></span><span style="font-family: 'Frutiger 45 Light';"> and Ternium owns the remaining 50%</span><span style="font-family: 'Frutiger 45 Light';">. </span><span style="font-family: 'Frutiger 45 Light';">Exiros</span> <span style="font-family: 'Frutiger 45 Light';">provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#8217; agreement, Tenaris recognizes Exiros&#8217; assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</span> </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">c</span><span style="font-family: 'Frutiger 45 Light';">) <span>Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad</span></span><span style="font-family: Calibri;">&#257;</span><span style="font-family: 'Frutiger 45 Light';">wul), Tenaris holds 47.79% and has the right to nominate the majority of the members 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 G</span><span style="font-family: 'Frutiger 45 Light';">lobal </span><span style="font-family: 'Frutiger 45 Light';">P</span><span style="font-family: 'Frutiger 45 Light';">ipe </span><span style="font-family: 'Frutiger 45 Light';">C</span><span style="font-family: 'Frutiger 45 Light';">ompany</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">d</span><span style="font-family: 'Frutiger 45 Light';">) <span><span>Until its liquidation in April 2023</span> Siderca held 51% of NKKTubes.</span></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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_2_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</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_DisclosureOfBusinessCombinationsAbstract', window );"><strong>Note 34 - Business combinations</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_DisclosureOfBusinessCombinationsExplanatory', window );">Note 34 - Business combinations</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; letter-spacing: -0.1pt;"><span>34</span></span><span style="font: 7.0pt 'Times New Roman';"><span style="font-size: 10pt;">&#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;">Business combinations</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">&#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;">Acquisition of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Pipe Coating Business Unit of Mattr</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;">Acquisition and price determination</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On November 30, 2023, Tenaris completed the acquisition of Mattr&#8217;s pipe coating business unit and other specific assets for $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">182.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million paid in cash. Under the purchase contract, the acquisition price was paid based on an estimated closing statement and the final price was 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;">. On July 31, 2024, the parties entered into a settlement agreement, pursuant to which the parties agreed that the aggregate shortfall payment payable by Mattr to Tenaris amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">32.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and, accordingly, the final purchase price was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">150.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;">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: 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 consolidated the balances and results of operations of the acquired business as from November 30, 2023. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For the <span>twelve</span>-month period ended December 31, 2024, the acquired business contributed revenues of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">347.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, represented a minor contribution to Tenaris&#8217;s results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, and was initially assigned to the Other segment but subsequently reclassified to the Tubes segment.</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;">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 application of the acquisition 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; 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 purchase price allocation was carried out with the assistance of a third-party expert. Following IFRS <span>3</span>, during the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>twelve</span> month following the acquisition date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company continued reviewing the allocation and, based on new information related to events or circumstances existing at the acquisition date, made certain adjustments over the value of the identifiable assets acquired such as property, plant and equipment, intangible assets, working capital and other assets and liabilities.</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: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#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; margin-left: 0.1px;" width="100%">
<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;"> &#160; </span></p> </td>
<td colspan="4" 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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"><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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023) in Millions of USD: </span></p> </td>
<td 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: 10pt; font-weight: bold;"> Final </span></p> </td>
<td 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;"><br/></td>
<td 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;"><br/></td>
<td 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: 10pt; font-weight: bold;"> Preliminary </span></p> </td>
<td 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;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; 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;"> 115 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; 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;"> 126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 14 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 29 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Working capital </span></p> </td>
<td style="padding: 0px; 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;"> (2 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Cash and Cash Equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 21 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (7 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (7 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 11 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 169 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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> </tbody> </table>
<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 fair value of the net assets acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">152.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The preliminary purchase price allocation resulted in a goodwill of approximately $13.6 million. However, following the completion of the previously mentioned purchase price allocation and a concurrent price adjustment, the business combination resulted in a bargain purchase of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, recorded in </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;">.</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;">Acquisition-related costs for the year ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>4</span> and <span>2023</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1.3</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1.1</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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and were included in 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>
<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 price purchase allocation of the remaining business combinations that occurred during <span>2023</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">were finalized during the year ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> without any further adjustments.</span></p> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 35 - Share Buyback Program<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</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 35 - Share Buyback Program</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_DisclosureOfShareBuybackTextBlock', window );">Note 35 - Share Buyback Program</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; line-height: inherit;"><span>35</span></span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Share </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">B</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">uyback </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">P</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">rogram</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">s</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;">First </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share Buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Program</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 November 1, 2023, the Company&#8217;s board of directors approved a share buyback program of up to $1.2 billion</span><span style="font-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 be executed within a year, with the intention to cancel the ordinary shares acquired through the program.</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 </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;">buyback program </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;"> carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, up to a maximum of 10% of the Company&#8217;s shares.</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;">For purposes of carrying out each tranche of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">first </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">program, Tenaris entered into non-discretionary buyback agreements with primary financial institutions that made trading decisions concerning the timing of the purchases of Tenaris&#8217;s ordinary shares independently of and uninfluenced by Tenaris and acted 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>.</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 the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">first</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">program, which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was divided into four tranches and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ran 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;">November 5, 2023, to (and 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;">August 2, 2024, the Company purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">71,679,768</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares, representing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6.07%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the Company&#8217;s issued share capital at the beginning of the program, for a total consideration of $1.2 billion. </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;">Second </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share Buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Program</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 November 6, 2024 the Company&#8217;s board of directors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approved a follow-on share buyback program </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 up to $700 million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with the intention to cancel the ordinary shares acquired through the program, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under the authority granted by the annual general meeting of shareholders held on June 2, 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;">up to a maximum of 10% of the Company&#8217;s shares.</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="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;">This follow-on share buyback program will cover up to $700 million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(excluding incidental transaction </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;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, subject to a maximum of 46,373,915 ordinary shares representing the remainder 3.93% of the Company&#8217;s issued share capital (measured also as at the launch of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">first share buyback</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> program)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, to complete the maximum </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of 10% of the share capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that may be repurchased by the Company</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;">During the year ended December 31, 2024, the Company purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">83,616,548</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares, for $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,441.8</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;"> (net of a performance amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">7.4</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;">, out of which, $1,439.6 were paid.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> During the year ended December 31, 2023, the Company purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">12,648,091</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares, for a value of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">213.7</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;"> (net of a performance amount of $0.7</span>&#160;<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;">out of which, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">213.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were paid.</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;">For purposes of carrying out the second share buyback program, Tenaris entered into non-discretionary buyback agreement with a primary financial institution that will make trading decisions concerning the timing of the purchases of Tenaris&#8217;s ordinary shares independently of and uninfluenced by Tenaris and will 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>.</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 April 30, 2024, the extraordinary shareholders meeting approved the cancellation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">17,779,302</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares held in treasury by the Company, which had been acquired throughout the first tranche of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the first</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> share buyback program, and resolved to approve the corresponding reduction of the issued share capital of the Company and the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">corresponding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amendment of the first paragraph of article <span>5</span> of the Company&#8217;s articles of association. As a result, effective April 30, 2024, the share capital of the Company was reduced from $1,180,536,830 (represented by 1,180,536,830 shares with a par value of $1 per share) to $1,162,757,528 (represented by 1,162,757,528 shares with a par value of $1 per share).</span></p>

<p style="line-height: 1.2; 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;">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>2024</span>, the Company held </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">78,485,337</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares as treasury shares. The Company intends to cancel all treasury shares purchased under the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share buyback </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">program</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 due course.</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, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2024</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span>, the Company held a liability in connection to the shares to be settled under the </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;"> buyback program</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;"> that 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;">243.3</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;">$86.2 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;">, valued at fair value.</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;">Further information on the buyback transactions is available on Tenaris&#8217;s corporate website under the Share Buyback Program Section.</span></p> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 36 - 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, 2024</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 36 - Climate change</strong></a></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 36 - 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;"><span style="font-weight: bold;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">36</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Climate</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;"> change</span></span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">&#160;</span></p>
<p style="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="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 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;">In February 2025, the baseline for this medium-term target was reset to take into account the expanded perimeter of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> through various acquisitions since <span>2018</span>, the inclusion of intermill transportation emissions within the target scope, and additions and other changes in raw material emission factors to more accurately represent their use in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> operations.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company aims to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by making investments to increase energy efficiency and the use of renewable energy in its energy requirements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and selective sourcing for raw material and steel purchases.</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 particular, a large proportion of these investments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in projects aimed at reducing emissions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, through the interconnected grid,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 103.2 MW of power, or close to 50% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> total electric power requirements, to its industrial facilities in Campana.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In November 2023</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 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</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;">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 opportunities for improvement in line with its reduction target.</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;">Th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> medium-term target forms part of a broader objective of decarbonizing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"> 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 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">carbon capture and
storage</span>. These sales currently account for a relatively small proportion of overall sales but are expected to grow in the coming years.</span></p>
<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;">In its assessment</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of climate change and energy transition potential impact on operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 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;">Environmental, Social and Governance (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ESG</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> practices in their supply chain, and that they may adjust their supply practices in light of that 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: 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 </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;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or the valuation of the above mentioned areas.</span></p> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 37 - Events after the reporting period<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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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;"><span>37</span></span><span style="font: 10pt 'Times New Roman';">&#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&#160;<sup>11</sup></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">Recently Announced 25% Tariff on Steel Imports in the United States</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; letter-spacing: -0.1pt;">&#160;</span></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;">Early in 2025, the U.S. government imposed a 25% tariff on virtually all imports of steel and steel derivatives, revoking previously negotiated country-specific exemptions and quota arrangements. As a result, all previously exempted or quota-managed countries became subject to the full 25% tariff on their steel exports to the United States.</span></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;"><br/></span></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 addition, on February 1, 2025, the U.S. government announced the imposition, through the International Emergency Economic Powers Act (&#8220;IEEPA&#8221;), of across-the-board tariffs applicable to all products imported from Mexico, Canada and China (with the exception, as of the date of this Consolidated Financial Statements), of Mexican and Canadian products that comply with USMCA preferential rules of origin). These tariffs could apply to certain products that Tenaris and other companies are currently importing under previously granted exclusions or tariff-free quotas.</span></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;"><br/></span></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 light of the foregoing uncertainties, at this time, Tenaris is unable to predict the evolution or ultimate outcome of these developments or to quantify the impact that the new tariffs and measures could have on its business or financial condition.</span></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;">&#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; letter-spacing: -0.1pt;">Annual Dividend Proposal</span></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;">&#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;">Upon approval of the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#180;s annual accounts </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;">April</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>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Board of Directors intends to propose, for the approval of the Annual General Shareholders' meeting to be held on </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;"><span>6</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>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the payment of an annual dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.83</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.66</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;">0.9</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;">illion, which includes the interim dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.27</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.54</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;">0.3</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;">illion, paid 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>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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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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;">On March 4, 2025, the Company announced the completion of its second Share Buyback Program. During the Program, which ran from November 11, 2024, until March 4, 2025, the Company purchased a total of 36,862,132 ordinary shares, for a total consideration of approximately $691.6 million (net of a performance amount of approximately $8.4 million). As of March 4, 2025, the Company held 90,762,598 treasury shares. The Company intends to cancel all treasury shares purchased under the share buyback programs in due course.</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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<h3 style="font-weight: normal; margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid;"><a class="customBookmark" href="#TOC" id="BBimp_13202515375632" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Recovery of Erroneously Awarded Compensation</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;">In 2023, the Company&#8217;s board of directors approved the&#160;Clawback 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;clawback&#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. The members of senior management listed in the section &#8220;Information on the Company - Directors, Senior Management and Employees &#8211; Senior Management&#8221;, as well as Mr. Stefano Bassi, the Company&#8217;s global reporting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">senior </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">director, are subject to the Clawback Policy.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cybersecurity Risk Management and Strategy Disclosure<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</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_cyd_CybersecurityRiskManagementStrategyAndGovernanceAbstract', window );"><strong>Cybersecurity Risk Management, Strategy, and Governance [Abstract]</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_cyd_CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock', window );">Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]</a></td>
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<div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><a class="customBookmark" href="#TOC" id="Bs19_122202523528192" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cybersecurity</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; font-style: italic; font-weight: bold; line-height: inherit;">Risk Management, Strategy and Governance</span></p>

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<p style="margin: 0pt 0pt 0pt; 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, 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><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 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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;CRC&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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> <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;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> </div> </div>
<p style="margin: 10pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><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. <span style="-sec-ix-hidden:Tag3466">Our risk assessment methodology considers the potential impact of cybersecurity risks with respect to continuity of operations, information security (including confidentiality, integrity and availability),</span> 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) <span style="-sec-ix-hidden:Tag3465">specialized consultants may be engaged in connection with cybersecurity risk processes.</span></span></p>
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<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 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.&#160;In <span>2024</span>, we adopted a process to assess third-parties cybersecurity, to the extent they are connected to Tenaris or process Tenaris&#8217;s confidential information.</span></p> </div> </div> </div> </div> </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;">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: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="-sec-ix-hidden:Tag3462"><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 </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;">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 <span>25</span> years of experience in cybersecurity and information technology fields.</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="-sec-ix-hidden:Tag3461">The chief information security officer periodically reports on its activities to the CRC.</span></span></p> </div> </div> </div> </div> </div>
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<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 <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;">, no risks from cybersecurity threats, including as a result of any previous cybersecurity&#160;incidents, or third-parties 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> </div> </div> </div> </div> </div>

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<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: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;">Tenaris has adopted cyber-resilience standards as part of its cybersecurit<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> strategy and cyber capabilities. For example, a cyberattack simulation exercise was carried out in <span>2024</span> with an external consultant (KPMG) acting as a cyber attacker and</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>&#160;Tenaris&#8217;s </span><span>cybersecurity team acting as defenders</span><span>, showing the Company&#8217;s strong commitment to cybersecurity issues, particularly associated risks, potential impacts and action plans.&#160;</span><span>The results of such exercise are still subject to evaluation and will aid in building a stronger </span>cybersecurity<span> strategy.</span></span></p> </div> </div> </div> </div> </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;">For more information on cybersecurity risks, see &#8220;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> <span></span>
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<p style="margin: 0pt 0pt 0pt; 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, 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><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 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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;CRC&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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> <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;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> </div> </div> <span></span>
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<td class="text"><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 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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;CRC&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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></span>
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<td class="text"><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 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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;CRC&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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> <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;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><span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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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<tr><th class="th"><div>Dec. 31, 2024</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_DisclosureOfSignificantAccountingPoliciesAbstract', window );"><strong>Disclosure of Significant Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Basis of presentation</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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 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; 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;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS Accounting Standards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) 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;"> as adopted by the European Union,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under the historical cost convention, as modified by the revaluation of </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;">financial assets</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Whenever necessary, c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ertain comparative amounts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been reclassified to conform to changes in presentation in the current year.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;"> The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> main</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> areas involving </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;"> estimates or judgements are: </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;">mpairment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">testing </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;">long-lived assets (not</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;">s </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;">H</span><span style="font-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 in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investments in associates (note II.B)</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;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">axes </span><span style="font-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 recoverability of deferred tax 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;">(note 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;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">obsolescence of inventory (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">II.J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">); contingencies (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Q</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allowance for trade receivables (note II.K)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">post-employment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and other long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (note II.</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;">);</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(notes II.B); u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seful lives of property, plant and equipment</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;"> other long-lived assets (notes II.E, II.F</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;">H</span><span style="font-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 value estimation of certain financial instruments (note III.B)</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;">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;"> (note </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;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>28</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;">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;"> there were no </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;"> changes in the </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;"> accounting estimates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and judgements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;">(<span>1</span>)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Accounting pronouncements applicable as from J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">anuary <span>1</span>, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>4</span></span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><br/></p>
<p style="font-size: 10pt; 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;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ccounting pronouncements that became effective during <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;"> have no material effect on the Company&#8217;s financial condition or results of operations.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 following amendments became effective as at 1 January 2024:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 7.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS <span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Lease Liability in a Sale and Leaseback&#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;">-</span> Amendments to IFRS <span>16</span>.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disclosures: Supplier Finance Arrangements -&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Amendments to IAS <span>7</span> and IFRS <span>7</span>.</span></li> </ul>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">New ac</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">counting pronouncements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">applicable as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">of December 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>1</span>, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><span>4</span></span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Amendments to IAS <span>21</span> &#8211; Lack of Exchangeability</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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;">In</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> August, 2023, the IASB published </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;">Lack of Exchangeability (Amendments to IAS <span>21</span>)</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;">with new</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> guidance to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">determine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> when a currency is exchangeable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or not,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and how to determine the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to apply </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;">a currency </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exchangeable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The amendments also require the disclosure of additional information when a currency is not exchangeable.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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 </div> </div>
<p style="font-size: 10pt; 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 amendments are effective for annual periods beginning on or after January 1, 2025 with early adoption permitted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and without </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">retrospective</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> application</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">does not expect these amendments to have a material impact on its operations or</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial statements.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">IFRS <span>18</span> - Presentation and Disclosures in Financial Statements</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In April 202</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;">, the IASB published </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS <span>18</span></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;">will replace IAS <span>1</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;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">resentation of financial 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;"> IFRS <span>18</span> introduces</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> new requirements</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that will help to achieve comparability of the financial performance of similar entities and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provide more relevant information and transparency to users. Even though IFRS <span>18</span> will not</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impact the recognition or measurement of items in the financial statements, its impacts on</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">presentation and disclosure are expected to be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">extensive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in particular those related to the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">income statement, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">statement of financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">position, statement of cash flows </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 inclusion of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management-defined performance measures</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">within the financial statements.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: Arial; font-size: 9pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management is currently assessing the detailed implications of applying the new standard on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the 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></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026 and December 31, 2025 will be restated in accordance with IFRS <span>18</span>. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The&#160;European Union has still not endorsed this standard.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Other </span><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;">ly published</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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>
<td class="text">
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">B&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Group accounting</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Subsidiaries and transactions with non-controlling interest</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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">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; line-height: inherit;">Subsidiaries are fully consolidated from the date on which control is </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;"> by the Company and are no longer consolidated from the date control ceases.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 </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;"> method is used to account for the acquisition of subsidiaries 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;">. 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; line-height: inherit;">transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, equity instruments issued and liabilities incurred or assumed at the date of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exchange</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Acquisition-related costs are expensed as incurred.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Identifiable assets acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> liabilities and contingent liabilities assumed in a business combination 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;">measured initially at their fair values at the acquisition date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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; line-height: inherit;">identifiable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The excess of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> aggregate of the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consideration transferred</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 amount of any non-controlling interest in the acquiree</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">this</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> Consolidated</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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as bargain purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Contingent consideration is classified either as equity or a</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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial liability. Amounts classified as a financial liability are subsequently remeasured </span><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;"> fair value </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;">profit or loss.</span> <br/></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; font-family: 'times new roman', times; 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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ransactions with non-controlling interests </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that do not result in a loss of control</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are accounted</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value</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 change in carrying amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, net of consideration received (if any),</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Material intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">balances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and unrealized gains (losses) on transactions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">between Tenaris subsidiaries have been eliminated in consolidation. However, </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;"> the functional currency of some subsidiaries </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;">i</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 respective local currency, some financial gains (losses) arising from intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are generated. These</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are included 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 under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">inancial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Non-consolidated companies</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Investments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding of between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized at cost (as defined by IAS <span>28</span>, &#8220;Investments in Associates and Joint Ventures&#8221;). The Company&#8217;s investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Associated companies are those entities in which Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exerts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> significant influence</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;">, but </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">have </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">control.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Joint arrangements are combinations in which there are contractual agreements by virtue of which <span>two</span> or more </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">partner </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">companies hold an interest in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>one</span> or more </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">companies that undertake operations or hold assets in such a way that any financial or operating decision is subject to the unanimous consent of the partners</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (as defined by IFRS <span>11</span> &#8220;Joint Arrangements&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A joint arrangement is classed as a joint operation if the parties hold rights to its assets and have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's net assets.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Under the equity method</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> adjusted where necessary to ensure consistency with IFRS.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;">Equity in earnings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">. 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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; font-style: normal; line-height: inherit;">The main investments in non-consolidated companies are:</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">a)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Ternium</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; 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;">At December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">ld </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">11.46</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> share capital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Ternium S.A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> representing 11.70% of its outstanding shares</span><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><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; 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&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>eight</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> members of Ternium&#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 (including Ternium&#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;">hairman) are also members of t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he 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;">;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">both the Company and Ternium are under the indirect common control of San Faustin S.A. (&#8220;San Faustin&#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;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nder the shareholders</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;"> agreement by and between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company and Techint Holdings S.&#224;r.l</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;">, a wholly owned subsidiary of San Faustin </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">controlling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholder, dated January 9, 2006</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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is required to take actions within its power to cause</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (a) <span>one</span> of the members of Ternium&#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 to be nominated by </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;"> and (b) any director nominated by </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 be removed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from Ternium&#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;">only </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pursuant to previous written instructions of </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;">.</span></li> </ul>

<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">b)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Usiminas</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt 0pt; text-indent: 0pt;"><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;"><span>4</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 he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">47.5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;million ordinary shares and 1.3 million preferred shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. - Usiminas (&#8220;Usiminas&#8221;), representing 6.76</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of its shares with voting rights and 3.96</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of its total share capital.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"><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 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;">performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#8217; existing control group. Subsequently, in <span>2016</span>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</span> </p>
<p style="font-size: 10pt; 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;">On</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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;">agreed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquire an additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">68.7 million ordinary shares of Usiminas 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 for </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;">11 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas&#8217; employee pension fund, Previd&#234;ncia Usiminas. At December 31, 202</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;">, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of Usiminas&#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; line-height: inherit;">% corresponding to Confab); the NSC Group and Previd&#234;ncia Usiminas held 31.7% and 7%, respectively, in the control group.</span></p>
<p style="font-size: 10pt; 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;">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 Usiminas 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 Previd&#234;ncia 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 Usiminas. 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 Usiminas board of directors, the chief executive officer and four other members of the Usiminas board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas&#8217; control group shares. </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">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 Usiminas&#8217; control group (153.1 million ordinary shares) at the higher of $2.0584 per share and the equivalent in U.S. dollars of 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&#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;">equivalent in U.S. dollars of the</span> 40-trading day average price per share immediately prior to the NSC group<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;">&#8217;</span>s notice of withdrawal, 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 $2.0584 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="font-size: 10pt; 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;">Confab and the Ternium entities party to the Usiminas 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 Usiminas, 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 Usiminas&#8217; officers and directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Those circumstances evidence that Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continues having </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 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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">c)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Techgen</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Techgen S.A. de C.V. (&#8220;Techgen&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which operates an electric power plant in Mexico,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a joint venture company owned 48% by Ternium, 30% by Tecpetrol International S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;Tecpetrol&#8221;)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and 22%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by Tenaris. </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;">, Ternium and Tecpetrol are parties to a shareholders&#8217; agreement relating to the governa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nce of Techgen and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are under the indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mon control of San Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Based on the facts stated above, the Company has determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that it has significant influence over this entity.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris carries its investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s in non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidated companies</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;">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; line-height: inherit;">For more information </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 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>14</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> <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_DescriptionOfAccountingPolicyForSegmentReportingExplanatory', window );">Description of accounting policy for segment reporting [text block]</a></td>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Segment information</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;">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; line-height: inherit;">disclosed in the Other segment.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<div style="border-right: none; border-left: none;">
 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Tubes segment includes the production and sale of 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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> worldwide</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Other segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> includ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">es</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">all business activities related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the production and selling of sucker rods, coiled tubing, tubes used for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plumbing and construction</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">applications, oilfield / hydraulic fracturing services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and others as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> energy and raw materials that exceed internal requirements.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">During <span>2024</span> and following the acquisition of Mattr&#8217;s pipe coating business unit on November 30, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the management</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> performed a review of the new business structure to decide on the allocation of resources and the assessment of performance, and decided to integrate the coating activities to its Tubes segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Chief Operating Decision Maker </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;">CODM</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;">reviews </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operating and financial performance information </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with senior management on a monthly basis</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;">information 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;"> from IFRS principally as follows:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; 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 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 -18.42pt; padding-left: 8.27pt; text-align: justify; 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 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; line-height: inherit;">, mainly on a FIFO basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; 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 currency translation adjustment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">classification</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; 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;">ther timing differences, if any.</span></li> </ul>
<p style="font-size: 10pt; 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;">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;"> presents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its geographical information in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>four</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> areas:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> North America,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> South America, Europe</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;">Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Middle East and Afri</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For purposes of reporting geographical information, net sales are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to geographical areas based on the customer&#8217;s location;</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;"> allocation of assets </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 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;">geographical</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> location</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</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_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Description of accounting policy for foreign currency translation [text block]</a></td>
<td class="text">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign </span><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;">urrency </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">t</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ranslation</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;">(<span>1</span>)&#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Functional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and presentation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> currency</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">IAS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>21</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;The effects of changes in foreign exchange rates&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">entity operates.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 functional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and presentation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">curren</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;">y of </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;">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;">. The U.S. </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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> global operations. </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xcept f</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;"> the 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 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</span><span style="font-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 determined that the functional currency of its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> other subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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;">:</span></p>
<ul style="font-size: 10pt;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">ales are mainly negotiated, denominated 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;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> settled in 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;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. If priced in a currency other than the U.S. dollar, the </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;">price </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may consider</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exposure to fluctuation in the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">against</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the U.S. dollar;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">rices of </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;">critical raw materials and inputs are priced 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;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">ransaction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and operational</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> environment and the cash flow </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operations 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;"> 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;"> as reference currency;</span> </li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">there is a s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ignificant level of integration of the l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ocal operations within </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;">international </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">global distribution network</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>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; 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;">et financial assets and liabilities are mainly received and maintained in U.S. dollars</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
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<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Transactions in currencies other than the functional currency</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;">on where items are re-measured.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;"> the fair value was determined.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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; line-height: inherit;">Other financial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">alifying net investment hedges.</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Translation of financial information in currencies other than the functional currency</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-end exchange rates. Translation differences are recognized in a separate component of equity as </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;">urrency </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ranslation </span><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;">djustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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; line-height: inherit;">the Consolidated Income Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as a gain or loss from the sale</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> following IAS <span>21</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">exchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; font-family: 'times new roman', times; 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;">E&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Property, plant and equipment</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Property, plant and equipment are recognized at historical acquisition or construction cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> less accumulated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and impairment losses</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;">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; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </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;">lant</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;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quipment acquired through</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquisitions accounted for as </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;">combination</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 been valued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">initially </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fair </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;">value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquired.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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 </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;"> replaced part</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;"> 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Cost may also include transfers fro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m equity of any gains or losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> IAS <span>23</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;Borrowing 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;">&#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;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</span> <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; </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">epreciation method is reviewed at each year end. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Depreciation</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is calculated using the straight-line method to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">depreciate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">, as follows:</span> </p>
<p style="font-size: 10pt; 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;">&#160;</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; line-height: inherit;"> &#160; </span></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; line-height: inherit;"> 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; line-height: inherit;"> No Depreciation </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Buildings and improvements</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 30-50 years </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Plant and production equipment&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 10-40 years </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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%; height: 16px;">
<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; line-height: inherit;"> 4-10 years </span></p> </td> </tr> </tbody> </table>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="line-height: 1.2;">
<div style="border-right: none; border-left: none;">
 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> assets</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#8217;</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">residual values and useful lives of significant plant and </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">production </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">equipment are reviewed</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and adjusted</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> if appropriate, at each year-end</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">date. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">An asset&#8217;s carrying amount is written down to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</span></div> </div>
<p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Management&#8217;s re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">estimation of asset</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;"> useful </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, performed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with IAS <span>16</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;Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Plant and E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quipment&#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;">resulted in additional depreciation expenses </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;">approximately</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">25.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span>,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">did not materially affect depreciation expenses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in <span>2023</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and resulted in additional depreciation expenses of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">39.1</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;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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;"> depreciates each significant part of an item of property, plant and equipment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for its different production facilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Other operating income </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; font-style: italic; line-height: inherit;">Other operating expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.</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_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory', window );">Description of accounting policy for intangible assets and goodwill [text block]</a></td>
<td class="text">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">F&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Intangible assets</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Goodwill </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Goodwill represents the excess of the acquisition cost </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">over the fair value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> 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; line-height: inherit;">at least </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">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; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> the Consolidated Statement of Financial Position under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Intangible assets, net.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">For the purpose of impairment testing, g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">oodwill is allocated to a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">cash generating unit (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> or group of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">CGUs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> that&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">are expected to benefit from the business combination which generated the goodwill being tested. </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Information systems projects</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">&#8220;Intangible Assets&#8221;.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">not exceeding a period of 3 years. Amortization charges 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;">classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the</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;">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.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">did not materially affect </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the years </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>4</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;"><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><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;">.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Licenses, patents, trademarks and proprietary technology </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Licenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the acquisition date in case of a business combination.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">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; line-height: inherit;">which are in the range between 3 and 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;years.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charges are mainly classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Cost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 balance of acquired t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rademarks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that have indefinite useful lives according to external appraisal</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;">s</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;">86.7</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;"> at December 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>4</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>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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included in Hydril CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Main factors considered in the determination of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> indefinite useful lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> include the years that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">they have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> been in service and </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;">recognition among customers in the industry.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> did no</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t materially affect amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the years </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>24</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>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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 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;">(<span>4</span>)&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;">Research and development</span></div> </div>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Research expenditures as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the years </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>4</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;"><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;"> totaled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">74.2</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;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">50.7</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;">, respectively.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Capitalized costs were not material for the years <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>4</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>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="font-size: 10pt; font-family: 'times new roman', times; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">(<span>5</span>)&#160; &#160; &#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Customer relationship</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">s</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;"> Tube Corpora</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">tion (&#8220;Maverick&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Company (&#8220;Hydril&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> groups, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Saudi Steel Pipe Co. (&#8220;</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;">SPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</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;"> Ipsco Tubulars Inc. (&#8220;IPSCO&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the more recent acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Mattr&#8217;s pipe coating business unit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">e</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;">which were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">approximately 14 years for Maverick, 10 y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ears for Hydril</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;"> 9 years for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">C</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;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> year</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;"> for IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">4 months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> for Mattr&#8217;s pipe coating business unit.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Management&#8217;s re-estimation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">customer relationships</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">the years </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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">In <span>2022</span>,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> from 5 years to 3 years, consequently a higher amortization charge of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4.1</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> for the year ended December 31, 2022.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">f 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> the net book</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8217;s customer relationship amoun</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">11.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> million, with a residual useful life of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">9 months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">hile </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the other</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> customer relationships </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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="font-size: 10pt; font-family: 'times new roman', times; 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;">G&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Right-of-use assets and lease liabilities</span></p>
<p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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 </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;"> 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; line-height: inherit;"> term on a straight-line basis.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;">h similar terms and conditions.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> or early termination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, or not </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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Payments associated with short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and leases of low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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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<div style="line-height: 1.2;">
<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">H&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Impairment of non-financial assets</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">, or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CGU. 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> are tested</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">situations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">events and circumstances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which could materially alter the recoverable amount of the CGU, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the current period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">For purposes of assessing key assumptions, the Company uses external sources of information and management judgment based on past experience and expectations. 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, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; font-family: 'times new roman', times; 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;">Management has determined the value of each of the key assumptions as follows:</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; 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; line-height: inherit;">-&#160;</span>Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&#8217;s expected market penetration.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Oil and gas prices: based on industry analysts&#8217; reports 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;">management&#8217;s expectations of market development.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Rig count: based on information published by Baker Hughes and management&#8217;s expectations.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">- Raw material costs: based on industry analysts&#8217; reports and management&#8217;s expectations.</span></p>
<p style="font-size: 10pt; 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;">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.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; <span style="font-style: italic;">and</span></span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Value </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;">use is calculated by discounting the estimated cash flows over a <span style="-sec-ix-hidden:Tag3440"><span style="border-right: none; border-left: none;">five&#160;</span>year</span> period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the <span>five</span>-year 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>5</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></p> <span></span>
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<div style="line-height: 1.2;">
<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">I&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Other </span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">i</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">nvestments</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ther investments consist primarily of investments in financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and time deposits with a maturity of more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>three</span> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at the date of purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Certain non-derivative financ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ial assets that the Company held not for trading</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have been categorized as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial assets </span><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;">fair value through other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;FV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">OCI</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;">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; line-height: inherit;">. They are carried at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fair value</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;">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; 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </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;">omprehensive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Income and transferred to the 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 when the financial asset is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disposed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. 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; 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. F</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;">OCI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> instruments with maturities greater than 12 months after the balance sheet date a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re included in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> non-current assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ther investments in financial instruments and time deposits are c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ategorized as financial assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at fair value through profit or loss </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;FVPL&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">because such investments are held for trading and </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;"> performance is evaluated on a fair value basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The results of these investments are recognized 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Purchases and sales of financial investments are recognized as of 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;">settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">The fair values of quoted investments are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ee s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ectio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">n III Financial Risk Management</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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<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>
<td class="text">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">J&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Inventories</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">, freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">The a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">llocation of fixed production costs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including depreciation and amortization charges,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is based on</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;"> normal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> level of production capacity. </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;"> cost is mainly based on </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;">FIFO method. Tenaris estimates </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;">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; line-height: inherit;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oods in transit </span><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;"> year-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">end are valued based on </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;">supplier&#8217;s invoice cost.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, 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>
<td class="text">
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">K&#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trade </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">and other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">receivables</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Trade and other receivables are recognized initially at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> fair value that corresponds to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">omponents. The Company holds</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">res them subsequently at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ed cost using the effective interest method. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Tenaris applies the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> IFRS <span>9</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#8220;Financial Instruments&#8221;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">simplified approach to measure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> expected credit losses</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;"> 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="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span style="border-right: none; border-left: none;">three years</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;and the corresponding historical credit losses exp</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">erienced within this period. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">The expected loss allowance also reflects current and forward-looking information on macroeconomic factors affecting the ability of each customer to settle the receivables.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">A credit account is typically considered in default when the customer has failed to make the required minimum payments for an extended period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> of time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. Management considerations, including customer-specific analyses, are carried out to determine if an allowance has to be allocated to the credit. Following impairment, collection is monitored and reversed in case of receipt of the payment.</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>
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<div style="line-height: 1.2;">
<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">L&#160; &#160; &#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Cash and cash equivalents</span></div> </div>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">Cash and cash equi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">valents are comprised of cash at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">which are subject to an insignificant risk of changes in value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. 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; line-height: inherit;">approximates fair market value.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">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; line-height: inherit;">Borrowings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> in current liabilities.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">For the purposes of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Consolidated Statement of C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">low</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;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">ash and cash equivalents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">overdrafts</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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<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>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">M&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">quity</span></p>
<p style="font-size: 10pt; 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: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> components</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 </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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </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;">hanges in </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;">quity 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;">:</span></p>
<ul style="font-size: 10pt;">
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; 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 value of share capital, legal reserve</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;">share premium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and other distributable reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with Luxembourg l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aw;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; 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 currency translation adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">treasury shares, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other reserves,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> retained earnings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">non-controlling</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;">calculated in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> IFRS.</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>2</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Share cap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">al</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company has an authorized share capital of a single </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">class of 2.5 billion shares having a nominal value 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;">1.00 per share. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares issued as 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;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span> were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,162,757,528</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a par value of $1.00 per share with one vote each</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares issued as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of December 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;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,180,536,830</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a par value of $1.00 per share with one vote each.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Total ordinary shares outstanding as of December 31, 202</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;">, </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;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,084,272,191</span><span style="font-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 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;">were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,167,888,739</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;">as of December 31, </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;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,180,536,830</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with a par value of $1.00 per share with one vote each. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Outstanding shares do not include treasury shares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All issued shares are fully paid.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>3</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Treasury Shares</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or cancellation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any potential</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> gains </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;"> losses on disposal of treasury shares </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;"> 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Changes in 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;"> Treasury shares as of December 31, 202</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;">, </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;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">78,485,337</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and as of December 31, 2023 were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">12,648,091</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></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; line-height: inherit;">(<span>4</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Dividends distribution by the Company to shareholders </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; 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>27</span></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;"> 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> <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="font-size: 10pt; font-family: 'times new roman', times; 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;">N&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Borrowings</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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></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>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">O&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Current and d</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">eferred income tax</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 income tax expense or credit for the period is the tax payable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or recoverable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">Both c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">urrent and deferred t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ax </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;"> recognized in the Consolidated Income Statement</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;">Income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ax</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, except </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to the extent that it relates to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">items recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other comprehensive income or directly in equity.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.</span></p>
<p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 current income tax charge is calculated </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 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>
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 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">e</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">mainly </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">from </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">net operating loss carry-forwards</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">post-employment benefits and other long-term employee benefits</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">fair value adjustments of assets acquired in business combinations. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Deferred tax assets and liabilities are measured at the tax rates that are expected to apply </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">to the</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">by the end of the </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">reporting </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">period</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax assets are recognized to the extent</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;"> it is probable that 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;"> will be available</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> against which the te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and losses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">can be utiliz</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 the end of each reporting period, </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;"> reassesses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> deferred tax assets. 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;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a previously </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> will allow the deferred tax asset to be recovered.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets</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;">liabilities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are not recognized for temporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">arising from the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">carrying amount and t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ax basi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s of investments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">subsidiaries, branches and associates, and interests in joint ventures, </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;"> 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 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and liabilities are re-measured</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> if tax rates change. These amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ther co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">mprehensive income </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 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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Comprehensive I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncome, depending on the account to which the original </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amount was charged or credited.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">On December 20, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pillar <span>Two</span> legislation was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adopted in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Luxembourg</span><span style="font-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;">nd </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">me into effect </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;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">January 1, 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 group</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;">within the scope of these rules</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;">herefore, is required to calculate its GloBe effective tax rate for each jurisdiction </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in which it is present</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and is liable to pay a top-up tax for the difference between its Globe effective tax rate per jurisdiction and the 15% minimum rate.&#160;The group applies the IAS 12 exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.</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_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Description of accounting policy for employee benefits [text block]</a></td>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">P&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Employee benefits</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Short-term obligations</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 22.5pt; break-after: avoid; 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; line-height: inherit;">(<span>2</span>)</span><span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Post</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;">employment benefits</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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 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.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">For defined benefit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">funded </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plans, net interest income</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">/</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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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 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">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></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 benefits based on years of service and final average salary</span><span style="font-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 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for this plan amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">59.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Employees&#8217; service rescission indemnity</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;">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="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">crued for employees at </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;"> 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="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;"> 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 limited to the contributions of <span>2007</span> onwards.&#160;</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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for this plan amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">10.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Funded retirement benefit plan held in 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;"> for the benefit of some employees hir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed prior a certain date,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">funds. Additionally, an unfunded post</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">retirement health and life plan</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;"> in place</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that offers limited medical and life insurance benefits to the retirees, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">frozen to new participants</span><span style="font-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;">s 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>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the outstanding&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liabil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity for these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plan</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;"> amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></li> </ul>
<ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;">
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 primarily of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">annuities purchased from an insurance company for the benefit of current and future retiree</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;"> as well as investments in debt instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In <span>2022</span>, the plant at which all members of the hourly plan were employed was decommissioned and all members ceased to accrue benefits under the plan. </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 style="border-left: none; border-right: none;">4&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the plan</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s&#160;</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;"> overfunded and the net assets related to th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ese</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plan</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;"> amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">9.0&#160;</span></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></li> </ul>
<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">By their design, the defined benefit plans expose the Company to the typical risks faced by defined benefit plans such as investment performance, changes to discount rates used to value the obligations, rate of compensation increase (including inflation rates) and longevity of plan members . Pension and benefit risks are managed by regular monitoring of the plans, applicable regulations and other factors that may impact the Company&#8217;s expenses and cash flows. </span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; 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 unfunded defined benefit plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are met as they fall due and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are managed directly by the Company, which is entirely responsible for the plans. The funded defined benefit pension plans are governed and administered in accordance with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The defined benefit plans are monitored on an ongoing basis to assess the funding and investment policies, financial status, and funding requirements. Significant changes to a plan or policy would be subject to approval by the board of directors of each subsidiary of the Company. </span></p>
<p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(<span>3</span>)</span><span style="line-height: inherit;"><span>&#160; &#160; &#160;&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ther long-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">term benefits </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">During <span>2007</span>, Tenaris launched an</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">employee retention and long</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;">term incentive 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;">&#8220;</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;">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; line-height: inherit;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nits throughout the duration of the Program. The value of each of these </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;">nits is based 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;"> shareholders&#8217; equity (excluding non-cont</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rolling interest). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Until </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the end of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2017</span></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;"> u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nits </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;">vest</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;"> ratably over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a period of <span style="border-left: none; border-right: none;"><span style="border-right: none; border-left: none;">four years</span></span>&#160;and were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mandatorily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> redeemed by the Company <span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">ten years</span></span>&#160;after grant date, with the option of an early redemption at <span style="border-right: none; border-left: none;">seven years</span>&#160;after</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;"> grant date.</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;"><span>2018</span></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;">units </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;">vest</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;"> ratably over the same period and </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;">mandatorily redeemed by the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Company <span style="border-right: none; border-left: none;">seven years</span>&#160;after grant date.</span> </p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
<div style="border-right: none; border-left: none;">
 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">T</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">he beneficiaries of the Program are</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The payment of the benefit is tied to the book value of the shares, and not to their market value.</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris valued this long-term incentive program as a long</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">-</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">term benefit plan as classified in IAS <span>19</span></span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> &#8220;Employee Benefits&#8221;</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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>4</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>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the outstanding liability corresponding to the Program </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;">148.0</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;">119.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, respectively. The total value of the units granted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(vested and unvested) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">er share 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>4</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>3</span></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;">175.0</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;">144.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, respectively.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 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;">(<span>4</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Termination benefits</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;">(<span>5</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other compensation obligations</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Employ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ee entitlements to annual leave, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-service leave</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, sick leave and other bonuses and compensations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> obligations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are accrued as earned.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Description of accounting policy for provisions [text block]</a></td>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">Q&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Provisions </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">, as a result of past events, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">reliably</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> estimated, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">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; line-height: inherit;">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; line-height: inherit;">cash flows.<br/></span></p>
<p style="font-size: 10pt; 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;"><br/></span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">This note should be read in conjunction with </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>27</span></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;"> these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</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_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory', window );">Description of accounting policy for trade and other payables [text block]</a></td>
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<p style="font-size: 10pt; font-family: 'times new roman', times; 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;">R&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trade and other payables </span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">subsequently measured at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed cost. They are presented as current liabilities unl</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ess payment is not due within <span>twelve</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> months after the reporting period.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Due to 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;"> short-term nature </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;">heir carrying amount</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;"> 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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<div>
<div style="border-right: none; border-left: none;"><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">S&#160; &#160; &#160;&#160;</span><span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Revenue recognition</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;"> rendering of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Revenue is recognized at a point in time or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">The control </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;"> transfer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">red</span> <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;"> delivery.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">These conditions are determined and ana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lyzed on a contract by contract</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> basis to ensure that all performance obligations are fulfilled</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 particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">For bill and hold transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">does not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> 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; line-height: inherit;">) the usual payment terms apply.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company&#8217;s contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of return</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are based o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n expected value considering past experience</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and contract conditions.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Tenaris provides services</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;"> 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; line-height: inherit;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">include:</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">anagement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ervices</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 comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Field </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ervices</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;">Comprises</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;">field technical support and running assistance.</span></p>
<p style="font-size: 10pt; 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;"><br/></span></p>
<p style="font-size: 10pt; 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;">These services</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;">rendered in connection to the sales of goods and</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he following in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">puts and outputs methods are applied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to recognize revenue</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> considering the nature</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of service</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span> </p>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Storage 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;"> the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;"> to be invoiced. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">his fe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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; line-height: inherit;">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>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Freights</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;">the revenue </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is recognized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on a pro rata basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> considering the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">units delivered and time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> elapsed.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Field 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;"> the revenue i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s recognized considering output</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> method</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 particular surveys of service comple</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tion provided by the customer.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<div style="border-right: none; border-left: none;">
 <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">T</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">he Company </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">also </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">provide</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span> <span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">other services, such as </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">hydraulic fracturing</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> coiled tubing </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">and coating </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">services</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">. Regarding these services, the </span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">inputs and outputs methods</span><span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"> to recognize the revenue are the following:</span></div> </div>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Coating services:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company provides coating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on third-party tubes which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are performed under specific contracts and recognized by reference to the stage of completion. Stage of completion is determined based on surveys of work performed as measured by units of production to date multiplied by contractually agreed-upon rates.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; line-height: inherit;">Hydraulic fracturing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> 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;"> the revenue is recognized considering output methods, in particular surveys of service completion provided by the customer.</span></p>
<p style="font-size: 10pt; 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-size: 10pt; 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;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 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; line-height: inherit;"> considering that the contracts do not include any significant financing component,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company does not adjust any of the transaction pric</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Other revenues earned by Tenaris are recognized on the following basis:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Interest income: on the effective yield basis. </span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net income from other sales: when control is transferred to the customer.</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>
<td class="text">
<h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">T&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost of sales and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">other selling expenses</span></h4>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Cost of sales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other selling</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">expenses are recognized in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Consolidated 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 on the accrual basis of accounting.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Commissions, freight</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 other selling expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including shipping and handling costs, </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;">recorded</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;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">elling, general and administrative expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consolidated 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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</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="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">U&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Earnings per share</span></h4>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Earnings per share are calculated by dividing the income attributable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the shareholders&#8217; equity</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">monthly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">weighted average number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">common</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;">outstanding</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;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">V&#160; &#160; &#160;&#160;</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;">inancial instruments</span> </h4>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contract assets, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">trade and other receivables, cash and cash equivalents, borrowing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s and trade and other payables.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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 Company classifies its financial instruments according to the following measurement categories:</span></p>
<ul style="font-size: 10pt; font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -6.15pt; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 -6.15pt; text-align: justify; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">those to be measured at amortised cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="font-size: 10pt; 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 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<div style="border-right: none; border-left: none; text-align: justify;">
 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">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. Th<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e<span>re are </span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>three</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"> measurement categories into which the Company classifies its debt instruments:</span></div> </div>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Amortized Cost</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">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; line-height: inherit;">tatement.</span></p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Fair value through oth</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">er comprehensive income</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;"> 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. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;">Fai</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">r value through profit and loss</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;"> 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="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quity instruments are subsequently measured at fair value.</span> </p>
<p style="font-size: 10pt; 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;">&#160;</span></p>
<p style="font-size: 10pt; 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;">Accounting for derivative financial instruments and hedging act</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ivities is included within the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ection III, Financial Risk Management.</span></p> <span></span>
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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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 46<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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="font-size: 10pt; font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; height: 64px; width: 100%;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Land </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> No Depreciation </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> Buildings and improvements</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 30-50 years </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Plant and production equipment&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 10-40 years </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%; height: 16px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 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%; height: 16px;">
<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; line-height: inherit;"> 4-10 years </span></p> </td> </tr> </tbody> </table> <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 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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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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;">ts_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract</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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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="height: 102px; 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: 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: 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; 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; 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; 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: 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; line-height: inherit;"> <span>2024</span> </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>
<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>
<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; 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-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: 77%; background-color: #cceeff;">
<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; 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; line-height: inherit;"> (183,985 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> (203,608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Saudi Arabian Riyal / U.S. dollar </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;"> (173,233 </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;"> (181,931 </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;"> Argentine Peso / U.S. dollar </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;"> (40,565 </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;"> (134,716 </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;"> Brazilian Real / U.S. dollar </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;"> (41,591 </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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (25,680 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</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="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;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="10" 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;">
<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; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2024</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;"><br/></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;"><br/></td>
<td colspan="4" 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;">
<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-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: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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;">
<p style="margin: 0pt; text-align: center;"><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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-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></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;"><br/></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;"><br/></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;">
<p style="margin: 0pt; text-align: center;"><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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-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></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;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 53%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Fixed rate</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: 0px; padding-right: 0px; vertical-align: bottom; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 172,018 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; 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; line-height: inherit;"> 51% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;"> Variable rate </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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 265,380 </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: top; 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; line-height: inherit;"> 61% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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: top; 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; line-height: inherit;"> 49% </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; 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; 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; border-top-width: 1px; border-top-style: solid; border-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;"> 437,398 </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; 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; font-weight: bold; line-height: inherit;"> </span><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-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;"> 583,437 </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; 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; font-weight: bold; line-height: inherit;"> </span><br/></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> </div>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*) </span><span><span style="font-size: 9pt; line-height: inherit;"><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;">172.0</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;">162.1</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></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 style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 553px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 20px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 23.9291%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle">
<p style="margin: 0px; text-align: center; 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;"> Carrying amount </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 23.9291%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; width: 23.9291%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.47275%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 675,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 320,212 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 355,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 355,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,372,999 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 722,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 376,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,650,671 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<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; line-height: 1.1;"><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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> 722,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> 722,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"> - </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; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 582,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 582,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 130,034 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 130,034 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 10,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 7px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit; margin: 0pt 0pt 0pt 8.7pt;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 645,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 645,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 645,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 31,383 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 31,383 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 31,383 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 586,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 586,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 586,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 10,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 7px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 376,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 376,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 376,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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> - </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; width: 1.4771%; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,005,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 140,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt; line-height: 1.1;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 140,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 140,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,907,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,907,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 435,973 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 191,058 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 191,058 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 191,058 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<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;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 244,915 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 3,281,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 2,131,632 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 746,575 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 2,863,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 7,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 7,049 </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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 437,398 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 437,398 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 880,261 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 880,261 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 887,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 31,985 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;">Other liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 275,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 31,985 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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;"> 612,277 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 144,926 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 144,926 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 8,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 8,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 8,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 1,494,570 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 251,564 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 8,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 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;"> 243,264 </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; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<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-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 9pt;">(*)</span><span><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Includes liability related to share buyback program. See note </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 Financial Statements.</span></span></span></span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 550px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 20px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 23.9291%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle">
<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: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"><br/></td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0488%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 23.9291%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,637,821 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,414,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.47275%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,969,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,073,465 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<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; line-height: 1.1;"><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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 282,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 282,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 334,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 334,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 196,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 196,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 82,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 82,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 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;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 405,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 414,778 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 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;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 321,634 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 4,884,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 1,232,501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 479,820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 1,695,109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; 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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other liabilties C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 693,913 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;">Other liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"> 607,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,107,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,107,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 1,825,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 97,390 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<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-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*) </span><span><span style="line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes liability related to share buyback program. See note </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 Financial Statements.</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_DisclosureOfFairValueMeasurementOfAssetsExplanatory', window );">Disclosure of fair value measurement of 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: 104px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; line-height: inherit;"> <span>2024</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; 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-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; width: 77%; 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; 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%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 19px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Decrease </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: 0px; padding-right: 0px; vertical-align: bottom; 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; line-height: inherit;"> (185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; line-height: inherit;"> (47,467 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px;">)</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; 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;"> (177 </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; 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; height: 17px;">)</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; 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;"> 7,049 </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;"> 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> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span> <span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">sale of Venezuela awards. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>6</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></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_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory', window );">Disclosure of fair value measurement of 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;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; width: 22.1566%;">
<p style="margin: 0px; text-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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; width: 1.03397%;"><br/></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; width: 1.03397%;"><br/></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; width: 10.0443%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; 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;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Settlement of share buy back program liability </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;"> (86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;">)</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; 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; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Increase in share buyback program liability </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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;"> 243,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;">
<p style="margin: 0px; text-indent: 0px;"><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; border-top-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: 10.0443%;">
<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; font-weight: bold; line-height: inherit;"> 243,264 </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; width: 1.03397%;"><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; width: 1.03397%;"><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; 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; 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; border-top-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: 1.4771%;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 the effect of changes in foreign exchange rates.</p></div>
<a href="javascript: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 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS21_g51-57_TI<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value measurement 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 IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value measurement of 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 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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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: Classes of financial instruments [domain]; 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 1<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory</td>
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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 financial instruments by type of interest rate. [Refer: Classes of financial instruments [domain]]</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 2024-01-01<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th></tr>
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<td class="text">&#160;<span></span>
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<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: 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;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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;"> Tubes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: middle; 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: middle; 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;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: middle; 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: middle; 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;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: 65%; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; 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;"> 2,391 </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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-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: 1%; 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; width: 10%; 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;"> 143 </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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-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: 1%; 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; width: 10%; 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;"> 2,534 </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; border-top-width: 1px; 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: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Difference in cost of sales </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><br/></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><br/></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;"> (115 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in selling, general and administrative 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; line-height: inherit;"> </span><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; background-color: #cceeff; 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;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><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;"><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-top-width: 1px; border-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; line-height: inherit;"> IFRS - operating income </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; line-height: inherit;"> </span><br/></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; 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;"> </span><br/></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; 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;"> 2,419 </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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><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;"><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; line-height: inherit;"> 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-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><br/></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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,548 </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; line-height: inherit;"> 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9 </span></p> </td>
<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-top-width: 1px; border-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; line-height: inherit;"> Income before income tax </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; line-height: inherit;"> </span><br/></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; 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;"> </span><br/></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; 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;"> 2,557 </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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; line-height: inherit;"> 11,907 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 617 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 12,524 </span></p> </td>
<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-style: italic; line-height: inherit;"> Depreciation and amortization </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-style: italic; line-height: inherit;"> 580 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 53 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 633 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_ZRZXZXZIVK00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 200px; width: 100.04%; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.881%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,337 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 129 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,466 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4881%; height: 10px; 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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> IFRS - operating income </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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,316 </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; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 221 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; 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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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; 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: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,537 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Income before income tax </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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-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><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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,633 </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; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.881%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> 14,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> 684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.04167%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%;">
<p style="margin: 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; line-height: inherit;"> 14,869 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.4881%;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 518 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 31 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 549 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<div id="t_ft_8XIR2VUGS000000000000000000000b">
<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; margin-left: 0.1px;" 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; line-height: inherit;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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;"> Tubes </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: 0px; padding-right: 0px; vertical-align: middle; 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;"> Other </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: 0px; padding-right: 0px; vertical-align: middle; 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;"> 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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,772 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 75 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,847 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"><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;"> Difference in cost of sales </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;"><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: 'Times New Roman'; font-size: 10pt; 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;"><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;"> 44 </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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> Differences in selling, general and administrative 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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;"><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; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 74 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><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; line-height: inherit;"> IFRS - operating income </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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,963 </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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</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; line-height: inherit;"> 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; 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; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><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; line-height: inherit;"> Income before income tax </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;"> </span><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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><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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,166 </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: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 11,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 630 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 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; line-height: inherit;"> 11,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; line-height: inherit;"> 588 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 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; line-height: inherit;"> 20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; font-style: italic; font-weight: bold; line-height: inherit;"> 608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table> </div> </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">
<div id="t_ft_23VT8ZAKK000000000000000000000b">
<table cellpadding="0" cellspacing="0" style="height: 343px; 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 style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 40.9684%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> North America </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> South America </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;"> Europe </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;">Asia Pacific, Middle East and Africa <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; 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; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;">Unallocated <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; 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; width: 0.979325%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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; margin: 0px; text-indent: 0px; 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; width: 0.979325%;"><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: 40.9684%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.99782%; 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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.979325%; height: 10px; 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: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,558,769 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,621,581 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,262,458 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,081,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,523,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,578,293 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,257,345 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 832,443 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 453,390 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,121,471 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,117,314 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 177,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,357,749 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 65,105 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,255 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 28,242 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,266 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 148,868 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,543,657 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,543,657 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </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: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,765,130 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,382,495 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,175,581 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,545,654 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14,868,860 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,676,352 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,143,752 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 794,242 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 463,833 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,078,179 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </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: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,126,774 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 166,450 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,580 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 61,306 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,377,110 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 50,128 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,241 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 24,832 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,937 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 132,138 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,608,804 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,608,804 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </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: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<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;"> </span><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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,902,787 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,550,402 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,000,833 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,308,504 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,762,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,548,844 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,031,423 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 706,539 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 269,457 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,556,263 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible Assets, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,102,265 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 147,102 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,598 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 75,543 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,332,508 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 37,022 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,141 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15,208 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,370 </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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;">
<p style="margin: 0px; text-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; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%; text-align: right;">
<p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 111,741 </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: 0.979325%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9684%;">
<p style="margin: 0pt;"><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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"><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;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">(*) </span></sup><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Starting on January 1, 2023, Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Middle East and Africa </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">areas</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> were merged in a single geographical </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">area</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</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;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">(*</span></sup><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">*</span></sup><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;">) </span></sup><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the years </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </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;">3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and <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;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Investment</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">s in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">See 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>14</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> t</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">o these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</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">
<div style="border-left: none; border-right: none;">
<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; margin-left: 0.1px;" 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;"> Revenues Tubes </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: 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>2024</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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><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: 10px;"><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: 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><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: 10px;"><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: 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; height: 17px; width: 65%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Oil &amp; gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> 10,689 </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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> 12,488 </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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"> 9,543 </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; line-height: inherit;"> Oil &amp; gas processing plants </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;"> 548 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 738 </span></p> </td>
<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; line-height: inherit;"> Industrial, power and others </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;"> 670 </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; line-height: inherit;"> 879 </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; line-height: inherit;"> 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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 </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;"> 11,907 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 14,185 </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-top-width: 1px; border-top-style: solid; border-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;"> 11,133 </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-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> <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 2024-01-01<br> -Paragraph 33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(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 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 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></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><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">
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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>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>
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<td>ts_</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th></tr>
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<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 271px; 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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="7" 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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%; 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; line-height: inherit;"> 3,921,097 </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; font-weight: bold; line-height: inherit;"> 3,986,929 </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; font-weight: bold; line-height: inherit;"> 2,672,593 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super; height: 10px; padding: 0px 7px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Change in inventory due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></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;"> 52,792 </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;"> 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; line-height: inherit;"> - </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: 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; line-height: inherit;"> 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; 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;"> </span><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;">
<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;"> </span><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;">
<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;"> </span><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Raw materials, energy, consumables and 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; line-height: inherit;"> 4,638,681 </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;"> 5,277,507 </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;"> 5,772,031 </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; line-height: inherit;"> Services and fees </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;"> 408,478 </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;"> 437,804 </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;"> 293,490 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> 1,454,924 </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;"> 1,403,546 </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;"> 1,160,085 </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; line-height: inherit;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 483,535 </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;"> 424,373 </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;"> 465,849 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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; line-height: inherit;"> 12,193 </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;"> 11,582 </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;"> 11,754 </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; line-height: inherit;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 34,332 </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;"> 30,352 </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;"> 33,244 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Maintenance 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; line-height: inherit;"> 443,498 </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;"> 408,410 </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;"> 267,294 </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; line-height: inherit;"> Allowance for obsolescence </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;"> 41,240 </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;"> 13,581 </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;"> 24,901 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Taxes </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;"> 124,500 </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;"> 272,120 </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; line-height: inherit;"> 194,736 </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; 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 230,161 </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;"> 216,220 </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;"> 178,691 </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: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,924,334 </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;"><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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,603,083 </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;"><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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,402,075 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; margin: 0px; text-indent: 0px; border-top-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;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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; 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;"> (3,709,942 </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;"><span style="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; 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;"> (3,921,097 </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;"><span style="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; 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;"> (3,986,929 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"><span style="font-size: 10pt; 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; line-height: inherit;"> </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,135,489 </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;"> 8,668,915 </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; 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;"> 7,087,739 </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;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_MD6X74VEW000000000000000000000b">
<table style="height: 27px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 10px; text-align: center; width: 1%;"><span style="font-size: 8pt;"><sup><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; display: inline !important;">(*)</span></sup></span></td>
<td style="text-align: justify; height: 10px; width: 99%;"><span style="width: 98%; text-align: justify;"><sup> </sup><span style="font-size: 9pt;"><span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year <span>2024</span>, related </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#8217;s pipe coating business unit acquisition. </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>34</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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></span></span></td> </tr>
<tr style="height: 17px;">
<td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br/></td>
<td style="text-align: justify; height: 17px;"><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;">For the year <span>2023</span>, 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'; line-height: inherit;">elated </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus 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'; line-height: inherit;">and Mattr&#8217;s pipe coating business unit 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'; line-height: inherit;">.</span></span></td> </tr> </tbody> </table> </div> <span></span>
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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, 2024</div></th></tr>
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<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;"> </span><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; 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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<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;"> </span><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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: 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; 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: top; 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: 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; 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: 65%; background-color: #cceeff;">
<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; margin: 0px; text-indent: 0px; 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;"> 183,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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;"> 163,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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;"> 148,331 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1%; 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-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;"> 705,849 </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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span style="border-left: none; border-right: none;">518,500</span> </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: 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; 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;"> 25,668 </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; 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;"> 21,517 </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; 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;"> 21,883 </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: 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;"> 41,557 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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> </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; 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;"> 35,569 </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; 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;"> 19,925 </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; 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;"> 15,975 </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: 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;"> 624,113 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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> </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; 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;"> 30,356 </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; 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;"> 38,899 </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; 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;"> 20,606 </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: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowances 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;"> (1,095 </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;"> 3,590 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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> </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; 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;"> 152,388 </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; 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;"> 170,484 </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; 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;"> 121,410 </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; 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: 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;"> 106,764 </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;"> 110,883 </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;"> 87,263 </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: 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: right;"><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: 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;"> 1,904,828 </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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-top-color: #000000 !important; border-bottom-width: 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;"> 1,919,307 </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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-top-color: #000000 !important; border-bottom-width: 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; text-indent: 0px; padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; height: 10px; 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> </tr> </tbody> </table> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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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</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_DisclosureOfDetailedInformationAboutLaborCostsTextBlock', window );">Disclosure of detailed information about labor costs [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 136px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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;"> </span><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; 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;"><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; 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>2024</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;"><br/></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;"><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>2023</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;"><br/></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;"><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; 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: 65%;">
<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; 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;"> 2,033,067 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,943,825 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,594,200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 35,608 </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;"> 26,470 </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;"> 29,070 </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; 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; 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;"> 16,014 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 15,055 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 13,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> Post-employment benefits - defined benefit plans </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;"> 24,259 </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;"> 19,452 </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;"> 16,320 </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; 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; 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;"> 51,825 </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;"><br/></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;"><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;"> 51,564 </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;"><br/></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;"><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;"> 25,739 </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;"><br/></td> </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;"> </span><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; font-weight: bold;"> 2,160,773 </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>
<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>
<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;"> 2,056,366 </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>
<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>
<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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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_DisclosureOfInformationAboutEmployeesExplanatory', window );">Disclosure of information about employees [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: 100.001%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<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: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; 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>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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-top-width: 1px; border-top-style: solid; 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>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; 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: 65%;">
<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; 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;"> 6,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 7,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 5,919 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><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;"> Argentina </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;"> 5,811 </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;"> 6,267 </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;"> 6,444 </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;"> USA </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 3,583 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 3,882 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 3,509 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,140 </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;"> 2,187 </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;"> 2,136 </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;"> Romania </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,885 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,884 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,847 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,406 </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;"> 1,492 </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;"> 1,460 </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;"> Canada </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,197 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,195 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 944 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 911 </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;"> 1,573 </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;"> 495 </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;"> Colombia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 893 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,112 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,183 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 759 </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;"> 849 </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;"> 427 </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;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,247 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 1,193 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 928 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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: 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;"> 25,874 </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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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;"> 29,134 </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; text-indent: 0px; padding-left: 0px; padding-right: 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; border-top-width: 1px; 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_DisclosureOfInformationAboutEmployeesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 about employees.</p></div>
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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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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</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: 10px;">
<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: 0px; text-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; 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: 10pt; font-weight: bold; line-height: inherit;"> &#160; </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;">
<p style="margin: 0px; text-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>2024</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; 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 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; 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: bottom; height: 17px; background-color: #cceeff; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> Other operating income </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; 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; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><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;"><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; 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; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><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;"><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; 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; background-color: #cceeff; width: 1%; 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;"> Results from sundry assets </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;"> 10,529 </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;"> 10,960 </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;"> 28,161 </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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net rents </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;"> 4,417 </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;"> 4,702 </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;"> 5,084 </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; line-height: inherit;"> Reclassification of currency translation adjustment reserve </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;"> - </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;"> 878 </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;"> 71,252 </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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bargain purchase gain </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;"> 2,212 </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;"> 3,162 </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;"> - </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; line-height: inherit;"> Result on sale of Venezuela awards </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;"> - </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;"> 33,341 </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; 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;"> Other income </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;"> 43,492 </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;"><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;"><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; 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;"><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; 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; 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;"> 60,650 </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; font-weight: bold; line-height: inherit;"> 53,043 </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; font-weight: bold; line-height: inherit;"> 104,497 </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: 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-style: italic; line-height: inherit;"> Other operating expenses </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: 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: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><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: 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: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><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: 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: top; 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; line-height: inherit;"> Contributions to welfare projects and non-profit organizations </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;"> (17,657 </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; line-height: inherit;"> (15,538 </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; line-height: inherit;"> (13,668 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful receivables </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;"> (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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> (107 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; 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;"> Securities Exchange Commission investigation settlement </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;"> - </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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (78,100 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Provision for the ongoing litigation related to the acquisition of participation in Usiminas </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;"> (107,215 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><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;"> - </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; line-height: inherit;"> Other expense </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;"> - </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;"> (1,628 </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; line-height: inherit;"> (12,595 </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;">)</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;"><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;"> (125,418 </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;"><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-bottom-width: 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;"> (17,273 </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;"><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-bottom-width: 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;"> (104,709 </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;"><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; 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: justify; 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; 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; 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; 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;"> Other operating income and expenses, net </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; line-height: inherit;"> (64,768 </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;"><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-top-color: #000000 !important; border-bottom-width: 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;"> 35,770 </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; line-height: inherit;"> (212 </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;"><span style="font-weight: bold;">)</span></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 other operating income and 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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<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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<tr><th class="th"><div>Dec. 31, 2024</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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="7" style="border-bottom: 0.5pt solid #000000; 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; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; width: 65%; 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;"> &#160;&#160;&#160;&#160; Interest income </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 229,835 </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;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 201,852 </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;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 86,112 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; line-height: inherit;"> &#160;&#160;&#160;&#160; Net result on changes in FV of financial assets at FVPL </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,484 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,622 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (6,092 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding: 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; 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; line-height: inherit;"> Finance income </span></p> </td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 242,319 </span></p> </td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 213,474 </span></p> </td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 80,020 </span></p> </td>
<td style="border-top: 0.5pt solid #000000; 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: top; 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;"> 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; line-height: inherit;"> (61,212 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (106,862 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (45,940 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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: top; 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;"> &#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; line-height: inherit;"> 61,395 </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;"> 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;"><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;"> 15,654 </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: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#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; line-height: inherit;"> (12,727 </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;"> (8,974 </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;"> (25,666 </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-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; line-height: inherit;"> &#160;&#160;&#160;&#160; Other </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; 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;"> (100,719 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; 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;"> (95,044 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; 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;"> (30,108 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; 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: top; 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;"> Other financial results, net </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (52,051 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-weight: bold;">)</span></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 114,365 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (40,120 </span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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: 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; line-height: inherit;"> Net financial results </span></p> </td>
<td style="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 129,056 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"> 220,977 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; 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; 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;"> (6,040 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-weight: bold;">)</span></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 financial income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</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 );">+ 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>
<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, 2024</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; width: 64.6505%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 33.871%; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1.34409%; 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; width: 64.6505%;">
<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: 17px; width: 9.94624%; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.34409%; 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: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Earnings from non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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;"> 8,548 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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;"> 104,897 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.94624%; 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;"> 242,743 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Remeasurement of previously held interest </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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; width: 1.34409%; 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; width: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bargain purchase gain </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-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: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,487 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-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; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment loss on non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%;">
<p style="margin: 0px; text-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: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; 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; width: 64.6505%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net loss related to participation increase in Usiminas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-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: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (25,486 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.94624%; background-color: #cceeff;">
<p style="margin: 0px; text-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; width: 1.34409%; 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; width: 64.6505%;">
<p style="margin: 0pt; text-align: right;"><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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,548 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-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: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 95,404 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-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: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-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;"> 208,702 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; margin: 0px; text-indent: 0px; border-top-width: 1px; 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 detailed information about Equity in earnings of nonconsolidated companies.</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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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </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;"> 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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<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; line-height: inherit;"> &#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; line-height: inherit;"> <span>2024</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>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; height: 17px; width: 65%; background-color: #cceeff;">
<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-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;"> (651,769 </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;">)</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;"> (868,695 </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;">)</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;"> (589,706 </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;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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-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;"> 172,089 </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;"> 193,739 </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;"> (27,530 </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>
<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;"> Tax charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit; font-weight: bold;"> (479,680</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: top; height: 17px; 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: top; 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; font-weight: bold; line-height: inherit;"> (674,956 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: top; height: 17px; 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: top; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (617,236</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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> </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="height: 170px; 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></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; 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: 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; line-height: inherit;"> &#160; </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;">
<p style="margin: 0px; text-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;">2024</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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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; 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; 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; line-height: inherit;"> Income before income tax </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; line-height: inherit;"> 2,556,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> 4,632,789 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> 3,165,937 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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: 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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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;"><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; 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;"> (599,944 </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; line-height: inherit;"> (1,127,428 </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; line-height: inherit;"> (705,727 </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (340,094 </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; line-height: inherit;"> (346,573 </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; line-height: inherit;"> (187,186 </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;"><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; 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;"> (24,019 </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; line-height: inherit;"> 1,535 </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;"> (3,422 </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 588 </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;"> 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; line-height: inherit;"> 29,560 </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;"> Tax revaluation, withholding tax and others </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; line-height: inherit;"> 483,789 </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;"><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;"><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; line-height: inherit;"> 796,723 </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;"><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;"><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; line-height: inherit;"> 249,539 </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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> Tax charges </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;">
<p style="margin: 0px; text-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;"> (479,680</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;"><span style="font-weight: bold;">)</span></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: right; padding-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; 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;">)</span></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: 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;"> (617,236</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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<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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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 40.9836%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Work in progress </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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: 0px; text-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; margin: 0px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"><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;"> 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 889,957 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13,538,273 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 416,913 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 396,103 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 71,834 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15,313,080 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,336 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (94,711 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,952 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,391 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (350 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (107,740 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,949 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (24,063 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 653 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (10,461 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,176 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,028 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 616,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15,658 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 635,513 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,989 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 548,790 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,275 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (633,440 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,386 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (12,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (65,775 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (21,627 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,153 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,704 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (107,290 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 935,704 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 13,903,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 424,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 372,990 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 81,438 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 15,717,716 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; 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: 40.9836%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Depreciation and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 164,894 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,696,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 351,309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,234,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 40.9836%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (699 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (67,918 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,686 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (189 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (71,492 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 16,266 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 457,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20,707 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14,966 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 509,203 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"><br/></td> </tr>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 40.9836%;">
<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: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (333 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,101 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,594 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;">)</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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,834 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (53,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (20,444 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-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; width: 0.983607%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (75,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9836%;">
<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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 178,294 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 9,030,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 350,480 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-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: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 37,431 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 9,596,245 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; 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: 40.9836%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 757,410 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,873,502 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 73,562 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 372,990 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 44,007 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 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; width: 8.03279%; 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;"> 6,121,471 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt; line-height: 1.2;"><br/></p>
<div id="t_ft_AGTQULPL3400000000000000000000b">
<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: 339px;" width="100%">
<tbody>
<tr style="height: 50px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 50px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Work in progress </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; line-height: inherit;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8%; 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; font-weight: bold; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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: 8%; 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; line-height: inherit;"> </span><br/></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="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 815,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,857,494 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 402,485 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 252,379 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 55,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14,383,647 </span></p> </td>
<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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,863 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 53,282 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 1,675 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 1,462 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 58,481 </span></p> </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-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt; line-height: inherit;"><sup>(**)</sup></span></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;"> 64,413 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 256,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 831 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 71,838 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 393,981 </span></p> </td>
<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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 330 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 3,661 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 546,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 19,671 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 570,997 </span></p> </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 435,550 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,530 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (471,381 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,270 </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;"> Disposals / Consumptions </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;"> (4,443 </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; line-height: inherit;"> (68,613 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (11,428 </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; line-height: inherit;"> (4,710 </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; line-height: inherit;"> (3,562 </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; line-height: inherit;"> (92,756 </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; line-height: inherit;"> Values 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-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;"> 889,957 </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; line-height: inherit;"> 13,538,273 </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; line-height: inherit;"> 416,913 </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; line-height: inherit;"> 396,103 </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; line-height: inherit;"> 71,834 </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: 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; line-height: inherit;"> 15,313,080 </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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold; line-height: inherit;"> </span><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; text-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><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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;"> Depreciation and impairment </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;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; line-height: inherit;"> </span><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 152,272 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 8,313,971 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 340,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 20,615 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 8,827,384 </span></p> </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; 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: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 390 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 38,074 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,584 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 40,153 </span></p> </td>
<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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 411,861 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 19,839 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 1,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 445,890 </span></p> </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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 </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;"> (391 </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;"> 27 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (380 </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;"> Disposals / Consumptions </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;"> (8 </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; line-height: inherit;"> (67,471 </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; line-height: inherit;"> (10,667 </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; 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;"> (78,146 </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; line-height: inherit;"> 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; border-top-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;"> 164,894 </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; line-height: inherit;"> 8,696,044 </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; line-height: inherit;"> 351,309 </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; line-height: inherit;"> - </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; line-height: inherit;"> 22,654 </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; line-height: inherit;"> 9,234,901 </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>
<tr style="height: 17px; background-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, 2023 </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 725,063 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,842,229 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 65,604 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 396,103 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 49,180 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"></td> </tr> </tbody> </table> </div> </div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"> <br/></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit; font-size: 8pt;">(*) </span><span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">elated </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">to Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">.</span></span></span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">(*</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">*</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;">) </span></span><span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">elated </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">GPC, Isoplus 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; line-height: inherit;">.</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 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 2024-01-01<br> -Paragraph 73<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_73&amp;doctype=Standard<br> -URIDate 2024-03-27<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th></tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; background-color: #cceeff; width: 40.9367%; 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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.04076%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; width: 1.04076%; 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: 40.9367%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 648,887 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 560,549 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,488,381 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,790,680 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,488,497 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,139 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,621 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (14,590 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (28,211 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr 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: 40.9367%;">
<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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 43,445 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 58,443 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,584 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 70 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (31,262 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (31,302 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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; 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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 661,605 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 575,607 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,474,693 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,776,037 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,487,942 </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; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Amortization and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 576,722 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 407,217 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,384,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,742,774 </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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,111,387 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,764 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,781 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization 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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 22,664 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,100 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,986 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 53,750 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 108 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 108 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><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: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (31,231 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (31,271 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 40.9367%;">
<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; border-top-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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 564,499 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 416,311 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,384,674 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,764,709 </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; width: 1.04076%;"><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; width: 1.04076%;"><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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,130,193 </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; width: 1.04076%;"><br/></td> </tr>
<tr 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: 40.9367%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2024 </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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 97,106 </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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 159,296 </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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,090,019 </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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 11,328 </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; width: 1.04076%;"><br/></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; width: 1.04076%;"><br/></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; width: 9.97398%;">
<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;"> 1,357,749 </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; width: 1.04076%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<div>
 </div>
<div id="t_ft_0YL07KIEXC00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="height: 300px; 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: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 41%;">
<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: bottom; height: 17px; background-color: #cceeff; 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; font-weight: bold;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><br/></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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 614,474 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 550,991 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,469,726 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,762,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,397,233 </span></p> </td>
<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;"> Currency translation adjustment </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;"> 2,233 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 39 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 2,274 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations <span style="font-size: 8pt;"><sup>(***)</sup></span></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;"> 105 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 116 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,616 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,638 </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;"> 47,475 </span></p> </td>
<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;"> Additions </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;"> 39,375 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 9,073 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 48,448 </span></p> </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;"> 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;"> 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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 367 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 804 </span></p> </td>
<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;"> Disposals </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;"> (7,737 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> (7,737 </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;"> 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;"> 648,887 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 560,549 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,488,381 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,790,680 </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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,488,497 </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>
<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;"><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; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"> </span><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;"> 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;"><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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 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; 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;"> Accumulated at the beginning of the year </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;"> 561,119 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 398,417 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 1,384,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 1,720,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 4,064,725 </span></p> </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;"> 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;"> 2,140 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,141 </span></p> </td>
<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;"> Amortization charge </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;"> 21,285 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 8,799 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 22,259 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 52,343 </span></p> </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;"> 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;"> (86 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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 </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;"> Disposals </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;"> (7,736 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> (7,736 </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: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<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; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 576,722 </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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 407,217 </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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,384,674 </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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,742,774 </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: 18px;"><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: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,111,387 </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: 18px;"><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;"> At December 31, 2023 </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;"> 72,165 </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;"><br/></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;"><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;"> 153,332 </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;"><br/></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;"><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;"> 1,103,707 </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;"><br/></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;"><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;"> 47,906 </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;"><br/></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;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,377,110 </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;"><br/></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <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; font-size: 8pt;">(*) </span><span><span style="font-family: 'Frutiger 45 Light';">Includes Proprietary Technology.</span></span></span></p>
<p style="margin: 0pt; text-align: justify;"><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';">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated </span><span style="font-family: 'Frutiger 45 Light';">to 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>
<p style="margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">) </span></span><span><span style="font-family: 'Frutiger 45 Light';">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated </span><span style="font-family: 'Frutiger 45 Light';">to the GPC, Isoplus 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';">.</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">
<table cellpadding="0" cellspacing="0" style="height: 115px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (all amounts in millions of U.S. dollars) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.9408%;">
<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: 0px;padding-right: 0px;vertical-align: bottom;height: 10px;border-bottom-width: 1px;border-bottom-style: solid;margin: 0px;text-indent: 0px;border-bottom-color: #000000 !important;width: 22.1893%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes Segment </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 64.9408%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> CGU </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Hydril Acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><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: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tamsa </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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; width: 1.0355%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; 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; width: 10.0592%; 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;"> 19 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 10.0592%; 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;"> 365 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Siderca </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 265 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 93 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 358 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><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: 64.9408%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Hydril </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9408%;">
<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; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><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: 64.9408%;">
<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; 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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 920 </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 170 </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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"><br/></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; width: 10.0592%;">
<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;"> 1,090</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 information for cash-generating units. [Refer: Total for all 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 2024-01-01<br> -Paragraph 134<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_134&amp;doctype=Standard<br> -URIDate 2024-03-27<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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<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 2024-01-01<br> -Paragraph 118<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_118&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></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;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory</td>
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<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, 2024</div></th></tr>
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<tbody>
<tr style="height: 52px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 52px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; height: 52px; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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;"><br/></td> </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; line-height: inherit;"> Opening net book amount </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;"> 66,464 </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;"> 148,380 </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;"> 43,217 </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;"> 3,668 </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;"> 261,729 </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; line-height: inherit;"> Currency translation adjustment </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;"> (167 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (439 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (692 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><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;"> (1,298 </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; line-height: inherit;"> 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; line-height: inherit;"> 16,034 </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;"> 52,040 </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;"> 22,663 </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;"> 584 </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;"> 91,321 </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;"> Transfers / Reclassifications </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;"> (5,027 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,027 </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;"> - </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;"> - </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;"> - </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; line-height: inherit;"> Disposals </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;"> (10,772 </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; line-height: inherit;"> (20,113 </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; line-height: inherit;"> (8,706 </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; 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (39,591 </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; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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; line-height: inherit;"> 66,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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; line-height: inherit;"> 184,895 </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; line-height: inherit;"> 56,482 </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; line-height: inherit;"> 4,252 </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; line-height: inherit;"> 312,161 </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>
<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;"> </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; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </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; padding-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><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; font-weight: bold; line-height: inherit;"> Depreciation </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><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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; line-height: inherit;"> </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; height: 17px; 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: 10pt; font-weight: bold; line-height: inherit;"> </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 27,972 </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;"> 75,567 </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;"> 25,229 </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;"> 823 </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;"> 129,591 </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; line-height: inherit;"> Currency translation adjustment </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;"> (68 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (283 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (412 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><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;"> (763 </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; line-height: inherit;"> Depreciation charge </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;"> 20,448 </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; line-height: inherit;"> 34,719 </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;"> 13,786 </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;"> 948 </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;"> 69,901 </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;"> Transfers / Reclassifications </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;"> (1,514 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,550 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (36 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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;"><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;"> - </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; line-height: inherit;"> Disposals </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;"> (10,041 </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; line-height: inherit;"> (17,660 </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; line-height: inherit;"> (7,735 </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; 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (35,436 </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;"><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; 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;"> 36,797 </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; line-height: inherit;"> 93,893 </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; line-height: inherit;"> 30,832 </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; line-height: inherit;"> 1,771 </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; line-height: inherit;"> 163,293 </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>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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, 2024 </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;"> 29,735 </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; font-weight: bold; line-height: inherit;"> 91,002 </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; font-weight: bold; line-height: inherit;"> 25,650 </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; font-weight: bold; line-height: inherit;"> 2,481 </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; font-weight: bold; line-height: inherit;"> 148,868 </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> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_M8B4Z2UHNK00000000000000000000b">
<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: 358px;" width="100%">
<tbody>
<tr style="height: 69px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 69px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Land and Civil Buildings </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Industrial Buildings, Plant and Production Equipment </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Vehicles, furniture and fixtures </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Others </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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; line-height: inherit;"> 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%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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="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; line-height: inherit;"> 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; line-height: inherit;"> 43,570 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 125,677 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 30,291 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,182 </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; line-height: inherit;"> 200,720 </span></p> </td>
<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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></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;"> 11,803 </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; line-height: inherit;"> 37 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,886 </span></p> </td>
<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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13,040 </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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 30,066 </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; line-height: inherit;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 2,486 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (691 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; 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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (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;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (2,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (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;">)</td> </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;"> 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; line-height: inherit;"> 66,464 </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; line-height: inherit;"> 148,380 </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; line-height: inherit;"> 43,217 </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; line-height: inherit;"> 3,668 </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; line-height: inherit;"> 261,729 </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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold; line-height: inherit;"> </span><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; text-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><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><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;"> Depreciation </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;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 18,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td> </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; 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: 17px;">
<p style="margin: 0px; text-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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 368 </span></p> </td>
<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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,663 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (691 </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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; 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;"> 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (7,046 </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; line-height: inherit;"> (1,638 </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; 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;"> (10,033 </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; line-height: inherit;"> 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; border-top-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;"> 27,972 </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; line-height: inherit;"> 75,567 </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; line-height: inherit;"> 25,229 </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; line-height: inherit;"> 823 </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; line-height: inherit;"> 129,591 </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>
<tr style="height: 17px; background-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, 2023 </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 38,492 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 72,813 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 17,988 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,845 </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;"><br/></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;"><br/></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;">
<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;"> 132,138 </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> </tbody> </table> </div> </div>
<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; vertical-align: super; line-height: inherit;">(*)</span> <span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC</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;">.</span></span></span></p> <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">
<div style="font-family: 'times new roman', times; 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: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9099%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 21.9742%;">
<p style="margin: 0px; text-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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-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; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"><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: 76.9099%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03004%; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03004%; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03004%; 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; width: 76.9099%;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><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: 76.9099%;">
<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; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,565 </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: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,237 </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: 1.03004%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><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; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 91,005 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 61,310 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.03004%;"><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: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cancellations </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: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (8,377 </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: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,972 </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: 1.03004%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Repayments <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (73,639 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (54,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;">)</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: 76.9099%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest accrued </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: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,104 </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: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,473 </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: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9099%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 144,926 </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; width: 1.03004%;"><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; width: 1.03004%;"><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; width: 9.95708%;">
<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;"> 134,433 </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; width: 1.03004%;"><br/></td> </tr> </tbody> </table> </div>
<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: 8pt; vertical-align: super; line-height: inherit;"><br/></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: 8pt; vertical-align: super; line-height: inherit;">(*) </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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 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;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC</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;">.</span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'times new roman', times; font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">*<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">*</span></span></span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">)</span> </span><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;includes</span><span style="line-height: inherit;"><span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">repayments of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">68.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">in capital </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</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</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of interest</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;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">or </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</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;"> includes repayments of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">51.5</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million in capital and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">3.4</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million of interest</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p> <span></span>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</div></th></tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 76.0588%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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: 15px; width: 22.4719%;">
<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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 76.0588%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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: 15px; width: 9.9395%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2024</span> </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: 15px; width: 1.29646%;"><br/></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: 15px; width: 1.29646%;"><br/></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: 15px; width: 9.9395%;">
<p style="margin: 0pt; text-align: center;"><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: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"><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; width: 76.0588%; height: 15px;">
<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: 9.9395%; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,608,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.9395%; height: 15px;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (47,840 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; height: 15px; width: 1.29646%;"><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: 76.0588%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,548 </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: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (71,212 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; height: 15px; width: 1.29646%;">)</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: 76.0588%;">
<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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; height: 15px; width: 1.29646%;">)</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: 76.0588%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Increase / (decrease) in equity reserves 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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 45,357 </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: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;">
<p style="margin: 0px; text-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;">)</td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 76.0588%;">
<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; border-top-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: 15px; width: 9.9395%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,543,657 </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: 15px; width: 1.29646%;"><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: 15px; width: 1.29646%;"><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: 15px; width: 9.9395%;">
<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;"> 1,608,804 </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: 15px; width: 1.29646%;"><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_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock', window );">Disclosure of detailed information about principal non-consolidated companies [text block]</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 112px; 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; height: 10px; vertical-align: bottom; width: 29.9571%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 24.9785%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 20.9442%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 21.9742%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 29.9571%;" 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; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 24.9785%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" 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; background-color: #cceeff; width: 29.9571%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">a) Ternium <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: 17px; background-color: #cceeff; width: 24.9785%;">
<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; height: 17px; background-color: #cceeff; width: 9.95708%; 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: 1.03004%; 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: 9.95708%; 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: 1.03004%; 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: 9.95708%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,377,911 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03004%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03004%; 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: 9.95708%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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: 1.03004%; 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; width: 29.9571%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">b) Usiminas <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: 17px; width: 24.9785%;">
<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; width: 9.95708%;">
<p style="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;"> 3.96% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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;"> 3.96% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 102,812 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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; width: 1.03004%;"><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: 29.9571%;">
<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; height: 17px; background-color: #cceeff; width: 24.9785%;">
<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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 59,782 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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; width: 1.03004%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.9571%;">
<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; height: 17px; width: 24.9785%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"><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: 29.9571%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 24.9785%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 1.03004%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><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: 1.03004%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,543,657 </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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.03004%;"><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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.03004%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;">
<p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; 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; width: 1.03004%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt;"> <br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Including treasury shares.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(**)</span> </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">At December 31,</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;">4</span></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and <span style="border-left: none; border-right: none;">2023</span>, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the voting rights were </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">6.76%</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</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="height: 251px; 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !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;"> Ternium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; padding-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><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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 style="border-left: none; border-right: none;">2024</span> </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: 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; line-height: inherit;"> <span style="border-left: none; border-right: none;">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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 77%;">
<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;"> Non-current assets </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; line-height: inherit;"> 12,050,457 </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>
<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>
<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; line-height: inherit;"> 12,148,560 </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: 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;"> Current 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;"> 11,078,090 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; font-weight: bold; line-height: inherit;"> Total assets </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;"> 23,128,547 </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; line-height: inherit;"> 24,179,104 </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>
<tr style="height: 17px;">
<td style="padding: 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;"> Non-current 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;">3,157,819</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> Current liabilities </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;"> 3,839,159 </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; line-height: inherit;"> 3,800,602 </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: 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;"> Total liabilities </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;"> 6,996,978 </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;"> 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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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; font-weight: bold; line-height: inherit;"> Total equity </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; font-weight: bold; line-height: inherit;"> 16,131,569 </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; font-weight: bold; line-height: inherit;"> 16,811,859 </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>
<tr style="height: 10px;">
<td style="padding: 0px 7px; 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: 10pt; 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,163,383 </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; 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: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></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: 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;"> Revenues </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;"> 17,649,060 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; 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;"> Gross profit </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;"> 2,888,836 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; 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;"> 3,559,355 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 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;"> Net (loss) / income for the year attributable to shareholders' equity </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;"> (53,672 </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;"> 676,043 </span></p> </td>
<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: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; 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;"> Other comprehensive income </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;"> 211,817 </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>
<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; line-height: inherit;"> 465,885 </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: 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;"> Total comprehensive income </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;"> 158,145 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; line-height: inherit;"> 1,141,928 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 240px;" width="100%">
<tbody>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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; height: 15px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><br/></td> </tr>
<tr style="height: 15px;">
<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: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></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; height: 15px;">
<p style="margin: 0px; text-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>2024</span> </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; height: 15px;"><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; height: 15px;"><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; height: 15px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><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; width: 77%; height: 15px;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,623,996 </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: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,234,742 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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;">
<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; border-top-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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 6,858,738 </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: 15px;"><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: 15px;"><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: 15px;">
<p style="margin: 0px; text-align: right; padding-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; border-top-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: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,357,347 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 772,412 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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; 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; border-top-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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,129,758 </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: 15px;"><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: 15px;"><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: 15px;">
<p style="margin: 0px; text-align: right; padding-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; border-top-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: 15px;"><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;">
<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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,728,980 </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: 15px;"><br/></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: 15px;"><br/></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: 15px;">
<p style="margin: 0px; text-align: right; padding-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"><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; 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 452,481 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-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: 15px;"><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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><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; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,800,787 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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;">
<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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 308,043 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-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: 15px;"><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; line-height: inherit;"> Net (loss) / 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (27,084 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">)</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;">
<p style="margin: 0px; text-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: 15px;"><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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,564 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (72,062 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px;">)</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; line-height: inherit;"> Total comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,480 </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; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 206,340 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td> </tr> </tbody> </table> <span></span>
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</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>
</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_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock', window );">Disclosure of detailed information about non-current receivables [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 146px; 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 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: 10pt;"> </span><br/></p> </td>
<td colspan="4" 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;"> Year ended 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: 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;"><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; 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 style="border-left: none; border-right: none;">2024</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>
<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>
<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 style="border-left: none; border-right: none;">2023</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; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee advances and loans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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;"> 9,120 </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; height: 17px; 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;"> 7,395 </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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Tax credits <span style="font-size: 8pt;"><sup>(*)</sup></span></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;"> 66,636 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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-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;"> Receivables from 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;"> 69,843 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 69,820 </span></p> </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;"> Legal deposits </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;"> 6,858 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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-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;"> Advances to suppliers and other advances </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;"> 37,434 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: 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;"> 27,043 </span></p> </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;"> Others </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;"> 15,711 </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>
<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>
<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;"> 18,863 </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>
<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;"><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; 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;"> 205,602 </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;"><br/></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;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 185,959 </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;"><br/></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">
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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 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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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_ClassesOfInventoriesAbstract', window );"><strong>Note 16 - Inventories, net</strong></a></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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; 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; height: 10px;">
<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: 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 style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: 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 style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finished goods </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; 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;"> 1,332,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; 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;"> 1,401,754 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Goods in process </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;"> 993,294 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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-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;"> Raw materials </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;"> 504,124 </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; 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;"> 569,837 </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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Supplies </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;"> 712,059 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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-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;"> Goods in transit </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;"> 370,993 </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; 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;"> 441,217 </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: 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; 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;"> 3,913,116 </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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; 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;"> 4,130,207 </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;"><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;"> Allowance for obsolescence, see note <span style="border-left: none; border-right: none;">25</span> (i) </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;"> (203,174 </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;">)</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; 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;"> (209,110 </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;">)</td> </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;"> </span><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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,709,942 </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; 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;"> 3,921,097 </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;"></td> </tr> </tbody> </table> <span></span>
</td>
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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>
</tr>
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</tr>
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<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>
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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">
<tr>
<td><strong> Name:</strong></td>
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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, 2024</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;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" 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;">
<p style="margin: 0px; text-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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <span>2024</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>
<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>
<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;">
<p style="margin: 0px; text-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; 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: 77%; height: 17px;">
<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-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;"> 53,318 </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;"> 56,564 </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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government entities </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;"> 2,420 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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-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;"> Employee advances and loans </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;"> 11,695 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 14,316 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 35,965 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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-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;"> Government tax refunds on exports </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;"> 16,969 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 8,210 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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 related parties </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;"> 3,585 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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-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;"> 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;"> 58,756 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 50,173 </span></p> </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;"> &#160; </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; height: 10px; 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;"> 182,708 </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; height: 10px; border-top-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; height: 10px; border-top-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; height: 10px; 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;"> 184,807 </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; height: 10px; border-top-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;"> Allowance for other doubtful accounts, see note <span>25</span> (i) </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;"> (3,094 </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; 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;"> (3,439 </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;"><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; 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 179,614 </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; height: 10px; 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; 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;"><br/></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; height: 10px; 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;"> 181,368 </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; height: 10px; border-bottom-color: #000000 !important;"><br/></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>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" 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;">
<p style="margin: 0px; text-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; 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;"> Current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 10%; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; border-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; width: 1%; border-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; width: 10%; 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; width: 1%; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 135,621 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 122,257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> V.A.T. credits </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;"> 195,745 </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;"> 132,972 </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;"> Other prepaid taxes </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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,255 </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; background-color: #cceeff;"><br/></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; background-color: #cceeff;"><br/></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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,172 </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; background-color: #cceeff;"><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;"> &#160; </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 332,621 </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>
<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>
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 256,401 </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> </tbody> </table> </div> <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_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock', window );">Disclosure of detailed information about tax liabilities [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" 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;">
<p style="margin: 0px; text-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; 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: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current tax liabilities </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;">
<p style="margin: 0px; text-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>2024</span> </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>
<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>
<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;">
<p style="margin: 0px; text-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; 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; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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;"> 277,712 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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;"> 344,565 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><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;"> V.A.T. 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;"> 16,599 </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;"> 60,047 </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;"> Other taxes </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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,981 </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; background-color: #cceeff;"><br/></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; background-color: #cceeff;"><br/></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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 83,665 </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; background-color: #cceeff;"><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;"> &#160; </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 366,292 </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>
<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>
<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;">
<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;"> 488,277 </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;"></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">
<tr>
<td><strong> Name:</strong></td>
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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 );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </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;"> 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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<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; 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>2024</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>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> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<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;"> Current accounts </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,923,620 </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;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,471,565 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> Receivables from related parties </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;"> 32,012 </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;"> 58,370 </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;"> &#160; </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;"> 1,955,632 </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;"> 2,529,935 </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;"> Allowance for doubtful accounts, see note <span>25</span> (i) </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;"> (48,125 </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; 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;"> (49,046 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> 1,907,507 </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; 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;"> 2,480,889 </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> </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">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"> At December 31, 2024 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Trade Receivables </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; 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;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Not Due </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; 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;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Past due </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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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;"> &#160; </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: rgb(0, 0, 0) !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>180</span> days </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &gt; <span>180</span> days </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: rgb(0, 0, 0) !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;"> &#160; </span></p> </td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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: rgb(204, 238, 255); width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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;"> 288,388 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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;"> 254,777 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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;"> 33,341 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); 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;"> 270 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); 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;"> Not guaranteed </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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,667,244 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,305,338 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 298,988 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 62,918 </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: rgb(0, 0, 0) !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: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,955,632 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,560,115 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 332,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 63,188 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> 0.03% </span></p> </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;"><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;"> 0.01% </span></p> </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;"><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;"> 0.09% </span></p> </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;"><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;"> 0.33% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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: rgb(204, 238, 255);">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (525 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (323 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (47,600 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (303 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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;"> (47,297 </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: rgb(0, 0, 0) !important;">)</td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"> 1,907,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"> 1,559,968 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"> 331,703 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;"> 15,836 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Trade Receivables </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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 rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Not Due </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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 rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 17px; border-top-width: 1px; border-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;"> Past due </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; 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;"> &#160; </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>1</span> - <span>180</span> days </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;"> &gt; <span>180</span> days </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;">
<td style="padding-left: 5.4pt; 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: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<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: top; 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: 53%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Guaranteed </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;"> 261,113 </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; 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;"> 236,714 </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; 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;"> 23,991 </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; 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;"> 408 </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;"> Not guaranteed </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;"> 2,268,822 </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;"> 1,613,626 </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;"> 590,236 </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;"> 64,960 </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Guaranteed and not guaranteed </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; font-weight: bold;"> 2,529,935 </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; 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; font-weight: bold;"> 1,850,340 </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; 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; font-weight: bold;"> 614,227 </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; 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; font-weight: bold;"> 65,368 </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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> 0.06% </span></p> </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;"><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;"> 0.02% </span></p> </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;"><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;"> 0.18% </span></p> </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;"><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;"> 0.46% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; 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;"> 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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,636 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"> (312 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"> (1,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"> (75 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (47,410 </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;"> - </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;"> (748 </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;"> (46,662 </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>
<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;"> Net Value </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; font-weight: bold;"> 2,480,889 </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; 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; font-weight: bold;"> 1,850,028 </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; 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; font-weight: bold;"> 612,230 </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; 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; font-weight: bold;"> 18,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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_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>
</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_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of detailed information about the aging analysis of 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_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock</td>
</tr>
<tr>
<td 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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about current trade receivables.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<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_DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock', window );">Detailed disclosure of cash and cash equivalents and other investments [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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td colspan="4" style="font-family: &quot;arial black&quot;, &quot;avant garde&quot;; font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; 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: top; height: 10px;">
<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="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; width: 77%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><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: 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;">Cash and cash equivalents</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; width: 77%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Cash at banks </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 290,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 370,487 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Liquidity funds </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 355,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Short-term investments </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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,311 </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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,043,910 </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: rgb(0, 0, 0) !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'times new roman', times; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 675,256 </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,637,821 </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> Other investments - current </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;"><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; 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; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fixed income (time-deposit, <span style="border-left: none; border-right: none;">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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 722,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> 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: 10pt;"> 1,273,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 834,281 </span></p> </td>
<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: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fund investments </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 376,998 </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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; 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', times; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,372,999 </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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,969,631 </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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"> 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: rgb(204, 238, 255);">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> 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: 10pt;"> 857,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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> </tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Fixed income (time-deposit, <span style="border-left: none; border-right: none;">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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 140,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="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; background-color: rgb(204, 238, 255);"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 56.2409%; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Others </span></p> </td>
<td style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,049 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,411 </span></p> </td>
<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: rgb(204, 238, 255);">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; 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; 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; background-color: rgb(204, 238, 255);">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,005,300 </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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);"><br/></td>
<td style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 9pt; font-weight: bold; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 405,631 </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: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><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 detailed disclosure of cash and cash equivalents and other investments.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</div></th></tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><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: 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;">
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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><br/></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>2024</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>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> </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;"> Non-current </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><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></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><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 77%;">
<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; width: 10%; 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;"> 11,399 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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: bottom; height: 17px; width: 1%; border-bottom-width: 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%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; height: 17px; background-color: #cceeff;">
<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; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 11,399 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; font-weight: bold;"> 48,304 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; 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;"><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: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="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: 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; 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;"> 411,541 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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;"> 513,909 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> Bank overdrafts </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;"> 14,458 </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: 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;"> 21,224 </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: 11px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<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: 11px; 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;"> 425,999 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff; border-bottom-width: 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: 11px; 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: 11px; 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;"> 535,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; background-color: #cceeff; 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 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 437,398 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 583,437 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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> </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">
<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: 88px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; 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; 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; 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">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 10px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 10px; 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;"> 425,999 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"> 11,399 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"> 437,398 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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-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;"> 425,999 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> 11,399 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> 437,398 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> 6,270 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> 672 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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;"> 6,942 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; 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;"> 432,269 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;"> 12,071 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;"> 444,340 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"> <br/></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 95px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 535,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 46,804 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 1,500 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 583,437 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 46,804 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 1,500 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 583,437 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 10,510 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 3,533 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 283 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 14,326 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<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-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;">
<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;"> 545,643 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 50,337 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 1,783 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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>
<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;">
<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;"> 597,763 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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> </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_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: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 73px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="margin: 0px; text-indent: 0px; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 13px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 32.6619%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 37.2891%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Type </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Outstanding </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 11px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 32.6619%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 37.2891%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200 </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 12px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 12px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40 </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2026</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26 </span></p> </td> </tr>
<tr style="margin: 0px; text-indent: 0px; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 32.6619%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 10px; width: 37.2891%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Siderca SAIC </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20 </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="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="margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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; border-top-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: 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; 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; 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="margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; 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;"> 6.52% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; 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;"> 10.56% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><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; text-indent: 0px; width: 100%; height: 119px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 34px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 34px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 34px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;">
<p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </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>
<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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: center; 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; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 57%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 20%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; width: 10%; background-color: #cceeff; 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;">-</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; text-indent: 0px; padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,903 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> 1,496 </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>
<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>
<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;">
<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;"> 4,501 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total non-current borrowings </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"> 11,399 </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>
<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>
<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;">
<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;"> 48,304 </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>
<table cellpadding="0" cellspacing="0" style="height: 168px; 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: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></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; 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="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px;"><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; 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; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </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: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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: center; text-indent: 0px; padding-left: 0px; padding-right: 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; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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;"> 260,866 </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; height: 17px; 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;"> 221,008 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 57%;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 20%;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; width: 10%;">
<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;"> 9,173 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<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;"> 111,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> BRL </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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-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; height: 17px; 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;"> 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,278 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 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> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ARS </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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; 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;"> 8,551 </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; height: 17px; 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;"> 23,462 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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;">
<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;"> 3,018 </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; margin: 0px; text-indent: 0px; height: 17px;">
<div style="border-left: none; border-right: none;">
<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;">3,035</span></p> </div> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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: 15px; background-color: #cceeff; 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;"> 130,113 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: 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: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff; 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;"> 110,923 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total current borrowings </span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;"> 425,999 </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;"> 535,133 </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> </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 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; text-indent: 0px; width: 100%; height: 140px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></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; 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, 2024 </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; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; 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: middle; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </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: 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;">
<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>2023</span> </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: 11px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; height: 11px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; width: 10%; height: 11px; 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;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 11px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 11px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; height: 11px; 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;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 11px; background-color: #cceeff;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (6,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (74,806 </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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (128,761 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (211,797 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> (3,707 </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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,691 </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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></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;">
<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-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; text-indent: 0px; padding-left: 0px; padding-right: 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; height: 10px; background-color: #cceeff;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; 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;"> (6,766 </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; 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;"> 21,130 </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; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="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-indent: 0px;"><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; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 437,398 </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; text-indent: 0px; padding-left: 0px; padding-right: 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: 17px; background-color: #cceeff; 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: 0px; text-indent: 0px;"> <br/></p>
<p style="line-height: 9pt; margin: 0px; text-align: justify; text-indent: 0px;"><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';">For the year <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated to GPC</span> <span style="font-family: 'Frutiger 45 Light';">acquisition</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> <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>
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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 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 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(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>
<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 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">
<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 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">
<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 );">- Definition</a><div><p>The disclosure of detailed information about significant 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>
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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 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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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">
<tr>
<td><strong> Name:</strong></td>
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<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>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" 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: 52.9412%; 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; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 618,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 114,335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 160,202 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0088%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 893,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; 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; width: 52.9412%;">
<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: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (194 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (72 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (440 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</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: 52.9412%;">
<p style="margin: 0pt;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></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: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,223 </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: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-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: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,033 </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: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,256 </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: 0.965759%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 52.9412%;">
<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; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-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: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-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: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (904 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (904 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;">)</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: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement credit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (51,265 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (39,033 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (46,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (137,238 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 52.9412%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 568,638 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 75,230 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 114,217 </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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 758,085 </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"><br/></td> </tr> </tbody> </table> </div>
<div id="t_ft_ZYVVYBIB0G00000000000000000000b">
<p style="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%; height: 84px; 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;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><br/></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Fixed assets </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Intangible assets and other </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; height: 17px; width: 53%; 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; 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; line-height: inherit;"> 575,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> 43,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff; 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; line-height: inherit;"> 114,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> 733,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"><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;">
<p style="margin: 0px; text-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 </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;"> 113 </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;"> 397 </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;"> 551 </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;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Increase due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(**)</span></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;"> 4,175 </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;"> 7,563 </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;"> 5,498 </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;"> 17,236 </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: 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-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; 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;"> - </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;"> 138 </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;"> 138 </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; line-height: inherit;"> Income statement charge </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;"> 38,991 </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;"> 63,127 </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;"> 39,627 </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;"> 141,745 </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: 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, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 618,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 114,335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 160,202 </span></p> </td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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;"> 893,411 </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px;"><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: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">(*)</span> </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#8217;s pipe coating business unit acquisition. 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></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(**) </span><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></span></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;"><br/></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;">Deferred tax assets</span></p>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_6I89GYVUQ800000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; height: 112px; 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Provisions and allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; 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: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,511 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 199,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 634,894 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 185,997 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,051,421 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"><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;">
<p style="margin: 0px; text-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 </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;"> (277 </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;"> (76 </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;"> (829 </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;"> (1,204 </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: 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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; 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;"> 88 </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;"> (414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; 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;"> 1,821 </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;"> 1,495 </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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,006 </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;"> 885 </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;"> (1,121 </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: 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;"> Income statement credit / (charge) </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;"> 24,436 </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;"> (44,915 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; 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;"> 82,400 </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;"> (27,070 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; 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;"> 34,851 </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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2024 </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 55,925 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 153,915 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 714,798 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 160,804 </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;"><br/></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;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,085,442 </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;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"> <br/></p>
<div id="t_ft_O6L7YAW3HS00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; text-indent: 0px; height: 138px;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Provisions and allowances </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Inventories </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"> Tax losses </span></p> </td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; 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; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> 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;"> 6 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-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; line-height: inherit;"> 611 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></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'; line-height: inherit;">Increase due to business combinations </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: 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; line-height: inherit;"> 1,374 </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; 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: 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; line-height: inherit;"> 1,875 </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; line-height: inherit;"> 35,941 </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; line-height: inherit;"> 39,413 </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> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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;"> 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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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-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;"> Income statement credit / (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; line-height: inherit;"> 4,314 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 18,620 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 322,431 </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>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> (9,881 </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;"> 335,484 </span></p> </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;"> At December 31, 2023 </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; 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;"> 31,511 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 199,019 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 634,894 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 185,997 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 1,051,421 </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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<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; vertical-align: super; line-height: inherit;">(*) </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#8217;s pipe coating business unit acquisition. 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></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">*</span></span><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="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus anticorrosion coating division 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;">.</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="height: 54px; 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: middle; 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="4" 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: 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: 10px;"><br/></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-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><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 style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; height: 10px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; height: 10px;"><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 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; border-top-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;"><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;"> Deferred tax assets to be recovered after <span style="border-left: none; border-right: none;">12</span> months </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; line-height: inherit;"> 755,743 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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; line-height: inherit;"> 655,415 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Deferred tax liabilities to be settled after <span style="border-left: none; border-right: none;">12</span> months </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;"> 696,693 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-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; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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">
<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; height: 88px;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" valign="bottom"><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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; width: 77%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 831,298 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 789,615 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Deferred tax 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;"> 503,941 </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: 10pt; line-height: inherit;"> 631,605 </span></p> </td>
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 327,357 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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-weight: bold; line-height: inherit;"> 158,010 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </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;">
<div>
<div style="border-left: none; border-right: none;">
<div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">The movement i</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">n the net deferred income tax </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">asset / </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">liability</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> account is as follows:</span></span></p> </div> </div> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></p>
<div id="t_ft_K768C58TXS00000000000000000000b">
<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: 136px;" 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; line-height: inherit;"> </span><br/></p> </td>
<td colspan="4" 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: 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; line-height: inherit;"> </span><br/></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;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2024</span> </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>
<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>
<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;">
<p style="margin: 0pt; text-align: center;"><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: 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; 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;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 158,010 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (60,199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> 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;"> (764 </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; line-height: inherit;"> 89 </span></p> </td>
<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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Changes due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></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; line-height: inherit;"> (1,761 </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;"> 22,177 </span></p> </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;"> 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; line-height: inherit;"> (217 </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; line-height: inherit;"> 2,204 </span></p> </td>
<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;"> Income statement credit </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;"> 172,089 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 193,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 327,357 </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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;"> 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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </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;"><span style="font-size: 10pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span> <span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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></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;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus 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;">.</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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<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 2024-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></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 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>
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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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<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>
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<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;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 14px;">
<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; height: 14px; 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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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: 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-top-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: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits </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;"> 131,564 </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;"> 117,506 </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;"> Other long-term benefits </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;"> 101,260 </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;"> 91,435 </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;"> Miscellaneous </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;"> 68,927 </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;"> 62,327 </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;"> </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;"> 301,751 </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;"> 271,268 </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="re">
<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="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 74px;" 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;"><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; height: 20px; 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; height: 20px; 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;"><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; 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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: 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-top-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;"> Unfunded </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;"> 129,032 </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;"><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;"><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;"> 112,532 </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;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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;"> 2,532 </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;"> 4,974 </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: right;"><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; border-top-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;"> 131,564 </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-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: 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; background-color: #cceeff; 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;"> 117,506 </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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 223px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 22.5997%;">
<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: 34px; 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;"><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; 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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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-bottom-width: 1px; border-bottom-style: solid; height: 17px; width: 1.4771%; 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; border-top-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; width: 1.03397%;"><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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-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; border-top-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; 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; width: 76.9572%; height: 17px;">
<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; 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;"> 112,532 </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;"><br/></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;"> 103,822 </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;"><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;"> Current service cost </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;"> 7,206 </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>
<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;"> 6,537 </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;"> Interest cost </span></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;"> 14,692 </span></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>
<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;"> 11,707 </span></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;"> Curtailments and settlements </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;"> (131 </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>
<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;"> (675 </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: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Remeasurements </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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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;"> 7,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; width: 1.4771%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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: 19px; 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;"> 8,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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;"> 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;"> (6,865 </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>
<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;"> (12,687 </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;">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; 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;"> - </span></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>
<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;"> 4,531 </span></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;"> Benefits paid from 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;"> (8,345 </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>
<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;"> (8,762 </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;"> Other </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; 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;"> 2,437 </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; height: 17px; width: 1.4771%; border-bottom-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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> (840 </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; 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; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;"> 129,032 </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; height: 17px; width: 1.4771%; 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; border-top-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; width: 1.03397%;"><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; 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; font-weight: bold;"> 112,532 </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; width: 1.4771%;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span> </span><span><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </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>4</span></span> <span style="font-family: 'Frutiger 45 Light';">a </span><span style="font-family: 'Frutiger 45 Light';">loss</span> <span style="font-family: 'Frutiger 45 Light';">of $</span><span style="font-family: 'Frutiger 45 Light';">1.6</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumption</span><span style="font-family: 'Frutiger 45 Light';">s</span><span style="font-family: 'Frutiger 45 Light';"> and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">5.9</span><span style="font-family: 'Frutiger 45 Light';"> million to financ</span><span style="font-family: 'Frutiger 45 Light';">ial assumptions.</span></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </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';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.6</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">8.3</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"><span style="font-size: 8pt;">(**)</span> </span><span><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </span><span style="font-family: 'Frutiger 45 Light';"><span>2024</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 78px;" width="100%">
<tbody>
<tr style="height: 18px;">
<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: 12pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 18px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px;">
<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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; border-top-style: solid; 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>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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: 15px; border-top-width: 1px; border-top-style: solid; 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>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; 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: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Present value of funded obligations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 91,698 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 123,234 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"><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;"> Fair value of plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (102,653 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">)</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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (134,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;">)</td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Asset (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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;"> (10,955 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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: 15px; 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;"> (10,818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; 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-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 80%; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; 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;">(*)</span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"> In <span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>4</span></span><span style="font-family: 'Frutiger 45 Light';"> and </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>3</span></span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">13.5</span> <span style="font-family: 'Frutiger 45 Light';">million </span><span style="font-family: 'Frutiger 45 Light';">and $</span><span style="font-family: 'Frutiger 45 Light';">15.8</span><span style="font-family: 'Frutiger 45 Light';"> million </span><span style="font-family: 'Frutiger 45 Light';">corresponding to </span><span style="font-family: 'Frutiger 45 Light';">plans</span> <span style="font-family: 'Frutiger 45 Light';">with surplus balance</span><span style="font-family: 'Frutiger 45 Light';">s that</span><span style="font-family: 'Frutiger 45 Light';"> w</span><span style="font-family: 'Frutiger 45 Light';">ere</span> <span style="font-family: 'Frutiger 45 Light';">reclassified</span><span style="font-family: 'Frutiger 45 Light';"> within other </span><span style="font-family: 'Frutiger 45 Light';">non-</span><span style="font-family: 'Frutiger 45 Light';">current assets</span><span style="font-family: 'Frutiger 45 Light';">, respectively</span><span style="font-family: 'Frutiger 45 Light';">, consequently the net post-employment benefits funded exposed as liabilities amounted to $</span><span style="font-family: 'Frutiger 45 Light';">2.5</span><span style="font-family: 'Frutiger 45 Light';"> million and $</span><span style="font-family: 'Frutiger 45 Light';">5.0</span><span style="font-family: 'Frutiger 45 Light';"> million respectively.</span></span></span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 192px;" 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;"><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; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-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; 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: 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: 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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: 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; 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>
<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;"> 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;"> 123,234 </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;"> 116,617 </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="padding-left: 5.4pt; 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;"> (5,627 </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;"> 1,940 </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;"> Current service cost </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;"> 176 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest 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;"> 5,424 </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: 10pt;"> 5,715 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><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;">Remeasurements </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (182 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"><br/></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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(**)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="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;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td> </tr>
<tr style="height: 17px; background-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;"> Benefits 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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,300 </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;"> (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;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (23,027 </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;"> 571 </span></p> </td>
<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;"> 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; border-top-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;"> 91,698 </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;"> 123,234 </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="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><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';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </span><span style="font-family: 'Frutiger 45 Light';"><span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>4</span></span><span style="font-family: 'Frutiger 45 Light';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.1</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.1</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span> </span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For</span><span style="font-family: 'Frutiger 45 Light';"> the year</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';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.9</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">1.3</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span> </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"><span style="font-size: 8pt;">(**)</span> </span><span><span style="font-family: 'Frutiger 45 Light';">For the years <span>2024</span> and <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> <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_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory', window );">Disclosure of sensitivity analysis for actuarial assumptions [text block]</a></td>
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<table cellpadding="0" cellspacing="0" style="height: 71px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br/></td> </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: 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; 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;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 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-left: 0px; padding-right: 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-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; 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;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 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: 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;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; 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;"> 3% - 8% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; 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;"> 3% - 7% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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;"> 2% - 6% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; 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;"> 2% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr> </tbody> </table>
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" width="100%">
<tbody>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: 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; 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; 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;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</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;"> <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> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5% - 6% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><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;"> 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;"> 3% - 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;"> 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">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 188px;" 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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 22.1565%;">
<p style="margin: 0px; text-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; 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;"><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; 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; width: 10.0443%;">
<p style="margin: 0px; text-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>2024</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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px; width: 1.03397%;"><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; width: 1.03397%;"><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; width: 10.0443%;">
<p style="margin: 0px; text-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; 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; 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; width: 76.9572%; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (134,052 </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%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (126,842 </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%; 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;"> 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;"> 7,047 </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;"> (1,897 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</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;"> Return on plan assets </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: 10.0443%;">
<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;"> (6,010 </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: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10.0443%;">
<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;"> (6,121 </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: 1.4771%;">)</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;"> 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;"> (302 </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;"> (4,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</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; width: 76.9572%;">
<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;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; 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;"> (3,903 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; 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;"> 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;"> (1,269 </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;"> - </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;"> Benefits paid from the plan </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: 10.0443%;">
<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;"> 8,300 </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: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10.0443%;">
<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;"> 8,459 </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: 1.4771%;"><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;"> 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;"> <span style="border-left: none; border-right: none;">23,633</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%;"><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;"> <span style="border-left: none; border-right: none;">477</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%;"><br/></td> </tr>
<tr 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;"> 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; border-top-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; 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; font-weight: bold;"> (102,653 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 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; font-weight: bold;"> (134,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px; width: 1.4771%;">)</td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><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';">For the years <span>2024</span> and <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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: 10pt;"> </span><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;"> 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;"><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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; 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>2024</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;"> <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> </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;"> Equity instruments </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;"> 3% </span></p> </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: 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;"> 18% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><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;"> 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;"> 60% </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;"> 33% </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;">
<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;">Others </span><span style="font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span></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;"> 37% </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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"> <br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><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';">For the years <span>2024</span> and <span>2023</span>, mainly include </span><span style="font-family: 'Frutiger 45 Light';">annuities purchased from an insurance company for the benefit of current and future retirees</span><span style="font-family: 'Frutiger 45 Light';">.</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_DisclosureOfOtherCurrentLiabilitiesExplanatory', window );">Disclosure of other current liabilities [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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: 10pt;"> </span><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;"> 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: top;">
<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: 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;"> <span>2024</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;"> <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> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payroll and social security payable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 270,016 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 301,213 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Shares to be settled under buyback program </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;"> 243,264 </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;"> 86,240 </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;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 72,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 35,192 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;">
<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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 585,775 </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;"> 422,645 </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> <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 [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 142<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_142&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<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 2024-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<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 [domain]; 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 2024-01-01<br> -Paragraph 145<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_145&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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>
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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_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock', window );">Disclosure of detailed information about non-current allowances and provisions from liabilities [text block]</a></td>
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<table cellpadding="0" cellspacing="0" style="height: 146px; border-collapse: collapse; margin: 0px; font-family: &quot;times new roman&quot;; 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; font-weight: bold;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;">
<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;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> <span style="border-left: none; border-right: none;">2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: top; 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: top; 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;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; height: 17px; width: 77%; background-color: #cceeff;">
<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; 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;"> 101,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; 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: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> 98,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Translation differences </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;"> (11,718 </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; 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: &quot;Frutiger 45 Light&quot;; 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: 10px;"><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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></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;"> (900 </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: 9pt;">)</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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;"> 1,500 </span></p> </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;"> Additional allowance </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;"> 10,077 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; 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> </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;"> Reclassifications </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;"> (9,839 </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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; 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;"><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 and other movements </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;"> (6,967 </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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: &quot;Frutiger 45 Light&quot;; 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;"><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; height: 17px; background-color: #cceeff;">
<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; 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;"> 82,106 </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: 9pt; 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> </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 non-current allowances and provisions from liabilities.</p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<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, 2024</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_DisclosureOfCurrentAllowancesAndProvisionsAbstract', window );"><strong>Note 25 - Current allowances and provisions</strong></a></td>
<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: 10px; width: 50%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2024 </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; height: 10px; width: 15%; 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;"> Allowance for doubtful accounts - Trade receivables </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> Allowance for other doubtful accounts - Other receivables </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> Allowance for inventory obsolescence </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; height: 10px; width: 1%; 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;">
<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; 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;"> (49,046 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"> (3,439 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</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: 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;"> (209,110 </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;"> 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;"> 194 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 897 </span></p> </td>
<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-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Changes due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (*)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"> (1,151 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"> (3,676 </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;"> (Additional) / reversal 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;"> 1,095 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (41,240 </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 and other movements </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 783 </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;"><br/></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; height: 17px;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 567 </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;"><br/></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; height: 17px;"><br/></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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 49,955 </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;"><br/></td> </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, 2024 </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;">
<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;"> (48,125 </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;"><span style="font-weight: bold;">)</span></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; height: 17px;"><br/></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;">
<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;"> (3,094 </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;"><span style="font-weight: bold;">)</span></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; height: 17px;"><br/></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;">
<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;"> (203,174 </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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<div><br/></div>
<div><span style="color: #000000; font-family: 'times new roman', times; 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-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)<span>&#160;</span></span></sup></span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';">For the year 2024, related to Mattr&#8217;s pipe coating business unit acquisition. For more information see note 34.</span></span></span> </div>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<div id="t_ft_OK09O95Q8W00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 124px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; vertical-align: bottom; width: 50%;" 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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 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: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 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: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Allowance for inventory obsolescence </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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%;"><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;"> Values 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: 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: 10pt;"> (45,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 10pt;"> (3,479 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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: 10pt;"> (222,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; 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;"> 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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="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; height: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="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: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="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; height: 19px; background-color: #cceeff; 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;"> (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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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;">)</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;"> Used </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;"> 1,066 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #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;"> 235 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #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;"> 36,768 </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;"> At December 31, 2023 </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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;"><span style="font-weight: bold;">)</span></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: 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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;"><span style="font-weight: bold;">)</span></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: 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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt;"><br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></sup></span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</span></span></span></span></p> <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>
<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: 132px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Year ended December 31, 2024 </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; height: 10px; width: 15%; 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;"> Sales risks </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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<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;">Other claims and contingencies </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; line-height: inherit;">(*)</span></sup></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 1%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></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; height: 10px; width: 15%; 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;"> 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; height: 10px; width: 1%; 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;">
<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; 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;"> 19,940 </span></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: 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;"> 16,019 </span></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: 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;"> 35,959 </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;"> 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;"> (1,301 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (18,978 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (20,279 </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: 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';">Changes due to business combinations</span><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> (**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"> - </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"> 722 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 10pt;"> 722 </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: 10pt;"> 21,296 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 106,198 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 127,494 </span></p> </td>
<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; 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;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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: 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;"> 9,839 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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: 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;"> 9,839 </span></p> </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: 10pt;"> (23,564 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,827 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (34,391 </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;"> At December 31, 2024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 16,371 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 102,973 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 119,344 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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> </div>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><br/></p>
<div id="t_ft_DSO53OGSG000000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 132px;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 50%;">
<p style="margin: 0px; text-indent: 0px;"><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; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px; 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;">Other claims and contingencies </span><sup><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; line-height: inherit;">(*)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><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; 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; width: 1%;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"> 3,186 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,999 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,185 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 285 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (208 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 77 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 19px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span> <sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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;"> 5,317 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;">
<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;"> 5,317 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"><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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 30,057 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> 36,998 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; background-color: #cceeff; 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;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 164 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px;"><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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,588 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (4,194 </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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"> (17,782 </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: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; text-indent: 0px;"><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; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-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;"> 19,940 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 18px; border-top-width: 1px; border-top-style: solid; border-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;"> 16,019 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 18px; border-top-width: 1px; border-top-style: solid; border-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;"> 35,959 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; 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: 10pt; margin: 0px; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*) </span></sup></span><span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';"><span style="border-right: none; border-left: none;">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></span></span></span></span></span></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For the year 2024, includes $89.4 million related the ongoing litigation related to the acquisition of participation in Usiminas. For more information see note 27 (i).</span></span></p>
<p style="line-height: 10pt; margin: 0px; text-indent: 0px;"><br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></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="font-family: 'Frutiger 45 Light';">For the years 2024 and 2023, related to Mattr&#8217;s pipe coating business unit acquisition. For more information see note 34.</span></span></span></span></span></span></p>
 <span></span>
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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>
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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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<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: 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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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-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: 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; 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>
<tr style="height: 17px; background-color: #cceeff;">
<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;"> Other derivatives </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;"> 7,484 </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;"> 9,801 </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; font-weight: bold;"> Contracts with positive fair values </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;"> 7,484 </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;"> 9,801 </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>
<tr style="height: 17px; background-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: 10pt; font-weight: bold;"> &#160; </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;"> &#160; </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;"> &#160; </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;"> Other derivatives </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,300 </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>
<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>
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (11,150 </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: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Contracts with negative fair values </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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (8,300 </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;"><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; 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; background-color: #cceeff; 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;"> (11,150 </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;"><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;"><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; 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;"> (816 </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;"><span style="font-weight: bold;">)</span></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>
<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;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,349 </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;"><span style="font-weight: bold;">)</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_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="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 289px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 32.9882%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Purchase currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sell currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Term </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; width: 22.1894%; 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;"> Fair Value </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; width: 1.0355%;"><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; width: 1.0355%;"><br/></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; width: 22.1894%; 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;"> Hedge Accounting Reserve </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; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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>2024</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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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>2024</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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 32.9882%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 10.0592%; height: 17px; margin: 0px; text-indent: 0px; 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;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10.0592%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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;"> (2,818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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;"> 49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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;"> 1,776 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0592%; 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;"> 49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.47929%; 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: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,557 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,091 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 624 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,579 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; height: 17px; background-color: #cceeff; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CAD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,465 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (836 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,089 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,966 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 383 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,142 </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: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> MXN </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 770 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> KWD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="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 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (388 </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: 1.47929%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (282 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,125 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> NGN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (212 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> COP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> GBP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.47929%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CNY </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 73 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"><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: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> RON </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: middle; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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: 10.0592%;">
<p style="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 </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: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 261 </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: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;">
<p style="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; background-color: #cceeff; width: 1.47929%;"><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; width: 32.9882%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><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: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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; width: 10.0592%;">
<p style="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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="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 </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; width: 1.0355%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="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; width: 1.47929%;"><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; width: 32.9882%;">
<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: 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; width: 10.0592%;">
<p style="margin: 0pt;"><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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;">
<p style="margin: 0px; text-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 </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; width: 1.0355%;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,554 </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; width: 1.0355%;"><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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 188 </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; width: 1.0355%;"><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; width: 1.0355%;"><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; width: 10.0592%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 7,928 </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; width: 1.47929%;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<div>
 <br/></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%; text-indent: 0px; height: 136px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Commodity Derivatives </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 34px; 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;"> Term </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;"> Fair Value </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 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;"> Hedge Accounting Reserve </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;">
<td style="padding-left: 0px; padding-right: 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;"> <span>2024</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: 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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-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: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2024</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: 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; 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: 43%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> LME Scrap </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; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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;"> (1,974 </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;">)</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;"> 1,376 </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;"> (1,974 </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;">)</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;"> 1,376 </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;"> PSV Gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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;"> 1,097 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,566 </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,097 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,566 </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;"> Nickel </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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;"> 52 </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;"> 1,966 </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;"> 52 </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;"> 1,966 </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: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Houston Ship Channel Gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</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;"> 34 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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 </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;"> 34 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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 </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; 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;"> Electric Energy </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; text-align: center;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2025</span> </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;"> (17 </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;">)</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;"> (340 </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;">)</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;"> (17 </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;">)</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;"> (340 </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;">)</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;"> 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (808 </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;"> 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; 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;"> (808 </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;"> 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> </tr> </tbody> </table> </div> <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_DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock', window );">Disclosure of detailed information of the hedge reserve evolution [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: 99.9199%; text-indent: 0px; height: 68px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;"> Movements <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2023</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;"> Movements <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Dec-2024</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; height: 34px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<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: 10pt;"> Foreign Exchange &amp; Commodities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,122 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,989 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,753 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (620 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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;"> Total Cash flow Hedge </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;"> 13,122 </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;"> (4,989 </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;"><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: 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;"> 8,133 </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-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-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,753</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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><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: 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;"> (620 </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;"><span style="font-weight: bold;">)</span></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 hedged items. [Refer: Hedged items [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 24B<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24B&amp;doctype=Standard<br> -URIDate 2024-03-27<br></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>
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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>
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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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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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, 2024</div></th></tr>
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<tbody>
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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: '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;"><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: 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; 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: bottom; height: 10px;">
<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: 10px;">
<p style="margin: 0pt;"><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: 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>2024</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: 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; 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;"> <span>2022</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> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 5%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (i) </span></p> </td>
<td style="padding: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 60%;" valign="bottom">
<p style="font-family: 'Frutiger 45 Light'; font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; vertical-align: bottom;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Changes in working capital </span><sup><sup style="vertical-align: bottom;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt;">(*)</span></sup></sup></span></p> </td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<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: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<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: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 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-align: center;"><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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 184,996 </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;"> 186,903 </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;"> (1,329,865 </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; 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: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables and prepayments, contract assets and current tax assets </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;"> (60,456 </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;"> 64,000 </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;"> (155,449 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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: 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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 550,334 </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;"> 153,920 </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;"> (1,208,278 </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; 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: 17px; background-color: #cceeff;">
<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; 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;"> (100,133 </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;"> 28,275 </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;"> 57,389 </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: bottom; height: 17px;">
<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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (71,100 </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;"> (101,646 </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;"> 151,066 </span></p> </td>
<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;"><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: 17px; background-color: #cceeff;">
<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; 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;"> (216,724 </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;"> (149,024 </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;"> 353,892 </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: bottom; height: 17px;">
<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: 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 286,917 </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;"> 182,428 </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;"> (2,131,245 </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;"><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; height: 17px; background-color: #cceeff;">
<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; height: 17px; background-color: #cceeff;">
<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; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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;">
<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; 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; 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; 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: '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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 479,680 </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;"> 674,956 </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;"> 617,236 </span></p> </td>
<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;"><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: 17px; background-color: #cceeff;">
<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; 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;"> (702,190 </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;"> (818,347 </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;"> (359,585 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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: 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: 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (222,510 </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;"><span style="font-weight: bold;">)</span></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;"> (143,391 </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;"><span style="font-weight: bold;">)</span></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;"> 257,651 </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; height: 17px; background-color: #cceeff;">
<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; height: 17px; background-color: #cceeff;">
<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; height: 17px; margin: 0px; text-indent: 0px; 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;"> </span><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;">
<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; 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; 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; 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: '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;"><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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (181,107 </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;"> (106,612 </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;"> (34,080 </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; 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: 17px; background-color: #cceeff;">
<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; 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;"> 240,809 </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;"> 147,473 </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;"> 68,335 </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: bottom; height: 17px;">
<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: 17px;">
<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; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (60,769 </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;"> (94,341 </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;"> (32,775 </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; 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: 17px; background-color: #cceeff;">
<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; 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;"> (1,067 </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;"><span style="font-weight: bold;">)</span></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;">
<p style="margin: 0px; text-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; 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;"><span style="font-weight: bold;">)</span></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;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><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; margin: 0px; text-indent: 0px; 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;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*) 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></sup></p> <span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 31 - Related party transactions (Tables)<br></strong></div></th>
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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: 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;">
<p style="margin: 0px; text-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; 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: 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;">
<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: 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;">
<p style="margin: 0px; text-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>2024</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>
<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>
<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;">
<p style="margin: 0px; text-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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"> <span>2022</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: top; width: 5%; background-color: #cceeff; 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; width: 60%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Sales of goods, services and other transactions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 37,551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </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; </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;"> Sales of goods to other related parties </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;"> 83,250 </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;"> 121,679 </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;"> 151,884 </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> </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 and others to associated companies </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;"> 3,456 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </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; </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;"> Sales of services and others to joint ventures </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;"> 139 </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;"> 135 </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;"> 131 </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; </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 and others to other related parties </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;"> 127,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></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;">
<p style="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; 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; 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; 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;"> 109,123 </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>
<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;"> &#160; </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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 252,336 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></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;">
<p style="margin: 0px; text-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; 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>
<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>
<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;">
<p style="margin: 0px; text-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; 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: 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, services and other transactions </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;"> &#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;"> &#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;"> &#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; 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; background-color: #cceeff; height: 17px;">
<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; 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;"> 154,772 </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;"> 324,556 </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;"> 555,257 </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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23,466 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> Purchases of goods to other related parties </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;"> 70,425 </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;"> 61,366 </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;"> 51,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </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 and others to associated companies </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;"> 17,544 </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;"> 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </tr>
<tr style="height: 17px; background-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;"> &#160; </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;"> Purchases of services and others to other related parties </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;"> 55,576 </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; 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;"> 76,751 </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>
<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>
<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;"> 36,767 </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; 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; 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;"> 321,783 </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-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;"> 548,763 </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>
<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>
<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;"> 758,443 </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>
<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;"> &#160; </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;"> (c) 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;">
<p style="margin: 0px; text-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; 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; font-weight: bold;"> &#160; </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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </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;"> &#160; </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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 6,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;">
<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; 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;"> &#160; </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;"> (d) Dividends </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; font-weight: bold;"> &#160; </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; font-weight: bold;"> &#160; </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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,211 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </tr>
<tr style="height: 17px; background-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: 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends distributed to Techint Holdings S.&#224;r.l. </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;"> 478,115 </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;"> 385,347 </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="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 321,122 </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr> </tbody> </table> </div> </div>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_COQ50LXH4000000000000000000000b">
<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: 238px;" 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: 9pt; 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: 9pt;"> &#160; </span></p> </td>
<td colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; height: 17px; 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: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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; font-weight: bold;"> (ii) </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;"> Period-end balances </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>2024</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>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> </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; width: 5%;">
<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; background-color: #cceeff; height: 17px; width: 72%;">
<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 and other transactions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,133 </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;"> 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> </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; </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;"> Receivables from joint ventures </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;"> 68,759 </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;"> 63,374 </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; </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 47,713 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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> </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; </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;"> Payables to associated companies </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;"> (23,531 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</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;"> (21,012 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; 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;"> (28,361 </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; background-color: #cceeff; 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; background-color: #cceeff; height: 17px;">
<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; 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;"> (12,165 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 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; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 83,857 </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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-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; 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;"> &#160; </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;"> (b) Financial debt </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;"> &#160; </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;"> &#160; </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; </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; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; 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;"> (1,459 </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;"> &#160; </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;"> Finance lease liabilities from other related parties </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;"> (260 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">)</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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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 style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,286 </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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,834 </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div> </div> <span></span>
</td>
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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>
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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: Total for all 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 2024-01-01<br> -Paragraph 18<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
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<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, 2024</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<tbody>
<tr style="height: 20px;">
<td 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'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" 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: 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: 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; border-top-width: 1px; 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;"> <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-top-width: 1px; 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: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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: 17px; border-top-width: 1px; 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;"> <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;" valign="bottom"><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;" valign="bottom"><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;" 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: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit fees </span></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;"> 4,569 </span></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;"> 4,386 </span></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;"> 3,966 </span></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: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit-related fees </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;"> 51 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 273 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 255 </span></p> </td>
<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;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax fees </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;"> 78 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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;"> 148 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 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> </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;"> All other fees </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;"> 14 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="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; 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;"><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: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,698 </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;"> 4,821 </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; 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-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-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 );">- 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 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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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<div id="t_ft_SUGS649HPC00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 416px; width: 100%;" width="100%">
<tbody>
<tr style="height: 19px;">
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Company </span></p> </td>
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Country of Incorporation </span></p> </td>
<td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; border-bottom-width: 1px; border-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;"> Main activity </span></p> </td>
<td colspan="3" style="padding: 0px 7px; vertical-align: middle; height: 19px; border-bottom-width: 1px; border-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;">Percentage of ownership at December 31,&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2024</span> </span></p> </td>
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding: 0px 7px; 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: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;"> <span>2022</span> </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 37%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> ALGOMA TUBES INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 12%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 27%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> BREDERO SHAW INTERNATIONAL B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company and supplier of pipe coating services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> NA </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> CONFAB INDUSTRIAL S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Brazil </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> DALMINE S.p.A. and subsidiaries (a) </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: 8pt;"> Italy </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: 8pt;"> Manufacturing of seamless steel pipes </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> EXIROS B.V. and subsidiaries (b) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Procurement and trading services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 50% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 50% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 50% </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: 8pt;"> HYDRIL COMPANY </span></p> </td>
<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: 8pt;"> USA </span></p> </td>
<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: 8pt;"> Manufacturing and marketing of premium connections </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> MAVERICK TUBE CORPORATION and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> USA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> P.T. SEAMLESS PIPE INDONESIA JAYA </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: 8pt;"> Indonesia </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: 8pt;"> Manufacturing of seamless steel products </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: 8pt;"> 89% </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: 8pt;"> 89% </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: 8pt;"> 89% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> SILCOTUB S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Romania </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> SAUDI STEEL PIPE CO. and subsidiaries (c) </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: 8pt;"> Saudi Arabia </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: 8pt;"> Manufacturing of welded steel pipes </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: 8pt;"> 48% </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: 8pt;"> 48% </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: 8pt;"> 48% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> SIAT SOCIEDAD ANONIMA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (d) </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: 8pt;"> Argentina </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: 8pt;"> Manufacturing of seamless steel pipes </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Portugal </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS BAY CITY, INC. </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: 8pt;"> USA </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: 8pt;"> Manufacturing of welded and seamless steel pipes </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS CONNECTIONS BV </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Development, management and licensing of intellectual property </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS FINANCIAL SERVICES S.A. </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: 8pt;"> Uruguay </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: 8pt;"> Financial operations </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS GLOBAL SERVICES (CANADA) INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </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: 8pt;"> USA </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: 8pt;"> Marketing of steel products </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS GLOBAL SERVICES (UK) LTD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> United Kingdom </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company and marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries </span></p> </td>
<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: 8pt;"> Uruguay </span></p> </td>
<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: 8pt;"> Marketing, distribution of steel products and holding company </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </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: 8pt;"> 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: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Luxembourg </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing and distribution of steel products, financial operations and holding company </span></p> </td>
<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: 8pt;"> 100% </span></p> </td>
<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: 8pt;"> 100% </span></p> </td>
<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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> TENARIS QINGDAO STEEL PIPES LTD. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> China </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Processing of premium joints, couplings and automotive components </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </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: 8pt;"> TENARIS TUBOCARIBE LTDA. </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: 8pt;"> Colombia </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: 8pt;"> Manufacturing of welded and seamless steel pipes </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: 8pt;"> 100% </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: 8pt;"> 100% </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: 8pt;"> 100% </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 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; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Mexico </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"> 100% </span></p> </td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: -2pt; text-align: justify;"> <br/></p>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light';"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span>&#160;All percentages rounded.</span> </span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; 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 Baogang Baotou Steel Pipes Ltd. Until <span>2022</span> held 98.4% of Tenaris Supply Chain S.A.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">(a) <span>Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">b</span><span style="font-family: 'Frutiger 45 Light';">) <span>Tenaris holds 50% of the voting rights</span></span><span style="font-family: 'Frutiger 45 Light';"> and Ternium owns the remaining 50%</span><span style="font-family: 'Frutiger 45 Light';">. </span><span style="font-family: 'Frutiger 45 Light';">Exiros</span> <span style="font-family: 'Frutiger 45 Light';">provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#8217; agreement, Tenaris recognizes Exiros&#8217; assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</span> </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">c</span><span style="font-family: 'Frutiger 45 Light';">) <span>Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad</span></span><span style="font-family: Calibri;">&#257;</span><span style="font-family: 'Frutiger 45 Light';">wul), Tenaris holds 47.79% and has the right to nominate the majority of the members 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 G</span><span style="font-family: 'Frutiger 45 Light';">lobal </span><span style="font-family: 'Frutiger 45 Light';">P</span><span style="font-family: 'Frutiger 45 Light';">ipe </span><span style="font-family: 'Frutiger 45 Light';">C</span><span style="font-family: 'Frutiger 45 Light';">ompany</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">(</span><span style="font-family: 'Frutiger 45 Light';">d</span><span style="font-family: 'Frutiger 45 Light';">) <span><span>Until its liquidation in April 2023</span> Siderca held 51% of NKKTubes.</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 subsidiaries. [Refer: Total for all 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 2024-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B4<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B4_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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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; margin-left: 0.1px;" 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'; font-size: 9pt;"> &#160; </span></p> </td>
<td colspan="4" 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;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"><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: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023) in Millions of USD: </span></p> </td>
<td 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: 10pt; font-weight: bold;"> Final </span></p> </td>
<td 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;"><br/></td>
<td 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;"><br/></td>
<td 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: 10pt; font-weight: bold;"> Preliminary </span></p> </td>
<td 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;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; 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;"> 115 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; 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;"> 126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 14 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 29 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Working capital </span></p> </td>
<td style="padding: 0px; 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;"> (2 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Cash and Cash Equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 21 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (7 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> (7 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 11 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; 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;"> 13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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;"> 169 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; 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> </tbody> </table> <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_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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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: Total for all 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 2024-01-01<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-2024-en-r&amp;doctype=Appendix&amp;subtype=B&amp;dita_xref=IFRS03_gB64-B67_TI<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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-2022:textBlockItemType</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_MattrsPipeCoatingBusinessUnitMember</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="5">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="8"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>Subsidiaries </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>$ / 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></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th">
<div>Apr. 30, 2024 </div>
<div>$ / shares </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>$ / shares</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>Officers</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>Directors</div>
</th>
<th class="th">
<div>Mar. 30, 2023 </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_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="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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">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>
<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_NumberOfMajorBusinessSegments', window );">Number of major business segments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 | $</a></td>
<td class="nump">$ 1,357,749<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="re">
<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 | $</a></td>
<td class="nump">$ 74,200<span></span>
</td>
<td class="nump">$ 60,000<span></span>
</td>
<td class="nump">$ 50,700<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_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="text">&#160;<span></span>
</td>
<td class="text">&#160;<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>
</tr>
<tr class="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) | shares</a></td>
<td class="nump">1,162,757,528<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="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>
</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_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="ro">
<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">&#160;<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="re">
<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">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">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="ro">
<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="re">
<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 | $</a></td>
<td class="nump">$ 175,000<span></span>
</td>
<td class="nump">$ 144,000<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" 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="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>
<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_MaximumPeriodOfLeaseTermOfShortTermLeases', window );">Maximum period of lease term of short term leases</a></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>
<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_ForecastPeriodOfCashFlowProjections', window );">Forecast period of cash flow projections</a></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>
<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_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue', window );">Nominal growth rate</a></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>
<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_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature', window );">Maximum maturity period of fair value through other comprehensive income instruments for short-term nature</a></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>
<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_OtherCurrentNoncurrentBenefits', window );">Other current Non-current benefits | $</a></td>
<td class="nump">$ 148,000<span></span>
</td>
<td class="nump">119,600<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes', window );">Pillar two legislation description</a></td>
<td class="text">The group applies the IAS 12 exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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 | $</a></td>
<td class="nump">$ 97,106<span></span>
</td>
<td class="nump">72,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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 | $</a></td>
<td class="nump">$ 11,328<span></span>
</td>
<td class="nump">$ 47,906<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">9 years<span></span>
</td>
<td class="text">&#160;<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_FinitelivedIntangibleAssetResidualValue', window );">Finite-lived intangible asset, residual value | $</a></td>
<td class="nump">$ 11,300<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>
<td class="text">&#160;<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">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="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_FinitelivedIntangibleAssetResidualUsefulLife', window );">Finite-lived intangible asset, residual useful life (Year)</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_PercentageOfVotingRightsHeldInUnconsolidatedEntities', window );">Percentage of voting rights held in unconsolidated entities</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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_FinitelivedIntangibleAssetResidualUsefulLife', window );">Finite-lived intangible asset, residual useful life (Year)</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProportionOfVotingPowerHeldInAssociate', window );">Proportion of voting rights held in associate</a></td>
<td class="nump">6.76%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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_SharesBoundToSHA', window );">Shares bound to SHA (in shares) | shares</a></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>
<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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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="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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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_PreferenceSharesMember', window );">Preference shares [member] | 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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember', window );">Ordinary shares [member] | 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 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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_ProportionOfVotingPowerHeldInAssociate', window );">Proportion of voting rights held in associate</a></td>
<td class="nump">6.76%<span></span>
</td>
<td class="nump">6.76%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_PercentageOfOutstandingSharesInAssociate', window );">Percentage of Outstanding Shares in Associate</a></td>
<td class="nump">11.70%<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_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="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>
</tr>
<tr class="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="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_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="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>
</tr>
<tr class="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="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 | 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="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</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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] | 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="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_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="text">&#160;<span></span>
</td>
<td class="nump">68,700,000<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_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="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>
</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) | 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="text">&#160;<span></span>
</td>
<td class="nump">R$ 10<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="nump">$ 2.0584<span></span>
</td>
<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="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_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="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>
</tr>
<tr class="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="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_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="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>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="nump">$ 2.0584<span></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_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 2024-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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 2024-01-01<br> -Paragraph 126<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_126&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ifrs-full_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The statement that the entity has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two 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 2024-01-01<br> -Paragraph 88A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_88A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes</td>
</tr>
<tr>
<td style="padding-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_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>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_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>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_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>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_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>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_PercentageOfOutstandingSharesInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 outstanding shares held in associate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfOutstandingSharesInAssociate</td>
</tr>
<tr>
<td 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: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>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_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>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_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>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_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>
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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>
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<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>
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<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>
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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_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>
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<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_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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>
</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_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_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>
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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_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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<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 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>
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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>
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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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<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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</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>
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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>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>
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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>
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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>155
<FILENAME>R86.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</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_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>
</tr>
<tr class="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">50.00%<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_NumberOfSharesOutstanding', window );">Number of outstanding shares</a></td>
<td class="nump">1,084,272,191<span></span>
</td>
<td class="nump">1,167,888,739<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_dei_LegalEntityAxis=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>
</tr>
<tr class="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>
</tr>
<tr class="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="nump">11.46%<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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 outstanding shares</a></td>
<td class="nump">78,485,337<span></span>
</td>
<td class="nump">12,648,091<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>
</tr>
<tr class="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>
</tr>
<tr class="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="nump">$ 10.1<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_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="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>
</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="nump">9.0<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>
</tr>
<tr class="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>
</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="nump">3.0<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>
</tr>
<tr class="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>
</tr>
<tr class="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="nump">$ 59.4<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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">48.00%<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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">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_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>
</tr>
<tr class="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>
</tr>
<tr class="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">22.00%<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_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_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 [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_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_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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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="nump">$ 25.2<span></span>
</td>
<td class="nump">$ 39.1<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_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 2024-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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_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>
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<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>
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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_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>
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</table></div>
</div></td></tr>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DebtToEquityRatio', window );">Debt to equity ratio (as a ratio)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.03<span></span>
</td>
<td class="nump">0.03<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax', window );">Reserve of exchange differences on translation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 878<span></span>
</td>
<td class="nump">$ 71,252<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="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">437,398<span></span>
</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 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">$ 5,500<span></span>
</td>
<td class="nump">$ 6,400<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 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">91.40%<span></span>
</td>
<td class="nump">90.80%<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_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,907,507<span></span>
</td>
<td class="nump">$ 2,480,889<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 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">20.00%<span></span>
</td>
<td class="nump">19.00%<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 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">98.30%<span></span>
</td>
<td class="nump">99.80%<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_ReserveOfCashFlowHedgesContinuingHedges', window );">Reserve of cash flow hedges, continuing hedges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,100<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_ReserveOfCashFlowHedges', window );">Reserve of cash flow hedges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (600)<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>
</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_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="text">&#160;<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_CTAForeignExchangeRiskCurrencyExposure', window );">CTA foreign exchange risk currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,400<span></span>
</td>
<td class="nump">$ 1,100<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_InformationAboutMajorCustomers', window );">Information about major customers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">0<span></span>
</td>
<td class="text">0<span></span>
</td>
<td class="text">0<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_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="nump">10.00%<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_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="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_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="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_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 48,100<span></span>
</td>
<td class="nump">$ 49,000<span></span>
</td>
<td class="text">&#160;<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_dei_LegalEntityAxis=ts_PetroleosMexicanosMember', window );">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="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_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="text">&#160;<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_CollectionTransactionFee', window );">Debt issued fee to pay off mexican subsidiaries outstanding debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,000<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>
</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_CollectionFromThirdParty', window );">Debt issued fee to pay off mexican subsidiaries outstanding debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">200,000<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>
</tr>
<tr class="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="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_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="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_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">395,500<span></span>
</td>
<td class="nump">679,600<span></span>
</td>
<td class="text">&#160;<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_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="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_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="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_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">208,500<span></span>
</td>
<td class="nump">212,700<span></span>
</td>
<td class="text">&#160;<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_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="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_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="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_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">79,800<span></span>
</td>
<td class="nump">48,400<span></span>
</td>
<td class="text">&#160;<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_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="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_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="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_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33,600<span></span>
</td>
<td class="nump">24,400<span></span>
</td>
<td class="text">&#160;<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_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="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_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="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="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">172,018<span></span>
</td>
<td class="nump">$ 294,946<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_ShorttermBorrowings', window );">Current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 162,100<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>
</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_ConcentrationRiskPercentage', window );">Concentration risk (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">39.00%<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<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_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="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_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="text">&#160;<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_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">93.00%<span></span>
</td>
<td class="nump">94.00%<span></span>
</td>
<td class="text">&#160;<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_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="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_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="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_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="text">&#160;<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_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="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_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="text">&#160;<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_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">400<span></span>
</td>
<td class="nump">1,300<span></span>
</td>
<td class="text">&#160;<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_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="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_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="text">&#160;<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_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,800<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
<td class="text">&#160;<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_TypesOfRisksAxis=ts_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember', window );">One percent change, Brazilian Real / 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="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_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="text">&#160;<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_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 400<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
<td class="text">&#160;<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_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="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_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="text">&#160;<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_ConcentrationRiskPercentage', window );">Concentration risk (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17.00%<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<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_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="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_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="text">&#160;<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_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="text">&#160;<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_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="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_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="text">&#160;<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_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="text">&#160;<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_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="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_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="text">&#160;<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_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,800<span></span>
</td>
<td class="nump">$ 6,700<span></span>
</td>
<td class="text">&#160;<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_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="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_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="text">&#160;<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_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,500<span></span>
</td>
<td class="nump">$ 2,300<span></span>
</td>
<td class="text">&#160;<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_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="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_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="text">&#160;<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_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="text">&#160;<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="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: 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';">During <span>202</span></span><span 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: 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';"><span>2</span> a</span><span 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: 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';">s</span><span 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: 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';"> a</span><span 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: 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';"> result of NKKTubes&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </span><span 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: 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';">was</span><span 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: 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';"> reclassified </span><span 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: 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';">with impact in</span><span 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: 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';"> the</span><span 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: 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';"> income statement</span><span 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: 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';">.</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-align: justify; 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-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; line-height: inherit; display: inline !important;">Related t<span style="color: #000000; 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: 9pt;">o </span></span><span style="color: #000000; 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: 9pt;">NKKTubes</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-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; line-height: inherit; display: inline !important;"><span style="color: #000000; 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: 9pt;">&#8217; cease of ope</span>rations.</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; line-height: inherit;"><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;">172.0</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;">162.1</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></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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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 2024-01-01<br> -Paragraph 48<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_48&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 92<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ReserveOfCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 accumulated portion of gain (loss) on a hedging instrument that is determined to be an effective hedge for cash flow hedges. [Refer: Cash flow hedges [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 2024-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 9<br> -IssueDate 2024-01-01<br> -Paragraph 6.5.11<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=9&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_6.5.11&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<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-2024-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_CollectionFromThirdParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 collection from third party.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CollectionFromThirdParty</td>
</tr>
<tr>
<td 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_CollectionTransactionFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 collecction transaction fee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CollectionTransactionFee</td>
</tr>
<tr>
<td 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>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_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>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_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>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_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>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_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>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_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>
<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_PercentageOfVariance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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>
<td>ts_</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_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_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>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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=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>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</table>
<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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</tr>
<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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<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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<td><strong> Data Type:</strong></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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</table></div>
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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>
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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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</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>
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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>
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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>
</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>
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<td></td>
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</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R89.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<th class="th"><div>Dec. 31, 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_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="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">$ (183,985)<span></span>
</td>
<td class="num">$ (203,608)<span></span>
</td>
</tr>
<tr class="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 / U.S. Dollar 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">(173,233)<span></span>
</td>
<td class="num">(181,931)<span></span>
</td>
</tr>
<tr class="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>
</tr>
<tr class="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">(40,565)<span></span>
</td>
<td class="num">(134,716)<span></span>
</td>
</tr>
<tr class="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_BrazilianRealUsDollarForeignExchangeRiskMember', window );">Brazilian Real / 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">$ (41,591)<span></span>
</td>
<td class="num">$ (25,680)<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>
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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>
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</table></div>
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<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>
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<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>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_ifrs-full_TypesOfRisksAxis=ts_EuroUsDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_EuroUsDollarForeignExchangeRiskMember</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_SaudiArabianRiyalUsDollarExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_SaudiArabianRiyalUsDollarExchangeRiskMember</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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<tr>
<td><strong> Period Type:</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_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>
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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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_BrazilianRealUsDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_BrazilianRealUsDollarForeignExchangeRiskMember</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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</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>159
<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 437,398<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 172,018<span></span>
</td>
<td class="nump">$ 294,946<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_ConcentrationRiskPercentage', window );">Concentration risk (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">39.00%<span></span>
</td>
<td class="nump">51.00%<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_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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 265,380<span></span>
</td>
<td class="nump">$ 288,491<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_ConcentrationRiskPercentage', window );">Concentration risk (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">61.00%<span></span>
</td>
<td class="nump">49.00%<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="font-size: 9pt; line-height: inherit;"><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;">172.0</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;">162.1</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></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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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>
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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_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>
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<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>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_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>
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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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></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_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>
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<td><strong> Period Type:</strong></td>
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<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" 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" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th" colspan="2"><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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 675,256<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,637,821<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,091,527<span></span>
</td>
</tr>
<tr class="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="nump">2,372,999<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,969,631<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="nump">7,484<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,801<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="nump">1,005,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">405,631<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="nump">1,907,507<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,480,889<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_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">435,973<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">414,778<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="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_Borrowings', window );">Borrowings C and NC</a></td>
<td class="nump">437,398<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">583,437<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">728,762<span></span>
</td>
</tr>
<tr class="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="nump">887,526<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">693,913<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="nump">880,261<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,107,567<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="nump">144,926<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">134,433<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">112,177<span></span>
</td>
</tr>
<tr class="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="nump">8,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,150<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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">8,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,150<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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="nump">275,249<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">86,240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="nump">612,277<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">607,673<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">7,484<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,801<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">191,058<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">93,144<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">244,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">321,634<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">722,328<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">896,166<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="nump">140,292<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="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">282,225<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">582,142<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">334,637<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">130,034<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">196,708<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_OtherNotesFixedIncomeMember', window );">Other Notes Fixed Income [Member]</a></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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">10,152<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">82,596<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">1,273,673<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">834,281<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="nump">857,959<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">398,220<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">645,841<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">126,399<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">31,383<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,943<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">586,229<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">696,939<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">10,220<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="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">7,049<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,411<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">376,998<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">239,184<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">355,044<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">223,424<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="nump">1,650,671<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,073,465<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="nump">857,959<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">398,220<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">2,863,674<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,695,109<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="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_Borrowings', window );">Borrowings C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_DerivativeFinancialAssets', window );">Derivative financial instruments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 Fixed Income [Member]</a></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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">1,273,673<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">834,281<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="nump">857,959<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">398,220<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">645,841<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">126,399<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">31,383<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,943<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">586,229<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">696,939<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">10,220<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="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">376,998<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">239,184<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CashAndCashEquivalents', window );">Cash and cash equivalents</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">7,484<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,801<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="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_Borrowings', window );">Borrowings C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">8,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,150<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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">8,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,150<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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">7,484<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,801<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 Fixed Income [Member]</a></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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CashAndCashEquivalents', window );">Cash and cash equivalents</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">7,049<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,411<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Total</a></td>
<td class="nump">7,049<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,411<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">54,987<span></span>
</td>
</tr>
<tr class="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="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_Borrowings', window );">Borrowings C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">243,264<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">86,240<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_TradeAndOtherCurrentPayables', window );">Trade payables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Lease Liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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="nump">243,264<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">86,240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Derivative liabilities [member]</a></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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="nump">243,264<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">86,240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_DerivativeFinancialAssets', window );">Derivative financial instruments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 Fixed Income [Member]</a></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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">7,049<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,411<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">320,212<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,414,397<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="nump">722,328<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">896,166<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="nump">140,292<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">1,907,507<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,480,889<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="nump">191,058<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">93,144<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_FinancialAssets', window );">Total</a></td>
<td class="nump">3,281,397<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,884,596<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="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_Borrowings', window );">Borrowings C and NC</a></td>
<td class="nump">437,398<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">583,437<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="nump">31,985<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">880,261<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,107,567<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="nump">144,926<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">134,433<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="nump">1,494,570<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,825,437<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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="nump">31,985<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_DerivativeFinancialAssets', window );">Derivative financial instruments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">191,058<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">93,144<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">722,328<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">896,166<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="nump">140,292<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="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">282,225<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">582,142<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">334,637<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">130,034<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">196,708<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 Fixed Income [Member]</a></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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">10,152<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">82,596<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CashAndCashEquivalents', window );">Cash and cash equivalents</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">1,273,673<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">834,281<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="nump">857,959<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">398,220<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Total</a></td>
<td class="nump">2,131,632<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,232,501<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="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_Borrowings', window );">Borrowings C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Lease Liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_DerivativeFinancialAssets', window );">Derivative financial instruments</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 Fixed Income [Member]</a></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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">1,273,673<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">834,281<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="nump">857,959<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">398,220<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">645,841<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">126,399<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">31,383<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,943<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">586,229<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">696,939<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">10,220<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="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">355,044<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">223,424<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="nump">376,998<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">239,184<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="nump">7,049<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,411<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Total</a></td>
<td class="nump">746,575<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">479,820<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="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_Borrowings', window );">Borrowings C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">243,264<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">86,240<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_TradeAndOtherCurrentPayables', window );">Trade payables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Lease Liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<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="nump">251,564<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">97,390<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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">8,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,150<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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="nump">243,264<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">86,240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></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_OtherLiabilities', window );">Other liabilities C and NC</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">7,484<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,801<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_OtherReceivables', window );">Other receivables</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 Fixed Income [Member]</a></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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">7,049<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,411<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="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_AssetsAbstract', window );"><strong>Assets</strong></a></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_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">$ 376,998<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 239,184<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><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; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Includes liability related to share buyback program. See note </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 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"><span style="line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes liability related to share buyback program. See note </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 Financial Statements.</span></span></td>
</tr>
</table></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">
<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 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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></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 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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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: Classes of financial instruments [domain]; 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 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35H<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35M<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35N<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35I<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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: Classes of financial instruments [domain]; 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 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_OtherNotesFixedIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_OtherNotesFixedIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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_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_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_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>
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<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>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_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>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R92.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT - Changes in Level 3 Assets (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, 2024</div></th>
<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_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">$ 7,411<span></span>
</td>
<td class="nump">$ 54,987<span></span>
</td>
</tr>
<tr class="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">(185)<span></span>
</td>
<td class="num">(47,467)<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">(177)<span></span>
</td>
<td class="num">(109)<span></span>
</td>
</tr>
<tr class="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">$ 7,049<span></span>
</td>
<td class="nump">$ 7,411<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'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">sale of Venezuela awards. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>6</span></span><span style="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_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: Classes of financial instruments [domain]; 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 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35H<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35M<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35N<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35I<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</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>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT - Changes in Level 3 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, 2024</div></th>
<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_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [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_FinancialLiabilities', window );">At the beginning of the year</a></td>
<td class="nump">$ 86,240<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_SettlementOfShareBuyBackProgramLiability', window );">Settlement of share buy back program liability</a></td>
<td class="num">(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_IncreaseDecreaseInShareBuybackProgramLiability', window );">Increase in share buyback program liability</a></td>
<td class="nump">243,264<span></span>
</td>
<td class="nump">86,240<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_FinancialLiabilities', window );">At the end of the year</a></td>
<td class="nump">$ 243,264<span></span>
</td>
<td class="nump">$ 86,240<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_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-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_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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: Classes of financial instruments [domain]; 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 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ts_IncreaseDecreaseInShareBuybackProgramLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 share buyback program 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_IncreaseDecreaseInShareBuybackProgramLiability</td>
</tr>
<tr>
<td 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_SettlementOfShareBuyBackProgramLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 of share buyback program 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_SettlementOfShareBuyBackProgramLiability</td>
</tr>
<tr>
<td 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_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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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="rou">
<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">$ 2,418,849<span></span>
</td>
<td class="nump">$ 4,316,408<span></span>
</td>
<td class="nump">$ 2,963,275<span></span>
</td>
</tr>
<tr class="re">
<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">129,056<span></span>
</td>
<td class="nump">220,977<span></span>
</td>
<td class="num">(6,040)<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_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax', window );">Income before equity in earnings of non-consolidated companies and income tax</a></td>
<td class="nump">2,547,905<span></span>
</td>
<td class="nump">4,537,385<span></span>
</td>
<td class="nump">2,957,235<span></span>
</td>
</tr>
<tr class="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="nump">8,548<span></span>
</td>
<td class="nump">95,404<span></span>
</td>
<td class="nump">208,702<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_ProfitLossBeforeTax', window );">Income before income tax</a></td>
<td class="nump">2,556,453<span></span>
</td>
<td class="nump">4,632,789<span></span>
</td>
<td class="nump">3,165,937<span></span>
</td>
</tr>
<tr class="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">12,523,934<span></span>
</td>
<td class="nump">14,868,860<span></span>
</td>
<td class="nump">11,762,526<span></span>
</td>
</tr>
<tr class="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_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 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</a></td>
<td class="nump">2,391,000<span></span>
</td>
<td class="nump">4,337,000<span></span>
</td>
<td class="nump">2,772,000<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_Revenue', window );">Net Sales</a></td>
<td class="nump">11,907,000<span></span>
</td>
<td class="nump">14,185,000<span></span>
</td>
<td class="nump">11,133,000<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">580,000<span></span>
</td>
<td class="nump">518,000<span></span>
</td>
<td class="nump">588,000<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="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 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</a></td>
<td class="nump">143,000<span></span>
</td>
<td class="nump">129,000<span></span>
</td>
<td class="nump">75,000<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_Revenue', window );">Net Sales</a></td>
<td class="nump">617,000<span></span>
</td>
<td class="nump">684,000<span></span>
</td>
<td class="nump">630,000<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">53,000<span></span>
</td>
<td class="nump">31,000<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="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 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</a></td>
<td class="nump">2,534,000<span></span>
</td>
<td class="nump">4,466,000<span></span>
</td>
<td class="nump">2,847,000<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">(115,000)<span></span>
</td>
<td class="num">(134,000)<span></span>
</td>
<td class="nump">44,000<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="text">&#160;<span></span>
</td>
<td class="nump">2,000<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">(3,000)<span></span>
</td>
<td class="num">(7,000)<span></span>
</td>
<td class="num">(4,000)<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_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet', window );">Differences in other operating income (expenses), net</a></td>
<td class="nump">3,000<span></span>
</td>
<td class="num">(9,000)<span></span>
</td>
<td class="nump">74,000<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">2,419,000<span></span>
</td>
<td class="nump">4,316,000<span></span>
</td>
<td class="nump">2,963,000<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">129,000<span></span>
</td>
<td class="nump">221,000<span></span>
</td>
<td class="num">(6,000)<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">2,548,000<span></span>
</td>
<td class="nump">4,537,000<span></span>
</td>
<td class="nump">2,957,000<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">9,000<span></span>
</td>
<td class="nump">95,000<span></span>
</td>
<td class="nump">209,000<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">2,557,000<span></span>
</td>
<td class="nump">4,633,000<span></span>
</td>
<td class="nump">3,166,000<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_Revenue', window );">Net Sales</a></td>
<td class="nump">12,524,000<span></span>
</td>
<td class="nump">14,869,000<span></span>
</td>
<td class="nump">11,763,000<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">$ 633,000<span></span>
</td>
<td class="nump">$ 549,000<span></span>
</td>
<td class="nump">$ 608,000<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 2024-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2024-01-01<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all associates [member]; Investments accounted for using equity method; Total for all 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 2024-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>164
<FILENAME>R95.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 12,523,934<span></span>
</td>
<td class="nump">$ 14,868,860<span></span>
</td>
<td class="nump">$ 11,762,526<span></span>
</td>
</tr>
<tr class="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">6,121,471<span></span>
</td>
<td class="nump">6,078,179<span></span>
</td>
<td class="nump">5,556,263<span></span>
</td>
</tr>
<tr class="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 );">Intangible Assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,357,749<span></span>
</td>
<td class="nump">1,377,110<span></span>
</td>
<td class="nump">1,332,508<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_RightofuseAssets', window );">Right of Use Assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">148,868<span></span>
</td>
<td class="nump">132,138<span></span>
</td>
<td class="nump">111,741<span></span>
</td>
</tr>
<tr class="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 );">Investments in non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,543,657<span></span>
</td>
<td class="nump">1,608,804<span></span>
</td>
<td class="nump">1,540,646<span></span>
</td>
</tr>
<tr class="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="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="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_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,558,769<span></span>
</td>
<td class="nump">7,765,130<span></span>
</td>
<td class="nump">6,902,787<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,578,293<span></span>
</td>
<td class="nump">3,676,352<span></span>
</td>
<td class="nump">3,548,844<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,117,314<span></span>
</td>
<td class="nump">1,126,774<span></span>
</td>
<td class="nump">1,102,265<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">65,105<span></span>
</td>
<td class="nump">50,128<span></span>
</td>
<td class="nump">37,022<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <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_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">2,621,581<span></span>
</td>
<td class="nump">3,382,495<span></span>
</td>
<td class="nump">2,550,402<span></span>
</td>
</tr>
<tr class="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">1,257,345<span></span>
</td>
<td class="nump">1,143,752<span></span>
</td>
<td class="nump">1,031,423<span></span>
</td>
</tr>
<tr class="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 );">Intangible Assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">177,934<span></span>
</td>
<td class="nump">166,450<span></span>
</td>
<td class="nump">147,102<span></span>
</td>
</tr>
<tr class="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 );">Right of Use Assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,255<span></span>
</td>
<td class="nump">9,241<span></span>
</td>
<td class="nump">12,141<span></span>
</td>
</tr>
<tr class="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 );">Investments in non-consolidated companies</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="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_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="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="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_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,262,458<span></span>
</td>
<td class="nump">1,175,581<span></span>
</td>
<td class="nump">1,000,833<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">832,443<span></span>
</td>
<td class="nump">794,242<span></span>
</td>
<td class="nump">706,539<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,899<span></span>
</td>
<td class="nump">22,580<span></span>
</td>
<td class="nump">7,598<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,242<span></span>
</td>
<td class="nump">24,832<span></span>
</td>
<td class="nump">15,208<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <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_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">3,081,126<span></span>
</td>
<td class="nump">2,545,654<span></span>
</td>
<td class="nump">1,308,504<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_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">453,390<span></span>
</td>
<td class="nump">463,833<span></span>
</td>
<td class="nump">269,457<span></span>
</td>
</tr>
<tr class="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 );">Intangible Assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">47,602<span></span>
</td>
<td class="nump">61,306<span></span>
</td>
<td class="nump">75,543<span></span>
</td>
</tr>
<tr class="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 );">Right of Use Assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">47,266<span></span>
</td>
<td class="nump">47,937<span></span>
</td>
<td class="nump">47,370<span></span>
</td>
</tr>
<tr class="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 );">Investments in non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <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_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="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="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_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="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="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_IntangibleAssetsAndGoodwill', window );">Intangible Assets, 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_RightofuseAssets', window );">Right of Use Assets, 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_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Investments in non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 1,543,657<span></span>
</td>
<td class="nump">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,540,646<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="font-family: 'Frutiger 45 Light'; line-height: inherit;">Starting on January 1, 2023, Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Middle East and Africa </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">areas</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> were merged in a single geographical </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">area</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</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;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the years </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </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;">3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and <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;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Investment</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">s in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">See 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>14</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> t</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">o these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements</span><span style="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_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>
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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 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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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><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>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Total for all associates [member]; Total for all joint ventures [member]; Total for all 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 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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 2024-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<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_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 2024-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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></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 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 2024-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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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 class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
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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>
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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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<tr><td><div class="body" style="padding: 2px;">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
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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>
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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">$ 12,523,934<span></span>
</td>
<td class="nump">$ 14,868,860<span></span>
</td>
<td class="nump">$ 11,762,526<span></span>
</td>
</tr>
<tr class="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>
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<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_Revenue', window );">Net Sales</a></td>
<td class="nump">11,907,000<span></span>
</td>
<td class="nump">14,185,000<span></span>
</td>
<td class="nump">11,133,000<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 natural 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">10,689,000<span></span>
</td>
<td class="nump">12,488,000<span></span>
</td>
<td class="nump">9,543,000<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>
<tr class="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">548,000<span></span>
</td>
<td class="nump">818,000<span></span>
</td>
<td class="nump">738,000<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] | 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>
</tr>
<tr class="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">$ 670,000<span></span>
</td>
<td class="nump">$ 879,000<span></span>
</td>
<td class="nump">$ 852,000<span></span>
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<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>
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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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<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 2024-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_ProductsAndServicesAxis=ts_OilAndNaturalGasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=ts_OilAndNaturalGasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_ProductsAndServicesAxis=ts_OilAndGasProcessingPlantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=ts_OilAndGasProcessingPlantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_ProductsAndServicesAxis=ts_IndustrialAndOtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=ts_IndustrialAndOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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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<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 2,556,453<span></span>
</td>
<td class="nump">$ 4,632,789<span></span>
</td>
<td class="nump">$ 3,165,937<span></span>
</td>
</tr>
<tr class="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_NoncurrentAssets', window );">Non-current assets attributable to the Company&#8217;s country of incorporation</a></td>
<td class="nump">$ 11,213,945<span></span>
</td>
<td class="nump">$ 10,577,436<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 from services performed</a></td>
<td class="nump">12,523,934<span></span>
</td>
<td class="nump">14,868,860<span></span>
</td>
<td class="nump">$ 11,762,526<span></span>
</td>
</tr>
<tr class="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">206,200<span></span>
</td>
<td class="nump">263,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ContractAssets', window );">Contract assets</a></td>
<td class="nump">50,800<span></span>
</td>
<td class="nump">47,500<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=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_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 );">Revenues from services performed</a></td>
<td class="nump">11,907,000<span></span>
</td>
<td class="nump">14,185,000<span></span>
</td>
<td class="nump">11,133,000<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_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember', window );">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_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_ContractAssets', window );">Contract assets</a></td>
<td class="nump">14,200<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=ts_ServicesToThirdPartiesMember', window );">Services to third parties [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_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 );">Revenues from services performed</a></td>
<td class="nump">$ 483,500<span></span>
</td>
<td class="nump">$ 164,800<span></span>
</td>
<td class="nump">$ 108,300<span></span>
</td>
</tr>
<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">30.00%<span></span>
</td>
<td class="nump">26.00%<span></span>
</td>
<td class="nump">22.00%<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</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_NoncurrentAssets', window );">Non-current assets attributable to the Company&#8217;s country of incorporation</a></td>
<td class="nump">$ 15,600<span></span>
</td>
<td class="nump">$ 10,700<span></span>
</td>
<td class="nump">$ 2,900<span></span>
</td>
</tr>
<tr class="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_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">32.00%<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="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">12.00%<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_SA', window );">Saudi Arabia | Less than 10 Percent [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">10.00%<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_CA', window );">Canada | Less than 10 Percent [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_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">10.00%<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_MX', window );">Mexico | Less than 10 Percent [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">10.00%<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_BR', window );">Brazil | Less than 10 Percent [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_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">10.00%<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_ContractAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 right to consideration in exchange for goods or services that the entity has transferred to a customer, when that right is conditioned on something other than the passage of time (for example, the entity&#8217;s future performance).</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 105<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2024-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<br> -Paragraph 105<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2024-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_RelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_ServicesToThirdPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_ServicesToThirdPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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_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_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_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_ConcentrationsOfRiskAxis=ts_LessThan10PercentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConcentrationsOfRiskAxis=ts_LessThan10PercentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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_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>
</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>167
<FILENAME>R98.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 3,921,097<span></span>
</td>
<td class="nump">$ 3,986,929<span></span>
</td>
<td class="nump">$ 2,672,593<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">52,792<span></span>
</td>
<td class="nump">107,588<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_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="re">
<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">4,638,681<span></span>
</td>
<td class="nump">5,277,507<span></span>
</td>
<td class="nump">5,772,031<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_CostOfSalesServicesAndFees', window );">Services and fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">408,478<span></span>
</td>
<td class="nump">437,804<span></span>
</td>
<td class="nump">293,490<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_CostOfSalesLaborCost', window );">Labor cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,454,924<span></span>
</td>
<td class="nump">1,403,546<span></span>
</td>
<td class="nump">1,160,085<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_CostOfSalesDepreciationOfPropertyPlantAndEquipment', window );">Depreciation of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">483,535<span></span>
</td>
<td class="nump">424,373<span></span>
</td>
<td class="nump">465,849<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_CostOfSalesAmortizationOfIntangibleAssets', window );">Amortization of intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,193<span></span>
</td>
<td class="nump">11,582<span></span>
</td>
<td class="nump">11,754<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_CostOfSalesDepreciationOfRightOfUseAssets', window );">Depreciation of right-of-use assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34,332<span></span>
</td>
<td class="nump">30,352<span></span>
</td>
<td class="nump">33,244<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_CostOfSalesMaintenanceExpenses', window );">Maintenance expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">443,498<span></span>
</td>
<td class="nump">408,410<span></span>
</td>
<td class="nump">267,294<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_CostOfSalesAllowanceForObsolescence', window );">Allowance for obsolescence</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">41,240<span></span>
</td>
<td class="nump">13,581<span></span>
</td>
<td class="nump">24,901<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_CostOfSalesTaxes', window );">Taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">124,500<span></span>
</td>
<td class="nump">272,120<span></span>
</td>
<td class="nump">194,736<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_CostOfSalesOther', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">230,161<span></span>
</td>
<td class="nump">216,220<span></span>
</td>
<td class="nump">178,691<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_CostOfSalesIncludingDiscontinuedOperations', window );">Cost of sales including discontinued operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,924,334<span></span>
</td>
<td class="nump">8,603,083<span></span>
</td>
<td class="nump">8,402,075<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 );">Less: Inventories at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,709,942)<span></span>
</td>
<td class="num">(3,921,097)<span></span>
</td>
<td class="num">(3,986,929)<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_CostOfSales', window );">Cost of sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 8,135,489<span></span>
</td>
<td class="nump">$ 8,668,915<span></span>
</td>
<td class="nump">$ 7,087,739<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-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year <span>2024</span>, related </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#8217;s pipe coating business unit acquisition. </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>34</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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></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 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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>
</table>
<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>168
<FILENAME>R99.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 183,659<span></span>
</td>
<td class="nump">$ 163,723<span></span>
</td>
<td class="nump">$ 148,331<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">705,849<span></span>
</td>
<td class="nump">652,820<span></span>
</td>
<td class="nump">518,500<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">25,668<span></span>
</td>
<td class="nump">21,517<span></span>
</td>
<td class="nump">21,883<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">41,557<span></span>
</td>
<td class="nump">40,761<span></span>
</td>
<td class="nump">59,018<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">35,569<span></span>
</td>
<td class="nump">19,925<span></span>
</td>
<td class="nump">15,975<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">624,113<span></span>
</td>
<td class="nump">696,705<span></span>
</td>
<td class="nump">641,812<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">30,356<span></span>
</td>
<td class="nump">38,899<span></span>
</td>
<td class="nump">20,606<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="num">(1,095)<span></span>
</td>
<td class="nump">3,590<span></span>
</td>
<td class="num">(223)<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">152,388<span></span>
</td>
<td class="nump">170,484<span></span>
</td>
<td class="nump">121,410<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">106,764<span></span>
</td>
<td class="nump">110,883<span></span>
</td>
<td class="nump">87,263<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">$ 1,904,828<span></span>
</td>
<td class="nump">$ 1,919,307<span></span>
</td>
<td class="nump">$ 1,634,575<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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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_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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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_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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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>
</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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<FILENAME>R100.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 2,033,067<span></span>
</td>
<td class="nump">$ 1,943,825<span></span>
</td>
<td class="nump">$ 1,594,200<span></span>
</td>
</tr>
<tr class="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">35,608<span></span>
</td>
<td class="nump">26,470<span></span>
</td>
<td class="nump">29,070<span></span>
</td>
</tr>
<tr class="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">16,014<span></span>
</td>
<td class="nump">15,055<span></span>
</td>
<td class="nump">13,256<span></span>
</td>
</tr>
<tr class="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">24,259<span></span>
</td>
<td class="nump">19,452<span></span>
</td>
<td class="nump">16,320<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">51,825<span></span>
</td>
<td class="nump">51,564<span></span>
</td>
<td class="nump">25,739<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">$ 2,160,773<span></span>
</td>
<td class="nump">$ 2,056,366<span></span>
</td>
<td class="nump">$ 1,678,585<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 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 [domain]] [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 2024-01-01<br> -Paragraph 5<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_5&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2024-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 53<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 171<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_171&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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;">ts_DisclosureOfLaborCostsAbstract</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 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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">25,874<span></span>
</td>
<td class="nump">29,134<span></span>
</td>
<td class="nump">25,292<span></span>
</td>
</tr>
<tr class="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="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">6,042<span></span>
</td>
<td class="nump">7,500<span></span>
</td>
<td class="nump">5,919<span></span>
</td>
</tr>
<tr class="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="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">5,811<span></span>
</td>
<td class="nump">6,267<span></span>
</td>
<td class="nump">6,444<span></span>
</td>
</tr>
<tr class="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">3,583<span></span>
</td>
<td class="nump">3,882<span></span>
</td>
<td class="nump">3,509<span></span>
</td>
</tr>
<tr class="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">2,140<span></span>
</td>
<td class="nump">2,187<span></span>
</td>
<td class="nump">2,136<span></span>
</td>
</tr>
<tr class="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="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">1,885<span></span>
</td>
<td class="nump">1,884<span></span>
</td>
<td class="nump">1,847<span></span>
</td>
</tr>
<tr class="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="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">1,406<span></span>
</td>
<td class="nump">1,492<span></span>
</td>
<td class="nump">1,460<span></span>
</td>
</tr>
<tr class="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="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">1,197<span></span>
</td>
<td class="nump">1,195<span></span>
</td>
<td class="nump">944<span></span>
</td>
</tr>
<tr class="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="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">911<span></span>
</td>
<td class="nump">1,573<span></span>
</td>
<td class="nump">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_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">893<span></span>
</td>
<td class="nump">1,112<span></span>
</td>
<td class="nump">1,183<span></span>
</td>
</tr>
<tr class="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">759<span></span>
</td>
<td class="nump">849<span></span>
</td>
<td class="nump">427<span></span>
</td>
</tr>
<tr class="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">1,247<span></span>
</td>
<td class="nump">1,193<span></span>
</td>
<td class="nump">928<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>
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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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></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>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>
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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_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_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>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_RO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</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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<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_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>
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<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>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</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_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>
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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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>171
<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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="text"> <span></span>
</td>
<td class="nump">$ 76,725<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_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="text">&#160;<span></span>
</td>
<td class="nump">63,100<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_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="text">&#160;<span></span>
</td>
<td class="nump">$ 13,600<span></span>
</td>
</tr>
<tr class="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">13.40%<span></span>
</td>
<td class="nump">12.50%<span></span>
</td>
<td class="nump">13.40%<span></span>
</td>
</tr>
<tr class="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">18.20%<span></span>
</td>
<td class="nump">21.40%<span></span>
</td>
<td class="nump">20.20%<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 2024-01-01<br> -Paragraph 130<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_130_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_DisclosureOfImpairmentLossRecognisedOrReversedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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>
</tr>
<tr>
<td style="padding-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>
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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 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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>
</tr>
<tr>
<td 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: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_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>
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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_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>
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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_RangeAxis=ifrs-full_BottomOfRangeMember</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_TopOfRangeMember</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>
<td></td>
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<td><strong> Period Type:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_OtherOperatingIncomeAbstract', window );"><strong>Other Operating Income [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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingIncomeNetIncomeFromOtherSales', window );">Results from sundry assets</a></td>
<td class="nump">$ 10,529<span></span>
</td>
<td class="nump">$ 10,960<span></span>
</td>
<td class="nump">$ 28,161<span></span>
</td>
</tr>
<tr class="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">4,417<span></span>
</td>
<td class="nump">4,702<span></span>
</td>
<td class="nump">5,084<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="text"> <span></span>
</td>
<td class="nump">878<span></span>
</td>
<td class="nump">71,252<span></span>
</td>
</tr>
<tr class="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">2,212<span></span>
</td>
<td class="nump">3,162<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_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult', window );">Result on sale of Venezuela awards</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">33,341<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_MiscellaneousOtherOperatingIncome', window );">Other income</a></td>
<td class="nump">43,492<span></span>
</td>
<td class="text"> <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_OtherIncome', window );">Other operating income</a></td>
<td class="nump">60,650<span></span>
</td>
<td class="nump">53,043<span></span>
</td>
<td class="nump">104,497<span></span>
</td>
</tr>
<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="num">(17,657)<span></span>
</td>
<td class="num">(15,538)<span></span>
</td>
<td class="num">(13,668)<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="num">(546)<span></span>
</td>
<td class="num">(107)<span></span>
</td>
<td class="num">(346)<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="text"> <span></span>
</td>
<td class="num">(78,100)<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_ProvisionForLitigationRelatedToAcquisition', window );">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</a></td>
<td class="num">(107,215)<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_MiscellaneousOtherOperatingExpense', window );">Other expense</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,628)<span></span>
</td>
<td class="num">(12,595)<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_OtherExpenseByFunction', window );">Other operating expenses</a></td>
<td class="num">(125,418)<span></span>
</td>
<td class="num">(17,273)<span></span>
</td>
<td class="num">(104,709)<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_OtherOperatingIncomeExpense', window );">Other operating income and expenses, net</a></td>
<td class="num">$ (64,768)<span></span>
</td>
<td class="nump">$ 35,770<span></span>
</td>
<td class="num">$ (212)<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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_35_b_vii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<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>
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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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<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>
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<td><strong> Data Type:</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>
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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_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_ProvisionForLitigationRelatedToAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of provision for litigation related to 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_ProvisionForLitigationRelatedToAcquisition</td>
</tr>
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<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>
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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_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>
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<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>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses (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, 2024 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems', window );"><strong>Disclosure of detailed information about other operating income and expenses [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance', window );">Insurance recovery</a></td>
<td class="nump">$ 7.0<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=country_BR', window );">Brazil</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_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>
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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_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings', window );">Recovery of legal proceedings</a></td>
<td class="nump">$ 17.6<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_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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of recovery of insurance included in miscellaneous other operating 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_MiscellaneousOtherOperatingIncomeRecoveryOfInsurance</td>
</tr>
<tr>
<td 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_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of recovery of legal proceedings included in miscellaneous other operating 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_MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings</td>
</tr>
<tr>
<td 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>
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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>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial results (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, 2024</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_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">$ 40,700<span></span>
</td>
<td class="nump">$ 61,200<span></span>
</td>
<td class="nump">$ 33,000<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_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Interest related to instruments carried at FVOCI</a></td>
<td class="nump">88,200<span></span>
</td>
<td class="nump">30,900<span></span>
</td>
<td class="nump">5,100<span></span>
</td>
</tr>
<tr class="ro">
<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="text">&#160;<span></span>
</td>
<td class="nump">10,500<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_OtherFinanceCost', window );">Other finance cost</a></td>
<td class="nump">100,719<span></span>
</td>
<td class="nump">95,044<span></span>
</td>
<td class="nump">30,108<span></span>
</td>
</tr>
<tr class="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="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 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="text">&#160;<span></span>
</td>
<td class="nump">$ 94,700<span></span>
</td>
<td class="nump">$ 29,800<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_ClassesOfFinancialInstrumentsAxis=ts_UsDollarDenominatedArgentineBondsMember', window );">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>
</tr>
<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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other finance cost</a></td>
<td class="nump">84,000<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_dei_LegalEntityAxis=ts_PetroleosMexicanosMember', window );">Petr&#243;leos Mexicanos [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_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_OtherFinanceCost', window );">Other finance cost</a></td>
<td class="nump">$ 16,000<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_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 2024-01-01<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-2024-en-r&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ifrs-full_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 revenue arising on financial assets measured at fair value through other comprehensive income. [Refer: Revenue; Financial assets measured 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>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=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_ClassesOfFinancialInstrumentsAxis=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>
<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>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>175
<FILENAME>R106.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</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_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>
</tr>
<tr class="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="nump">$ 229,835<span></span>
</td>
<td class="nump">$ 201,852<span></span>
</td>
<td class="nump">$ 86,112<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="nump">12,484<span></span>
</td>
<td class="nump">11,622<span></span>
</td>
<td class="num">(6,092)<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="nump">242,319<span></span>
</td>
<td class="nump">213,474<span></span>
</td>
<td class="nump">80,020<span></span>
</td>
</tr>
<tr class="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="num">(61,212)<span></span>
</td>
<td class="num">(106,862)<span></span>
</td>
<td class="num">(45,940)<span></span>
</td>
</tr>
<tr class="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="nump">61,395<span></span>
</td>
<td class="nump">218,383<span></span>
</td>
<td class="nump">15,654<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="num">(12,727)<span></span>
</td>
<td class="num">(8,974)<span></span>
</td>
<td class="num">(25,666)<span></span>
</td>
</tr>
<tr class="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="num">(100,719)<span></span>
</td>
<td class="num">(95,044)<span></span>
</td>
<td class="num">(30,108)<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">(52,051)<span></span>
</td>
<td class="nump">114,365<span></span>
</td>
<td class="num">(40,120)<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="nump">$ 129,056<span></span>
</td>
<td class="nump">$ 220,977<span></span>
</td>
<td class="num">$ (6,040)<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 2024-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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]; Classes of financial instruments [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 23<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_e&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
<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>
</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>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>176
<FILENAME>R107.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</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_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>
</tr>
<tr class="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">$ 2,212<span></span>
</td>
<td class="nump">$ 3,162<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"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">34,041<span></span>
</td>
</tr>
<tr class="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>
</tr>
<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>
</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">&#160;<span></span>
</td>
<td class="nump">14,900<span></span>
</td>
</tr>
<tr class="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>
</tr>
<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>
</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">&#160;<span></span>
</td>
<td class="nump">19,100<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_GainLossRelatedToProvisionForLitigationRelatedToAcquisition', window );">Loss related to provision for the ongoing litigation related to the acquisition of participation in Usiminas</a></td>
<td class="num">(43,300)<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>
</tr>
<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>
</tr>
<tr class="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 );">Remeasurement of previously held interest</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">4,506<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_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 11,487<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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_B64_p_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_GainLossRelatedToProvisionForLitigationRelatedToAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of gain loss related to provision for litigation related to 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_GainLossRelatedToProvisionForLitigationRelatedToAcquisition</td>
</tr>
<tr>
<td 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_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_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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>177
<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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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</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_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>
</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 );">Earnings from non-consolidated companies</a></td>
<td class="nump">$ 8,548<span></span>
</td>
<td class="nump">$ 79,411<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">2,212<span></span>
</td>
<td class="nump">3,162<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"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(34,041)<span></span>
</td>
</tr>
<tr class="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="nump">8,548<span></span>
</td>
<td class="nump">95,404<span></span>
</td>
<td class="nump">208,702<span></span>
</td>
</tr>
<tr class="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>
</tr>
<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>
</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 );">Earnings from non-consolidated companies</a></td>
<td class="nump">8,548<span></span>
</td>
<td class="nump">104,897<span></span>
</td>
<td class="nump">242,743<span></span>
</td>
</tr>
<tr class="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>
</tr>
<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>
</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">&#160;<span></span>
</td>
<td class="num">(19,100)<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="text">&#160;<span></span>
</td>
<td class="num">(25,500)<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>
</tr>
<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>
</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 );">Net loss related to participation increase in Usiminas</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(25,486)<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>
</tr>
<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>
</tr>
<tr class="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="text"> <span></span>
</td>
<td class="nump">4,506<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="text"> <span></span>
</td>
<td class="nump">$ 11,487<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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_B64_p_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all associates [member]; Investments accounted for using equity method; Total for all 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 2024-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>
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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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Income tax (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, 2024</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_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_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes', window );">Pillar two legislation description</a></td>
<td class="text">The group applies the IAS 12 exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.<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_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes', window );">Current tax expense, related to Pillar Two income taxes</a></td>
<td class="nump">$ 81,400<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_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">831,298<span></span>
</td>
<td class="nump">$ 789,615<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_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations', window );">Charge related to withholding taxes for intra group international operations</a></td>
<td class="nump">20,000<span></span>
</td>
<td class="nump">164,300<span></span>
</td>
<td class="nump">$ 21,000<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_DeferredTaxIncomeRecognisedInProfitOrLoss', window );">Deferred Tax Income Recognised In Profit Or Loss</a></td>
<td class="nump">186,000<span></span>
</td>
<td class="nump">550,300<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=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>
</tr>
<tr class="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 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">$ 368,200<span></span>
</td>
<td class="nump">$ 349,000<span></span>
</td>
<td class="nump">$ 250,400<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_ifrs-full_GeographicalAreasAxis=country_LU', window );">Luxembourg Ville</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_ApplicableTaxRate', window );">Corporate income tax rate</a></td>
<td class="nump">24.94%<span></span>
</td>
<td class="nump">23.87%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 86,900<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">$ 81,400<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_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 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 expense (income) related to Pillar Two 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 2024-01-01<br> -Paragraph 88B<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_88B&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_ifrs-full_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The statement that the entity has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two 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 2024-01-01<br> -Paragraph 88A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_88A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes</td>
</tr>
<tr>
<td style="padding-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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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_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_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=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>
</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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>179
<FILENAME>R110.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ (651,769)<span></span>
</td>
<td class="num">$ (868,695)<span></span>
</td>
<td class="num">$ (589,706)<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_DeferredTaxExpenseIncome', window );">Deferred tax</a></td>
<td class="nump">172,089<span></span>
</td>
<td class="nump">193,739<span></span>
</td>
<td class="num">(27,530)<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 charge</a></td>
<td class="num">$ (479,680)<span></span>
</td>
<td class="num">$ (674,956)<span></span>
</td>
<td class="num">$ (617,236)<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 2024-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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>180
<FILENAME>R111.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 2,556,453<span></span>
</td>
<td class="nump">$ 4,632,789<span></span>
</td>
<td class="nump">$ 3,165,937<span></span>
</td>
</tr>
<tr class="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">(599,944)<span></span>
</td>
<td class="num">(1,127,428)<span></span>
</td>
<td class="num">(705,727)<span></span>
</td>
</tr>
<tr class="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">(340,094)<span></span>
</td>
<td class="num">(346,573)<span></span>
</td>
<td class="num">(187,186)<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_TaxEffectFromChangeInTaxRate', window );">Changes in the tax rates</a></td>
<td class="num">(24,019)<span></span>
</td>
<td class="nump">1,535<span></span>
</td>
<td class="num">(3,422)<span></span>
</td>
</tr>
<tr class="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">588<span></span>
</td>
<td class="nump">787<span></span>
</td>
<td class="nump">29,560<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">483,789<span></span>
</td>
<td class="nump">796,723<span></span>
</td>
<td class="nump">249,539<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 charge</a></td>
<td class="num">(479,680)<span></span>
</td>
<td class="num">(674,956)<span></span>
</td>
<td class="num">(617,236)<span></span>
</td>
</tr>
<tr class="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">$ 76,725<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 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 1<br> -IssueDate 2024-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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_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/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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_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 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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<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 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
<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_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 2024-01-01<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-2024-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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 );">- 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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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>
</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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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="1"></th>
<th class="th" colspan="1">6 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="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 20, 2024</div></th>
<th class="th"><div>Nov. 06, 2024</div></th>
<th class="th"><div>May 22, 2024</div></th>
<th class="th"><div>May 24, 2023</div></th>
<th class="th"><div>May 22, 2024</div></th>
<th class="th"><div>May 24, 2023</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Apr. 30, 2024</div></th>
<th class="th"><div>Nov. 22, 2023</div></th>
<th class="th"><div>May 03, 2023</div></th>
<th class="th"><div>Nov. 23, 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_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>
<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">$ 299,000<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" 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">$ 300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 459,000<span></span>
</td>
<td class="nump">$ 401,000<span></span>
</td>
<td class="nump">$ 694,000<span></span>
</td>
<td class="nump">$ 602,000<span></span>
</td>
<td class="nump">$ 763,648<span></span>
</td>
<td class="nump">$ 655,478<span></span>
</td>
<td class="nump">$ 541,674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="nump">$ 0.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.17<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="text">&#160;<span></span>
</td>
<td class="nump">$ 0.6<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>
</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="text">&#160;<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.34<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="text">&#160;<span></span>
</td>
<td class="nump">$ 1.2<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>
</tr>
<tr class="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">$ 0.27<span></span>
</td>
<td class="nump">$ 0.27<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="nump">$ 0.34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 0.54<span></span>
</td>
<td class="nump">$ 0.54<span></span>
</td>
<td class="nump">$ 0.8<span></span>
</td>
<td class="nump">$ 0.68<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></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 2024-01-01<br> -Paragraph 107<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_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>
</tr>
<tr>
<td 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_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>
</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_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>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_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>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_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>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_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>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_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>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 27.2<span></span>
</td>
<td class="nump">$ 28.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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>
</tr>
<tr class="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_PropertyPlantAndEquipmentPledgedAsSecurity', window );">Property, plant and equipment, pledged as security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 32.1<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_GeographicalAreasAxis=country_SA', window );">Saudi Arabia | 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="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_PropertyPlantAndEquipmentPledgedAsSecurity', window );">Property, plant and equipment, pledged as security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 147.9<span></span>
</td>
<td class="nump">$ 89.6<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_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_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_GeographicalAreasAxis=country_SA', window );">Saudi Arabia | 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="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_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="nump">57.30%<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=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 class="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><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';"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span>&#160;All percentages rounded.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad<span style="font-family: Calibri;">&#257;</span><span style="font-family: 'Frutiger 45 Light';">wul), Tenaris holds 47.79% and has the right to nominate the majority of the members 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 G</span><span style="font-family: 'Frutiger 45 Light';">lobal </span><span style="font-family: 'Frutiger 45 Light';">P</span><span style="font-family: 'Frutiger 45 Light';">ipe </span><span style="font-family: 'Frutiger 45 Light';">C</span><span style="font-family: 'Frutiger 45 Light';">ompany</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_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_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 2024-01-01<br> -Paragraph 74<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_74_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 74<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_74_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_ConfabIndustrialSaAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_CompanhiaSiderrgicaNacionalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_CompanhiaSiderrgicaNacionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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_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_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>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>183
<FILENAME>R114.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 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_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,121,471<span></span>
</td>
<td class="nump">6,078,179<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">725,063<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">757,410<span></span>
</td>
<td class="nump">725,063<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">4,842,229<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">4,873,502<span></span>
</td>
<td class="nump">4,842,229<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">65,604<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">73,562<span></span>
</td>
<td class="nump">65,604<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">396,103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">372,990<span></span>
</td>
<td class="nump">396,103<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">49,180<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">44,007<span></span>
</td>
<td class="nump">49,180<span></span>
</td>
</tr>
<tr class="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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">15,313,080<span></span>
</td>
<td class="nump">14,383,647<span></span>
</td>
</tr>
<tr class="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="num">(107,740)<span></span>
</td>
<td class="nump">58,481<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_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(10,461)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">393,981<span></span>
</td>
</tr>
<tr class="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">635,513<span></span>
</td>
<td class="nump">570,997<span></span>
</td>
</tr>
<tr class="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">(5,386)<span></span>
</td>
<td class="num">(1,270)<span></span>
</td>
</tr>
<tr class="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">(107,290)<span></span>
</td>
<td class="num">(92,756)<span></span>
</td>
</tr>
<tr class="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">15,717,716<span></span>
</td>
<td class="nump">15,313,080<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">889,957<span></span>
</td>
<td class="nump">815,763<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_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,336)<span></span>
</td>
<td class="nump">1,863<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_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">12,949<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">64,413<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_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,176<span></span>
</td>
<td class="nump">330<span></span>
</td>
</tr>
<tr class="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">47,989<span></span>
</td>
<td class="nump">12,031<span></span>
</td>
</tr>
<tr class="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">(12,031)<span></span>
</td>
<td class="num">(4,443)<span></span>
</td>
</tr>
<tr class="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">935,704<span></span>
</td>
<td class="nump">889,957<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">13,538,273<span></span>
</td>
<td class="nump">12,857,494<span></span>
</td>
</tr>
<tr class="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="num">(94,711)<span></span>
</td>
<td class="nump">53,282<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_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(24,063)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">256,899<span></span>
</td>
</tr>
<tr class="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">1,028<span></span>
</td>
<td class="nump">3,661<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_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">548,790<span></span>
</td>
<td class="nump">435,550<span></span>
</td>
</tr>
<tr class="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">(65,775)<span></span>
</td>
<td class="num">(68,613)<span></span>
</td>
</tr>
<tr class="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">13,903,542<span></span>
</td>
<td class="nump">13,538,273<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">416,913<span></span>
</td>
<td class="nump">402,485<span></span>
</td>
</tr>
<tr class="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="num">(2,952)<span></span>
</td>
<td class="nump">1,675<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_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease', window );">Changes 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_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">831<span></span>
</td>
</tr>
<tr class="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">433<span></span>
</td>
<td class="nump">820<span></span>
</td>
</tr>
<tr class="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">31,275<span></span>
</td>
<td class="nump">22,530<span></span>
</td>
</tr>
<tr class="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">(21,627)<span></span>
</td>
<td class="num">(11,428)<span></span>
</td>
</tr>
<tr class="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">424,042<span></span>
</td>
<td class="nump">416,913<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">396,103<span></span>
</td>
<td class="nump">252,379<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_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,391)<span></span>
</td>
<td class="nump">1,462<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_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">653<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">71,838<span></span>
</td>
</tr>
<tr class="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">616,218<span></span>
</td>
<td class="nump">546,515<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_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(633,440)<span></span>
</td>
<td class="num">(471,381)<span></span>
</td>
</tr>
<tr class="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">(2,153)<span></span>
</td>
<td class="num">(4,710)<span></span>
</td>
</tr>
<tr class="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">372,990<span></span>
</td>
<td class="nump">396,103<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">71,834<span></span>
</td>
<td class="nump">55,526<span></span>
</td>
</tr>
<tr class="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="num">(350)<span></span>
</td>
<td class="nump">199<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_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease', window );">Changes 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_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</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_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,658<span></span>
</td>
<td class="nump">19,671<span></span>
</td>
</tr>
<tr class="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="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_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,704)<span></span>
</td>
<td class="num">(3,562)<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_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">81,438<span></span>
</td>
<td class="nump">71,834<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(9,234,901)<span></span>
</td>
<td class="num">(8,827,384)<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_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(71,492)<span></span>
</td>
<td class="nump">40,153<span></span>
</td>
</tr>
<tr class="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">(840)<span></span>
</td>
<td class="num">(380)<span></span>
</td>
</tr>
<tr class="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">75,527<span></span>
</td>
<td class="nump">78,146<span></span>
</td>
</tr>
<tr class="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">509,203<span></span>
</td>
<td class="nump">445,890<span></span>
</td>
</tr>
<tr class="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">(9,596,245)<span></span>
</td>
<td class="num">(9,234,901)<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(164,894)<span></span>
</td>
<td class="num">(152,272)<span></span>
</td>
</tr>
<tr class="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="num">(699)<span></span>
</td>
<td class="nump">390<span></span>
</td>
</tr>
<tr class="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">(333)<span></span>
</td>
<td class="num">(16)<span></span>
</td>
</tr>
<tr class="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">1,834<span></span>
</td>
<td class="nump">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_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,266<span></span>
</td>
<td class="nump">12,256<span></span>
</td>
</tr>
<tr class="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">(178,294)<span></span>
</td>
<td class="num">(164,894)<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(8,696,044)<span></span>
</td>
<td class="num">(8,313,971)<span></span>
</td>
</tr>
<tr class="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="num">(67,918)<span></span>
</td>
<td class="nump">38,074<span></span>
</td>
</tr>
<tr class="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">(2,101)<span></span>
</td>
<td class="num">(391)<span></span>
</td>
</tr>
<tr class="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">53,249<span></span>
</td>
<td class="nump">67,471<span></span>
</td>
</tr>
<tr class="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">457,264<span></span>
</td>
<td class="nump">411,861<span></span>
</td>
</tr>
<tr class="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">(9,030,040)<span></span>
</td>
<td class="num">(8,696,044)<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(351,309)<span></span>
</td>
<td class="num">(340,526)<span></span>
</td>
</tr>
<tr class="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="num">(2,686)<span></span>
</td>
<td class="nump">1,584<span></span>
</td>
</tr>
<tr class="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">1,594<span></span>
</td>
<td class="nump">27<span></span>
</td>
</tr>
<tr class="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">20,444<span></span>
</td>
<td class="nump">10,667<span></span>
</td>
</tr>
<tr class="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">20,707<span></span>
</td>
<td class="nump">19,839<span></span>
</td>
</tr>
<tr class="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">(350,480)<span></span>
</td>
<td class="num">(351,309)<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_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', 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" 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="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_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</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_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</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" 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="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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(22,654)<span></span>
</td>
<td class="num">(20,615)<span></span>
</td>
</tr>
<tr class="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="num">(189)<span></span>
</td>
<td class="nump">105<span></span>
</td>
</tr>
<tr class="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="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_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</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_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,966<span></span>
</td>
<td class="nump">1,934<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_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (37,431)<span></span>
</td>
<td class="num">$ (22,654)<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'; font-weight: normal; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">elated </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">to Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; 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"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">elated </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;">GPC, Isoplus 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; 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_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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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 2024-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<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-2024-en-r&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
<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 2024-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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>
</tr>
<tr>
<td style="padding-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_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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_BusinessCombinationsPropertyPlantAndEquipmentIncreaseDecrease</td>
</tr>
<tr>
<td 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_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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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_ClassesOfPropertyPlantAndEquipmentAxis=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_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_SparePartsAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>184
<FILENAME>R115.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 12 - Intangible assets, net (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 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_GeographicalAreasAxis=srt_NorthAmericaMember', window );">North America [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_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [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_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">$ 944.2<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 1.8<span></span>
</td>
<td class="nump">$ 15.5<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_DisclosureOfReconciliationOfChangesInGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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_DisclosureOfReconciliationOfChangesInGoodwillLineItems</td>
</tr>
<tr>
<td style="padding-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_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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: Total for all 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 2024-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2024-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2024-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>185
<FILENAME>R116.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 1,377,110<span></span>
</td>
<td class="nump">$ 1,332,508<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_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,357,749<span></span>
</td>
<td class="nump">1,377,110<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">72,165<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">97,106<span></span>
</td>
<td class="nump">72,165<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">153,332<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">159,296<span></span>
</td>
<td class="nump">153,332<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">1,103,707<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">1,090,019<span></span>
</td>
<td class="nump">1,103,707<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">47,906<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">11,328<span></span>
</td>
<td class="nump">47,906<span></span>
</td>
</tr>
<tr class="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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">5,488,497<span></span>
</td>
<td class="nump">5,397,233<span></span>
</td>
</tr>
<tr class="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="num">(4,139)<span></span>
</td>
<td class="nump">2,274<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_BusinessCombinationsIntangibleAssetsIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(28,211)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47,475<span></span>
</td>
</tr>
<tr class="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">58,443<span></span>
</td>
<td class="nump">48,448<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_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,654<span></span>
</td>
<td class="nump">804<span></span>
</td>
</tr>
<tr class="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">(31,302)<span></span>
</td>
<td class="num">(7,737)<span></span>
</td>
</tr>
<tr class="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">5,487,942<span></span>
</td>
<td class="nump">5,488,497<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">648,887<span></span>
</td>
<td class="nump">614,474<span></span>
</td>
</tr>
<tr class="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="num">(4,049)<span></span>
</td>
<td class="nump">2,233<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_BusinessCombinationsIntangibleAssetsIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</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_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">105<span></span>
</td>
</tr>
<tr class="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">43,445<span></span>
</td>
<td class="nump">39,375<span></span>
</td>
</tr>
<tr class="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">4,584<span></span>
</td>
<td class="nump">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_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(31,262)<span></span>
</td>
<td class="num">(7,737)<span></span>
</td>
</tr>
<tr class="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">661,605<span></span>
</td>
<td class="nump">648,887<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">560,549<span></span>
</td>
<td class="nump">550,991<span></span>
</td>
</tr>
<tr class="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="num">(10)<span></span>
</td>
<td class="nump">2<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_BusinessCombinationsIntangibleAssetsIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</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_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">116<span></span>
</td>
</tr>
<tr class="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>[1]</sup></td>
<td class="nump">14,998<span></span>
</td>
<td class="nump">9,073<span></span>
</td>
</tr>
<tr class="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="nump">70<span></span>
</td>
<td class="nump">367<span></span>
</td>
</tr>
<tr class="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="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_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">575,607<span></span>
</td>
<td class="nump">560,549<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">2,488,381<span></span>
</td>
<td class="nump">2,469,726<span></span>
</td>
</tr>
<tr class="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="num">(67)<span></span>
</td>
<td class="nump">39<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_BusinessCombinationsIntangibleAssetsIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(13,621)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,616<span></span>
</td>
</tr>
<tr class="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="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_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', 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="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="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_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,474,693<span></span>
</td>
<td class="nump">2,488,381<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">1,790,680<span></span>
</td>
<td class="nump">1,762,042<span></span>
</td>
</tr>
<tr class="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="num">(13)<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_BusinessCombinationsIntangibleAssetsIncreaseDecrease', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(14,590)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28,638<span></span>
</td>
</tr>
<tr class="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="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_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', 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="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">(40)<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_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,776,037<span></span>
</td>
<td class="nump">1,790,680<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(4,111,387)<span></span>
</td>
<td class="num">(4,064,725)<span></span>
</td>
</tr>
<tr class="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="num">(3,781)<span></span>
</td>
<td class="nump">2,141<span></span>
</td>
</tr>
<tr class="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">53,750<span></span>
</td>
<td class="nump">52,343<span></span>
</td>
</tr>
<tr class="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">108<span></span>
</td>
<td class="num">(86)<span></span>
</td>
</tr>
<tr class="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">31,271<span></span>
</td>
<td class="nump">7,736<span></span>
</td>
</tr>
<tr class="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">(4,130,193)<span></span>
</td>
<td class="num">(4,111,387)<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(576,722)<span></span>
</td>
<td class="num">(561,119)<span></span>
</td>
</tr>
<tr class="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="num">(3,764)<span></span>
</td>
<td class="nump">2,140<span></span>
</td>
</tr>
<tr class="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">22,664<span></span>
</td>
<td class="nump">21,285<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_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">108<span></span>
</td>
<td class="num">(86)<span></span>
</td>
</tr>
<tr class="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">31,231<span></span>
</td>
<td class="nump">7,736<span></span>
</td>
</tr>
<tr class="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">(564,499)<span></span>
</td>
<td class="num">(576,722)<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="num">(407,217)<span></span>
</td>
<td class="num">(398,417)<span></span>
</td>
</tr>
<tr class="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="num">(6)<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_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">9,100<span></span>
</td>
<td class="nump">8,799<span></span>
</td>
</tr>
<tr class="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="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_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></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_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">(416,311)<span></span>
</td>
<td class="num">(407,217)<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="num">(1,384,674)<span></span>
</td>
</tr>
<tr class="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="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_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</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" 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="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_DisposalsIntangibleAssetsAndGoodwill', 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="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">(1,384,674)<span></span>
</td>
<td class="num">(1,384,674)<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(1,742,774)<span></span>
</td>
<td class="num">(1,720,515)<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_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(11)<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_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,986<span></span>
</td>
<td class="nump">22,259<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_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', 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="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">40<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_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (1,764,709)<span></span>
</td>
<td class="num">$ (1,742,774)<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';">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="font-family: 'Frutiger 45 Light';">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated </span><span style="font-family: 'Frutiger 45 Light';">to 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>
<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';">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated </span><span style="font-family: 'Frutiger 45 Light';">to the GPC, Isoplus 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';">.</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 );">- Definition</a><div><p>The increase in intangible assets and goodwill resulting from acquisitions through business combinations. [Refer: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></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;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</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 additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></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><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 2024-01-01<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-2024-en-r&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(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>
<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 2024-01-01<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-2024-en-r&amp;anchor=para_118_e_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(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>
<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 2024-01-01<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-2024-en-r&amp;anchor=para_118_e_vii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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 2024-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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 );">- 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><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 resulting from 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>
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<tr>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 12 - Intangible assets, net - Goodwill Allocated by CGU (Details) - Tubes [member]<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 1,090<span></span>
</td>
</tr>
<tr class="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 );">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 );">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 );">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 );">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=ts_TubesMember', window );">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 );">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 );">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 );">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 );">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 );">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 );">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 );">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 );">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 );">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>
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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>
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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_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems</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 assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Total for all 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 2024-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2024-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2024-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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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<a href="javascript:void(0);" onclick="Show.toggleNext( 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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<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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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_HydrilMember</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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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_HydrilCompanyMember</td>
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 8,377<span></span>
</td>
<td class="nump">$ 2,972<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">68,600<span></span>
</td>
<td class="nump">51,500<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_RepaymentOfInterestOnLeaseLiabilities', window );">Repayment of interest on lease liabilities</a></td>
<td class="nump">$ 5,100<span></span>
</td>
<td class="nump">$ 3,400<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_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">31.00%<span></span>
</td>
<td class="nump">28.00%<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">46.00%<span></span>
</td>
<td class="nump">45.00%<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">23.00%<span></span>
</td>
<td class="nump">27.00%<span></span>
</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_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems</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>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>
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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 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>
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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>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>
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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 cash outflow for repayment of interest on 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>
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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><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 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_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">148,868<span></span>
</td>
<td class="nump">132,138<span></span>
</td>
</tr>
<tr class="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">261,729<span></span>
</td>
<td class="nump">200,720<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="num">(1,298)<span></span>
</td>
<td class="nump">605<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">&#160;<span></span>
</td>
<td class="nump">11,886<span></span>
</td>
</tr>
<tr class="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">91,321<span></span>
</td>
<td class="nump">61,324<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">(39,591)<span></span>
</td>
<td class="num">(12,806)<span></span>
</td>
</tr>
<tr class="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">312,161<span></span>
</td>
<td class="nump">261,729<span></span>
</td>
</tr>
<tr class="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">(129,591)<span></span>
</td>
<td class="num">(88,979)<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="num">(763)<span></span>
</td>
<td class="nump">368<span></span>
</td>
</tr>
<tr class="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">69,901<span></span>
</td>
<td class="nump">50,277<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="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="nump">35,436<span></span>
</td>
<td class="nump">10,033<span></span>
</td>
</tr>
<tr class="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">(163,293)<span></span>
</td>
<td class="num">(129,591)<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_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">38,492<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">29,735<span></span>
</td>
<td class="nump">38,492<span></span>
</td>
</tr>
<tr class="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">66,464<span></span>
</td>
<td class="nump">43,570<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="num">(167)<span></span>
</td>
<td class="nump">99<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="text">&#160;<span></span>
</td>
<td class="nump">11,803<span></span>
</td>
</tr>
<tr class="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">16,034<span></span>
</td>
<td class="nump">13,040<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="num">(5,027)<span></span>
</td>
<td class="nump">691<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">(10,772)<span></span>
</td>
<td class="num">(2,739)<span></span>
</td>
</tr>
<tr class="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">66,532<span></span>
</td>
<td class="nump">66,464<span></span>
</td>
</tr>
<tr class="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">(27,972)<span></span>
</td>
<td class="num">(18,933)<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="num">(68)<span></span>
</td>
<td class="nump">34<span></span>
</td>
</tr>
<tr class="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">20,448<span></span>
</td>
<td class="nump">9,663<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="num">(1,514)<span></span>
</td>
<td class="nump">691<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="nump">10,041<span></span>
</td>
<td class="nump">1,349<span></span>
</td>
</tr>
<tr class="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">(36,797)<span></span>
</td>
<td class="num">(27,972)<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=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">72,813<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">91,002<span></span>
</td>
<td class="nump">72,813<span></span>
</td>
</tr>
<tr class="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="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">148,380<span></span>
</td>
<td class="nump">125,677<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="num">(439)<span></span>
</td>
<td class="nump">243<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">&#160;<span></span>
</td>
<td class="nump">37<span></span>
</td>
</tr>
<tr class="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">52,040<span></span>
</td>
<td class="nump">30,066<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="nump">5,027<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">(20,113)<span></span>
</td>
<td class="num">(7,643)<span></span>
</td>
</tr>
<tr class="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">184,895<span></span>
</td>
<td class="nump">148,380<span></span>
</td>
</tr>
<tr class="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="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">(75,567)<span></span>
</td>
<td class="num">(52,794)<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="num">(283)<span></span>
</td>
<td class="nump">134<span></span>
</td>
</tr>
<tr class="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">34,719<span></span>
</td>
<td class="nump">29,685<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="nump">1,550<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="nump">17,660<span></span>
</td>
<td class="nump">7,046<span></span>
</td>
</tr>
<tr class="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">(93,893)<span></span>
</td>
<td class="num">(75,567)<span></span>
</td>
</tr>
<tr class="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="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">17,988<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">25,650<span></span>
</td>
<td class="nump">17,988<span></span>
</td>
</tr>
<tr class="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="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">43,217<span></span>
</td>
<td class="nump">30,291<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="num">(692)<span></span>
</td>
<td class="nump">263<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="text">&#160;<span></span>
</td>
<td class="nump">46<span></span>
</td>
</tr>
<tr class="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">22,663<span></span>
</td>
<td class="nump">15,732<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">(691)<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">(8,706)<span></span>
</td>
<td class="num">(2,424)<span></span>
</td>
</tr>
<tr class="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">56,482<span></span>
</td>
<td class="nump">43,217<span></span>
</td>
</tr>
<tr class="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="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">(25,229)<span></span>
</td>
<td class="num">(17,042)<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="num">(412)<span></span>
</td>
<td class="nump">200<span></span>
</td>
</tr>
<tr class="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">13,786<span></span>
</td>
<td class="nump">10,316<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="num">(36)<span></span>
</td>
<td class="num">(691)<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="nump">7,735<span></span>
</td>
<td class="nump">1,638<span></span>
</td>
</tr>
<tr class="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">(30,832)<span></span>
</td>
<td class="num">(25,229)<span></span>
</td>
</tr>
<tr class="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="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">2,845<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">2,481<span></span>
</td>
<td class="nump">2,845<span></span>
</td>
</tr>
<tr class="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">3,668<span></span>
</td>
<td class="nump">1,182<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">&#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_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">584<span></span>
</td>
<td class="nump">2,486<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">4,252<span></span>
</td>
<td class="nump">3,668<span></span>
</td>
</tr>
<tr class="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">(823)<span></span>
</td>
<td class="num">(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_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="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">948<span></span>
</td>
<td class="nump">613<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="num">$ (1,771)<span></span>
</td>
<td class="num">$ (823)<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'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC</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;">.</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 2024-01-01<br> -Paragraph 53<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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</tr>
<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>
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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_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 2024-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Data Type:</strong></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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</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_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 2024-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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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<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_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>
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<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>
</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_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>
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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>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>debit</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_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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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="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">$ 134,433<span></span>
</td>
<td class="nump">$ 112,177<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 );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(35)<span></span>
</td>
<td class="nump">12,148<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="num">(4,565)<span></span>
</td>
<td class="nump">2,237<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">91,005<span></span>
</td>
<td class="nump">61,310<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">(8,377)<span></span>
</td>
<td class="num">(2,972)<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">(73,639)<span></span>
</td>
<td class="num">(54,940)<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">6,104<span></span>
</td>
<td class="nump">4,473<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_LeaseLiabilities', window );">Ending net book amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 144,926<span></span>
</td>
<td class="nump">$ 134,433<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'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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 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></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;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">4</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;includes</span><span style="line-height: inherit;"><span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">repayments of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">68.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">in capital </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</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</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of interest</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_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 2024-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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 ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>$ / shares</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, 2024 </div>
<div>R$ / shares</div>
</th>
<th class="th">
<div>Feb. 13, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,543,657<span></span>
</td>
<td class="nump">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,540,646<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">2,212<span></span>
</td>
<td class="nump">3,162<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="text"> <span></span>
</td>
<td class="nump">34,041<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">$ 71,212<span></span>
</td>
<td class="nump">69,216<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<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>
</tr>
<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="text">&#160;<span></span>
</td>
<td class="nump">59,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_DividendsDeclaredByNonconsolidatedCompanies', window );">Dividends and distributions declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 73,800<span></span>
</td>
<td class="nump">$ 68,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_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">6.76%<span></span>
</td>
<td class="text">&#160;<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">$ 41,900<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" 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">$ 102,800<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="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">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="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 );">Loss Recognised Due to Particiaption Increase in Nonconsolidated Companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<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>
</tr>
<tr class="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="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">$ 0.86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 5.32<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="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">0.86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 5.32<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="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_ClosingPricePerAmericanDepositarySecurity', window );">Closing price, per ads (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 29.08<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">$ 668,000<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>
</tr>
<tr class="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">1,377,900<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]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 59,782<span></span>
</td>
<td class="nump">$ 53,556<span></span>
</td>
<td class="text">&#160;<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="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="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">$ 36,300<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 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">16,600<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_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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LoansAndReceivablesOutstandingPrincipleAmount', window );">Loans and receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 67,400<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_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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LoansAndReceivablesOutstandingPrincipleAmount', window );">Loans and receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 306,500<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="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>
</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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_21_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_B64_p_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all associates [member]; Total for all joint ventures [member]; Total for all 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 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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>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_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>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_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>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_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_LoansAndReceivablesOutstandingPrincipleAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of loans and receivables principle outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LoansAndReceivablesOutstandingPrincipleAmount</td>
</tr>
<tr>
<td 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_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>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_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_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_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_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>
</div>
</body>
</html>
</TEXT>
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<TYPE>XML
<SEQUENCE>191
<FILENAME>R122.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,540,646<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="num">(47,840)<span></span>
</td>
<td class="nump">110,801<span></span>
</td>
<td class="nump">$ 7,336<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">8,548<span></span>
</td>
<td class="nump">79,411<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="num">(71,212)<span></span>
</td>
<td class="num">(69,216)<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_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation', window );">Acquisition of non-consolidated companies</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">22,661<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_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition', window );">Decrease due to step-acquisition</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(23,453)<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_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax', window );">Increase / (decrease) in equity reserves and others</a></td>
<td class="nump">45,357<span></span>
</td>
<td class="num">(52,046)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">At the end of the year</a></td>
<td class="nump">$ 1,543,657<span></span>
</td>
<td class="nump">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,540,646<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">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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: Total for all associates [member]; Total for all joint ventures [member]; Total for all 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 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 increase in participation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToIncreaseInParticipation</td>
</tr>
<tr>
<td 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>
</html>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" 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="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</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_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>
</tr>
<tr class="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="nump">$ 1,543,657<span></span>
</td>
<td class="nump">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,540,646<span></span>
</td>
</tr>
<tr class="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="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_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>
</tr>
<tr class="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>
</tr>
<tr class="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="nump">$ 1,377,900<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] | LUXEMBOURG</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_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>
</tr>
<tr class="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="nump">11.46%<span></span>
</td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">$ 1,377,911<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="text">&#160;<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>
</tr>
<tr class="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="nump">3.96%<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="nump">$ 102,800<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] | 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_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>
</tr>
<tr class="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="nump">3.96%<span></span>
</td>
<td class="nump">3.96%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">$ 102,812<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="text">&#160;<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>
</tr>
<tr class="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="nump">22.00%<span></span>
</td>
<td class="nump">22.00%<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_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="nump">$ 59,782<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_OtherMember', window );">Other [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_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>
</tr>
<tr class="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="nump">$ 3,152<span></span>
</td>
<td class="nump">$ 978<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_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: Total for all associates [member]; Total for all joint ventures [member]; Total for all 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 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_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_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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 11,213,945<span></span>
</td>
<td class="nump">$ 10,577,436<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">9,236,180<span></span>
</td>
<td class="nump">10,504,459<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">20,450,125<span></span>
</td>
<td class="nump">21,081,895<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">999,633<span></span>
</td>
<td class="nump">1,149,483<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">2,636,657<span></span>
</td>
<td class="nump">2,901,975<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">3,636,290<span></span>
</td>
<td class="nump">4,051,458<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">16,813,835<span></span>
</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>
</tr>
<tr class="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">220,578<span></span>
</td>
<td class="nump">187,465<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">12,523,934<span></span>
</td>
<td class="nump">14,868,860<span></span>
</td>
<td class="nump">11,762,526<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">4,388,445<span></span>
</td>
<td class="nump">6,199,945<span></span>
</td>
<td class="nump">4,674,787<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 (loss) / income for the year attributable to shareholders' equity</a></td>
<td class="nump">2,036,445<span></span>
</td>
<td class="nump">3,918,065<span></span>
</td>
<td class="nump">2,553,280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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</a></td>
<td class="nump">2,105,829<span></span>
</td>
<td class="nump">3,873,213<span></span>
</td>
<td class="nump">$ 2,476,373<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">12,050,457<span></span>
</td>
<td class="nump">12,148,560<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">11,078,090<span></span>
</td>
<td class="nump">12,030,544<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">23,128,547<span></span>
</td>
<td class="nump">24,179,104<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">3,157,819<span></span>
</td>
<td class="nump">3,566,643<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">3,839,159<span></span>
</td>
<td class="nump">3,800,602<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">6,996,978<span></span>
</td>
<td class="nump">7,367,245<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">16,131,569<span></span>
</td>
<td class="nump">16,811,859<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">4,163,383<span></span>
</td>
<td class="nump">4,393,264<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">17,649,060<span></span>
</td>
<td class="nump">17,610,092<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">2,888,836<span></span>
</td>
<td class="nump">3,559,355<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 (loss) / income for the year attributable to shareholders' equity</a></td>
<td class="num">(53,672)<span></span>
</td>
<td class="nump">676,043<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_OtherComprehensiveIncomeAttributableToOwnersOfParent', window );">Other comprehensive income</a></td>
<td class="nump">211,817<span></span>
</td>
<td class="nump">465,885<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_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Total comprehensive income</a></td>
<td class="nump">158,145<span></span>
</td>
<td class="nump">1,141,928<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">3,623,996<span></span>
</td>
<td class="nump">4,591,763<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">3,234,742<span></span>
</td>
<td class="nump">3,589,129<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">6,858,738<span></span>
</td>
<td class="nump">8,180,892<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">1,357,347<span></span>
</td>
<td class="nump">1,672,676<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">772,412<span></span>
</td>
<td class="nump">1,139,031<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">2,129,758<span></span>
</td>
<td class="nump">2,811,706<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">4,728,980<span></span>
</td>
<td class="nump">5,369,186<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">452,481<span></span>
</td>
<td class="nump">556,418<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">4,800,787<span></span>
</td>
<td class="nump">5,531,985<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">308,043<span></span>
</td>
<td class="nump">357,845<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 (loss) / income for the year attributable to shareholders' equity</a></td>
<td class="num">(27,084)<span></span>
</td>
<td class="nump">278,402<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_OtherComprehensiveIncomeAttributableToOwnersOfParent', window );">Other comprehensive income</a></td>
<td class="nump">31,564<span></span>
</td>
<td class="num">(72,062)<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_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Total comprehensive income</a></td>
<td class="nump">$ 4,480<span></span>
</td>
<td class="nump">$ 206,340<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 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 10<br> -IssueDate 2024-01-01<br> -Paragraph 22<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_OtherComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 attributable to owners of the parent.</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 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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 2024-01-01<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-2024-en-r&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
</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>
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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_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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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="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">$ 9,120<span></span>
</td>
<td class="nump">$ 7,395<span></span>
</td>
</tr>
<tr class="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">66,636<span></span>
</td>
<td class="nump">53,483<span></span>
</td>
</tr>
<tr class="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">69,843<span></span>
</td>
<td class="nump">69,820<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">6,858<span></span>
</td>
<td class="nump">9,355<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_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances', window );">Advances to suppliers and other advances</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">37,434<span></span>
</td>
<td class="nump">27,043<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_OtherNoncurrentReceivables', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,711<span></span>
</td>
<td class="nump">18,863<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_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">$ 205,602<span></span>
</td>
<td class="nump">$ 185,959<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, 2024 and <span style="border-left: none; border-right: none;">2023</span>, included approximately $54.2 million and $40.6 million, respectively, related to ICMS (Tax on Sales and Services) 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 2024-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesAbstract">
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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><strong> Balance Type:</strong></td>
<td>na</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_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: Total for all 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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>195
<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 66,636<span></span>
</td>
<td class="nump">$ 53,483<span></span>
</td>
</tr>
<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">$ 54,200<span></span>
</td>
<td class="nump">$ 40,600<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, 2024 and <span style="border-left: none; border-right: none;">2023</span>, included approximately $54.2 million and $40.6 million, respectively, related to ICMS (Tax on Sales and Services) 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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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_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>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>196
<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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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 1,332,646<span></span>
</td>
<td class="nump">$ 1,401,754<span></span>
</td>
</tr>
<tr class="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">993,294<span></span>
</td>
<td class="nump">1,068,956<span></span>
</td>
</tr>
<tr class="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">504,124<span></span>
</td>
<td class="nump">569,837<span></span>
</td>
</tr>
<tr class="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">712,059<span></span>
</td>
<td class="nump">648,443<span></span>
</td>
</tr>
<tr class="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">370,993<span></span>
</td>
<td class="nump">441,217<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">3,913,116<span></span>
</td>
<td class="nump">4,130,207<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&#160;25&#160;(i)</a></td>
<td class="num">(203,174)<span></span>
</td>
<td class="num">(209,110)<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">$ 3,709,942<span></span>
</td>
<td class="nump">$ 3,921,097<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 2024-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 53,318<span></span>
</td>
<td class="nump">$ 56,564<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">2,420<span></span>
</td>
<td class="nump">1,330<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">11,695<span></span>
</td>
<td class="nump">14,316<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">35,965<span></span>
</td>
<td class="nump">48,455<span></span>
</td>
</tr>
<tr class="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">16,969<span></span>
</td>
<td class="nump">8,210<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">3,585<span></span>
</td>
<td class="nump">5,759<span></span>
</td>
</tr>
<tr class="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">58,756<span></span>
</td>
<td class="nump">50,173<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">182,708<span></span>
</td>
<td class="nump">184,807<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&#160;25&#160;(i)</a></td>
<td class="num">(3,094)<span></span>
</td>
<td class="num">(3,439)<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">$ 179,614<span></span>
</td>
<td class="nump">$ 181,368<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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 135,621<span></span>
</td>
<td class="nump">$ 122,257<span></span>
</td>
</tr>
<tr class="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">195,745<span></span>
</td>
<td class="nump">132,972<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">1,255<span></span>
</td>
<td class="nump">1,172<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">$ 332,621<span></span>
</td>
<td class="nump">$ 256,401<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 2024-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>199
<FILENAME>R130.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 277,712<span></span>
</td>
<td class="nump">$ 344,565<span></span>
</td>
</tr>
<tr class="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">16,599<span></span>
</td>
<td class="nump">60,047<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">71,981<span></span>
</td>
<td class="nump">83,665<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">$ 366,292<span></span>
</td>
<td class="nump">$ 488,277<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 2024-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>200
<FILENAME>R131.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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>
<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">$ 1,923,620<span></span>
</td>
<td class="nump">$ 2,471,565<span></span>
</td>
</tr>
<tr class="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">32,012<span></span>
</td>
<td class="nump">58,370<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">1,955,632<span></span>
</td>
<td class="nump">2,529,935<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&#160;25&#160;(i)</a></td>
<td class="num">(48,125)<span></span>
</td>
<td class="num">(49,046)<span></span>
</td>
</tr>
<tr class="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">$ 1,907,507<span></span>
</td>
<td class="nump">$ 2,480,889<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 2024-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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_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>
</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_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>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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>
</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">$ 288,388<span></span>
</td>
<td class="nump">$ 261,113<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">1,667,244<span></span>
</td>
<td class="nump">2,268,822<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">$ 1,955,632<span></span>
</td>
<td class="nump">$ 2,529,935<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">0.03%<span></span>
</td>
<td class="nump">0.06%<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 );">Allowance for doubtful accounts</a></td>
<td class="num">$ (525)<span></span>
</td>
<td class="num">$ (1,636)<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 allowance for doubtful accounts</a></td>
<td class="num">(47,600)<span></span>
</td>
<td class="num">(47,410)<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">1,907,507<span></span>
</td>
<td class="nump">2,480,889<span></span>
</td>
</tr>
<tr class="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>
</tr>
<tr class="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>
</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">254,777<span></span>
</td>
<td class="nump">236,714<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">1,305,338<span></span>
</td>
<td class="nump">1,613,626<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">$ 1,560,115<span></span>
</td>
<td class="nump">$ 1,850,340<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">0.01%<span></span>
</td>
<td class="nump">0.02%<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 );">Allowance for doubtful accounts</a></td>
<td class="num">$ (147)<span></span>
</td>
<td class="num">$ (312)<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 allowance for doubtful accounts</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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">1,559,968<span></span>
</td>
<td class="nump">1,850,028<span></span>
</td>
</tr>
<tr class="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>
</tr>
<tr class="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>
</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">33,341<span></span>
</td>
<td class="nump">23,991<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">298,988<span></span>
</td>
<td class="nump">590,236<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">$ 332,329<span></span>
</td>
<td class="nump">$ 614,227<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">0.09%<span></span>
</td>
<td class="nump">0.18%<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 );">Allowance for doubtful accounts</a></td>
<td class="num">$ (323)<span></span>
</td>
<td class="num">$ (1,249)<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 allowance for doubtful accounts</a></td>
<td class="num">(303)<span></span>
</td>
<td class="num">(748)<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">331,703<span></span>
</td>
<td class="nump">612,230<span></span>
</td>
</tr>
<tr class="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>
</tr>
<tr class="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>
</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">270<span></span>
</td>
<td class="nump">408<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">62,918<span></span>
</td>
<td class="nump">64,960<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">$ 63,188<span></span>
</td>
<td class="nump">$ 65,368<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">0.33%<span></span>
</td>
<td class="nump">0.46%<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 );">Allowance for doubtful accounts</a></td>
<td class="num">$ (55)<span></span>
</td>
<td class="num">$ (75)<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 allowance for doubtful accounts</a></td>
<td class="num">(47,297)<span></span>
</td>
<td class="num">(46,662)<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">$ 15,836<span></span>
</td>
<td class="nump">$ 18,631<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 2024-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>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_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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>
<TYPE>XML
<SEQUENCE>202
<FILENAME>R133.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 290,901<span></span>
</td>
<td class="nump">$ 370,487<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">355,044<span></span>
</td>
<td class="nump">223,424<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">29,311<span></span>
</td>
<td class="nump">1,043,910<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">675,256<span></span>
</td>
<td class="nump">1,637,821<span></span>
</td>
<td class="nump">$ 1,091,527<span></span>
</td>
</tr>
<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">722,328<span></span>
</td>
<td class="nump">896,166<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">1,273,673<span></span>
</td>
<td class="nump">834,281<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">376,998<span></span>
</td>
<td class="nump">239,184<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">2,372,999<span></span>
</td>
<td class="nump">1,969,631<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<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">857,959<span></span>
</td>
<td class="nump">398,220<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_OtherInvestmentsNonCurrentFixedIncome', window );">Fixed income (time-deposit, zero coupon bonds, commercial papers)</a></td>
<td class="nump">140,292<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_OtherInvestmentsNoncurrentOthers', window );">Others</a></td>
<td class="nump">7,049<span></span>
</td>
<td class="nump">7,411<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_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments</a></td>
<td class="nump">$ 1,005,300<span></span>
</td>
<td class="nump">$ 405,631<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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<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 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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_OtherInvestmentsNonCurrentFixedIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 non-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_OtherInvestmentsNonCurrentFixedIncome</td>
</tr>
<tr>
<td 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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 11,399<span></span>
</td>
<td class="nump">$ 48,304<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Total current borrowings and current portion of non-current borrowings</a></td>
<td class="nump">425,999<span></span>
</td>
<td class="nump">535,133<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_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">437,398<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt', window );">Non-current borrowings before costs of issue of debt</a></td>
<td class="nump">11,399<span></span>
</td>
<td class="nump">48,304<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">411,541<span></span>
</td>
<td class="nump">513,909<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_BorrowingsByNameAxis=ts_BankOverdrafts1Member', window );">Bank overdrafts [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_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="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_CurrentBorrowingsBeforeCostsOfIssueOfDebt', window );">Current borrowings before costs of issue of debt</a></td>
<td class="nump">$ 14,458<span></span>
</td>
<td class="nump">$ 21,224<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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 437,398<span></span>
</td>
<td class="nump">$ 583,437<span></span>
</td>
<td class="nump">$ 728,762<span></span>
</td>
</tr>
<tr class="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">6,942<span></span>
</td>
<td class="nump">14,326<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_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="nump">444,340<span></span>
</td>
<td class="nump">597,763<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">425,999<span></span>
</td>
<td class="nump">535,133<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">6,270<span></span>
</td>
<td class="nump">10,510<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_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="nump">432,269<span></span>
</td>
<td class="nump">545,643<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">11,399<span></span>
</td>
<td class="nump">46,804<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">672<span></span>
</td>
<td class="nump">3,533<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_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="nump">12,071<span></span>
</td>
<td class="nump">50,337<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text"> <span></span>
</td>
<td class="nump">283<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_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,783<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <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_BorrowingsIncludingInterestToBeAccrued', window );">Total</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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">437,398<span></span>
</td>
<td class="nump">583,437<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">425,999<span></span>
</td>
<td class="nump">535,133<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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">11,399<span></span>
</td>
<td class="nump">46,804<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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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_InterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_BorrowingsIncludingInterestToBeAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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>
<td style="white-space:nowrap;">ts_BorrowingsIncludingInterestToBeAccrued</td>
</tr>
<tr>
<td 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_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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</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>
</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_LaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_LaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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_BorrowingsByNameAxis=ts_OtherBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_OtherBorrowingsMember</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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">$ 437,398<span></span>
</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_SignificantBorrowingsAsOfClosingDateMember', window );">Significant borrowings as of closing date [member] | Tubos De Acero De Mexico, 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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">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_BorrowingsByNameAxis=ts_SignificantBorrowingsOneAsOfClosingDateMember', window );">Significant borrowings one, as of closing date [member] | TENARIS TUBOCARIBE Ltda. [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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">40,000<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_BorrowingsByNameAxis=ts_SignificantBorrowingsTwoAsOfClosingDateMember', window );">Significant borrowings two, as of closing date [member] | 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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">26,000<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_BorrowingsByNameAxis=ts_SignificantBorrowingsThreeAsOfClosingDateMember', window );">Significant borrowings three, as of closing date [member] | Siderca SAIC [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_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="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">$ 20,000<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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_SignificantBorrowingsAsOfClosingDateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_TubosDeAceroDeMexicoSaAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_TubosDeAceroDeMexicoSaAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_SignificantBorrowingsOneAsOfClosingDateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_SignificantBorrowingsOneAsOfClosingDateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_TenarisTubocaribeLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</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_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>
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</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<th class="th"><div>Dec. 31, 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_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">6.52%<span></span>
</td>
<td class="nump">10.56%<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 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<tr>
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<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-2022:percentItemType</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>
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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>
</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>
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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 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 11,399<span></span>
</td>
<td class="nump">$ 48,304<span></span>
</td>
</tr>
<tr class="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">425,999<span></span>
</td>
<td class="nump">535,133<span></span>
</td>
</tr>
<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">9,173<span></span>
</td>
<td class="nump">111,654<span></span>
</td>
</tr>
<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="text"> <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">260,866<span></span>
</td>
<td class="nump">221,008<span></span>
</td>
</tr>
<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="text"> <span></span>
</td>
<td class="nump">39,947<span></span>
</td>
</tr>
<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">9,903<span></span>
</td>
<td class="nump">23,803<span></span>
</td>
</tr>
<tr class="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">130,113<span></span>
</td>
<td class="nump">110,923<span></span>
</td>
</tr>
<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">1,496<span></span>
</td>
<td class="nump">4,501<span></span>
</td>
</tr>
<tr class="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">3,018<span></span>
</td>
<td class="nump">3,035<span></span>
</td>
</tr>
<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">14,278<span></span>
</td>
<td class="nump">25,104<span></span>
</td>
</tr>
<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="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">$ 8,551<span></span>
</td>
<td class="nump">$ 23,462<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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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<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>
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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_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</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>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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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;">srt_CurrencyAxis=currency_BRL</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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<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;">srt_CurrencyAxis=currency_SAR</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>
</tr>
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<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_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>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<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>208
<FILENAME>R139.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 21 - Borrowings - Borrowings 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, 2024</div></th>
<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_BorrowingsAbstract', window );"><strong>Note 21 - Borrowings</strong></a></td>
<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_LongtermBorrowings', window );">At the beginning of the year, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 48,304<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">535,133<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,399<span></span>
</td>
<td class="nump">$ 48,304<span></span>
</td>
</tr>
<tr class="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="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">425,999<span></span>
</td>
<td class="nump">535,133<span></span>
</td>
</tr>
<tr class="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 );">At the beginning of the year</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="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfTranslationDifferencesOnBorrowings', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,805)<span></span>
</td>
<td class="num">(74,806)<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_EffectOfNetProceedsAndRepaymentsOnBorrowings', window );">Proceeds and repayments, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(128,761)<span></span>
</td>
<td class="num">(211,797)<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_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings', window );">Interests accrued less payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,707)<span></span>
</td>
<td class="num">(2,691)<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_EffectOfBusinessCombinationsOnBorrowings', 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="nump">122,839<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_EffectOfOverdraftsVariationOnBorrowings', window );">Overdrafts variation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,766)<span></span>
</td>
<td class="nump">21,130<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_Borrowings', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 437,398<span></span>
</td>
<td class="nump">$ 583,437<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';">For the year <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated to GPC</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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_EffectOfBusinessCombinationsOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 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_EffectOfBusinessCombinationsOnBorrowings</td>
</tr>
<tr>
<td 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_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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_EffectOfInterestsAccruedNetOfPaymentsOnBorrowings</td>
</tr>
<tr>
<td 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_EffectOfNetProceedsAndRepaymentsOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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_EffectOfNetProceedsAndRepaymentsOnBorrowings</td>
</tr>
<tr>
<td 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_EffectOfOverdraftsVariationOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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_EffectOfOverdraftsVariationOnBorrowings</td>
</tr>
<tr>
<td 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_EffectOfTranslationDifferencesOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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_EffectOfTranslationDifferencesOnBorrowings</td>
</tr>
<tr>
<td 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>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>209
<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">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Deferred tax assets and liabilities (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 2,683,500<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_DeferredTaxIncomeRecognisedInProfitOrLoss', window );">Deferred tax income recognised in profit or loss</a></td>
<td class="nump">186,000<span></span>
</td>
<td class="nump">$ 550,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Deferred tax liability (asset)</a></td>
<td class="num">$ (327,357)<span></span>
</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_GeographicalAreasAxis=country_LU', window );">LUXEMBOURG</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_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>
<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_MaximumCarryForwardPeriodForLossesIncurred', window );">Maximum carry forward period for losses incurred</a></td>
<td class="text">17 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_LU', window );">LUXEMBOURG | Unused tax losses [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_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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Deferred tax liability (asset)</a></td>
<td class="nump">$ 623,800<span></span>
</td>
<td class="nump">550,300<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>
</tr>
<tr class="ro">
<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>
<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_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries', window );">Deferred tax assets related to taxable losses of subsidiaries</a></td>
<td class="nump">$ 79,400<span></span>
</td>
<td class="nump">$ 77,900<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_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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 81<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>210
<FILENAME>R141.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th" colspan="2"><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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning 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="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 60,199<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">764<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(89)<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,761<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(22,177)<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_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">217<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,204)<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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(172,089)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(193,739)<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(327,357)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(158,010)<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,511<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25,817<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(22)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</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;"><sup>[2]</sup></td>
<td class="nump">1,374<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_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="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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,436<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,314<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">55,925<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">31,511<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">199,019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">180,152<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(277)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">24<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">88<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">223<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_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="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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(44,915)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">18,620<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">153,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">199,019<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">634,894<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">310,589<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(76)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1)<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(414)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,875<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_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,006)<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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">82,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">322,431<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">714,798<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">634,894<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">185,997<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">156,984<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(829)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">611<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,821<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">35,941<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_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">885<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,342<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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,070)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(9,881)<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">160,804<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">185,997<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,051,421<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">673,542<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,204)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">640<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,495<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">39,413<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_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,121)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,342<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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34,851<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">335,484<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,085,442<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,051,421<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning 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="fn" style="border-bottom: 0px;"></td>
<td class="nump">575,667<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(194)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">41<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,223<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">4,175<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</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_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="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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(51,265)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">38,991<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">568,638<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">618,874<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning 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="fn" style="border-bottom: 0px;"></td>
<td class="nump">43,532<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(72)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">113<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</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;"><sup>[4]</sup></td>
<td class="nump">7,563<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</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_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="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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(39,033)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">63,127<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">75,230<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">114,335<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning 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="fn" style="border-bottom: 0px;"></td>
<td class="nump">114,542<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(174)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">397<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,033<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">5,498<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</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_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(904)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">138<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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(46,940)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">39,627<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">114,217<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">160,202<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_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="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_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="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_DeferredTaxLiabilityAsset', window );">At the beginning 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="fn" style="border-bottom: 0px;"></td>
<td class="nump">733,741<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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(440)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">551<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_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,256<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">17,236<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</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_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(904)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">138<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_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(137,238)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">141,745<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_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 758,085<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 893,411<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'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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></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="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#8217;s pipe coating business unit acquisition. 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></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="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus anticorrosion coating division 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;">.</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="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#8217;s pipe coating business unit acquisition. 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></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-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 1<br> -IssueDate 2024-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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="nump">$ 831,298<span></span>
</td>
<td class="nump">$ 789,615<span></span>
</td>
</tr>
<tr class="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">503,941<span></span>
</td>
<td class="nump">631,605<span></span>
</td>
</tr>
<tr class="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="nump">755,743<span></span>
</td>
<td class="nump">655,415<span></span>
</td>
</tr>
<tr class="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">$ 696,693<span></span>
</td>
<td class="nump">$ 689,976<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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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="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="nump">$ 831,298<span></span>
</td>
<td class="nump">$ 789,615<span></span>
</td>
</tr>
<tr class="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">503,941<span></span>
</td>
<td class="nump">631,605<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="nump">327,357<span></span>
</td>
<td class="nump">158,010<span></span>
</td>
</tr>
<tr class="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">158,010<span></span>
</td>
<td class="num">(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_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(764)<span></span>
</td>
<td class="nump">89<span></span>
</td>
</tr>
<tr class="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 );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1,761)<span></span>
</td>
<td class="nump">22,177<span></span>
</td>
</tr>
<tr class="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">(217)<span></span>
</td>
<td class="nump">2,204<span></span>
</td>
</tr>
<tr class="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</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">172,089<span></span>
</td>
<td class="nump">193,739<span></span>
</td>
</tr>
<tr class="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">$ 327,357<span></span>
</td>
<td class="nump">$ 158,010<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'; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2024</span>, r</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </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></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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 1<br> -IssueDate 2024-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
<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>
</tr>
<tr>
<td style="padding-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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 13.5<span></span>
</td>
<td class="nump">$ 15.8<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_NetPostEmploymentBenefitsFundedExposedAsLiabilities', window );">Net post employment benefits funded exposed as liabilities</a></td>
<td class="nump">$ 2.5<span></span>
</td>
<td class="nump">$ 5.0<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_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">7 years<span></span>
</td>
<td class="text">6 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_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">$ (1.6)<span></span>
</td>
<td class="num">$ (0.6)<span></span>
</td>
</tr>
<tr class="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">$ (5.9)<span></span>
</td>
<td class="num">(8.3)<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_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="nump">$ 6.6<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">5.7<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_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="nump">4.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">4.8<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_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="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_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)</a></td>
<td class="nump">0.1<span></span>
</td>
<td class="nump">0.9<span></span>
</td>
</tr>
<tr class="re">
<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="nump">$ 0.1<span></span>
</td>
<td class="nump">$ 1.3<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_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="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">$ 8.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">7.4<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_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="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_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="nump">0.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">$ 0.7<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 2024-01-01<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-2024-en-r&amp;anchor=para_141_c_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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>214
<FILENAME>R145.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 131,564<span></span>
</td>
<td class="nump">$ 117,506<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">101,260<span></span>
</td>
<td class="nump">91,435<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">68,927<span></span>
</td>
<td class="nump">62,327<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">$ 301,751<span></span>
</td>
<td class="nump">$ 271,268<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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>215
<FILENAME>R146.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'; }
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</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 131,564<span></span>
</td>
<td class="nump">$ 117,506<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_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">129,032<span></span>
</td>
<td class="nump">112,532<span></span>
</td>
</tr>
<tr class="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">112,532<span></span>
</td>
<td class="nump">103,822<span></span>
</td>
</tr>
<tr class="re">
<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">14,692<span></span>
</td>
<td class="nump">11,707<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_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailments and settlements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(131)<span></span>
</td>
<td class="num">(675)<span></span>
</td>
</tr>
<tr class="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>[1]</sup></td>
<td class="nump">7,506<span></span>
</td>
<td class="nump">8,899<span></span>
</td>
</tr>
<tr class="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">(6,865)<span></span>
</td>
<td class="num">(12,687)<span></span>
</td>
</tr>
<tr class="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>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">4,531<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_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid from the plan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,345)<span></span>
</td>
<td class="num">(8,762)<span></span>
</td>
</tr>
<tr class="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">2,437<span></span>
</td>
<td class="num">(840)<span></span>
</td>
</tr>
<tr class="ro">
<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">7,206<span></span>
</td>
<td class="nump">6,537<span></span>
</td>
</tr>
<tr class="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 );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">129,032<span></span>
</td>
<td class="nump">112,532<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_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="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">2,532<span></span>
</td>
<td class="nump">4,974<span></span>
</td>
</tr>
<tr class="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">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_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,424<span></span>
</td>
<td class="nump">5,715<span></span>
</td>
</tr>
<tr class="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="num">(182)<span></span>
</td>
<td class="nump">2,142<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_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,627)<span></span>
</td>
<td class="nump">1,940<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_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">4,708<span></span>
</td>
</tr>
<tr class="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 from the plan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,300)<span></span>
</td>
<td class="num">(8,459)<span></span>
</td>
</tr>
<tr class="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">(23,027)<span></span>
</td>
<td class="nump">571<span></span>
</td>
</tr>
<tr class="ro">
<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">176<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_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91,698<span></span>
</td>
<td class="nump">123,234<span></span>
</td>
</tr>
<tr class="ro">
<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">91,698<span></span>
</td>
<td class="nump">123,234<span></span>
</td>
</tr>
<tr class="re">
<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">(102,653)<span></span>
</td>
<td class="num">(134,052)<span></span>
</td>
</tr>
<tr class="ro">
<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">$ (10,955)<span></span>
</td>
<td class="num">$ (10,818)<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';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </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>4</span></span> <span style="font-family: 'Frutiger 45 Light';">a </span><span style="font-family: 'Frutiger 45 Light';">loss</span> <span style="font-family: 'Frutiger 45 Light';">of $</span><span style="font-family: 'Frutiger 45 Light';">1.6</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumption</span><span style="font-family: 'Frutiger 45 Light';">s</span><span style="font-family: 'Frutiger 45 Light';"> and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">5.9</span><span style="font-family: 'Frutiger 45 Light';"> million to financ</span><span style="font-family: 'Frutiger 45 Light';">ial assumptions.</span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </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';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.6</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">8.3</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</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';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </span><span style="font-family: 'Frutiger 45 Light';"><span>2024</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</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';">For </span><span style="font-family: 'Frutiger 45 Light';">the year </span><span style="font-family: 'Frutiger 45 Light';"><span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>4</span></span><span style="font-family: 'Frutiger 45 Light';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.1</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.1</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span> <span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For</span><span style="font-family: 'Frutiger 45 Light';"> the year</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';"> a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">0.9</span><span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light';">loss</span><span style="font-family: 'Frutiger 45 Light';"> of $</span><span style="font-family: 'Frutiger 45 Light';">1.3</span><span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</span> </span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">For the years <span>2024</span> and <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"> In <span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>4</span></span><span style="font-family: 'Frutiger 45 Light';"> and </span><span style="font-family: 'Frutiger 45 Light';"><span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">13.5</span> <span style="font-family: 'Frutiger 45 Light';">million </span><span style="font-family: 'Frutiger 45 Light';">and $</span><span style="font-family: 'Frutiger 45 Light';">15.8</span><span style="font-family: 'Frutiger 45 Light';"> million </span><span style="font-family: 'Frutiger 45 Light';">corresponding to </span><span style="font-family: 'Frutiger 45 Light';">plans</span> <span style="font-family: 'Frutiger 45 Light';">with surplus balance</span><span style="font-family: 'Frutiger 45 Light';">s that</span><span style="font-family: 'Frutiger 45 Light';"> w</span><span style="font-family: 'Frutiger 45 Light';">ere</span> <span style="font-family: 'Frutiger 45 Light';">reclassified</span><span style="font-family: 'Frutiger 45 Light';"> within other </span><span style="font-family: 'Frutiger 45 Light';">non-</span><span style="font-family: 'Frutiger 45 Light';">current assets</span><span style="font-family: 'Frutiger 45 Light';">, respectively</span><span style="font-family: 'Frutiger 45 Light';">, consequently the net post-employment benefits funded exposed as liabilities amounted to $</span><span style="font-family: 'Frutiger 45 Light';">2.5</span><span style="font-family: 'Frutiger 45 Light';"> million and $</span><span style="font-family: 'Frutiger 45 Light';">5.0</span><span style="font-family: 'Frutiger 45 Light';"> 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 2024-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<br> -Paragraph 141<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_141_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 141<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_141_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 141<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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>
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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>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>
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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_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>
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<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_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>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<th class="th"><div>Dec. 31, 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_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">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">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">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">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">8.00%<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">6.00%<span></span>
</td>
<td class="nump">5.00%<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">6.00%<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 [domain]]</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 2024-01-01<br> -Paragraph 144<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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 [domain]; Defined benefit obligation, at present value; Actuarial assumptions [domain]]</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 2024-01-01<br> -Paragraph 144<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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>
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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>
<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_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>
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<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>
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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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
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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_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>
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<TYPE>XML
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<FILENAME>R148.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<th class="th"><div>Dec. 31, 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_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_PlanAssetsAtFairValue', window );">At the beginning 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="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (102,653)<span></span>
</td>
<td class="num">$ (134,052)<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">3.00%<span></span>
</td>
<td class="nump">18.00%<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">60.00%<span></span>
</td>
<td class="nump">33.00%<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>[1]</sup></td>
<td class="nump">37.00%<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_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_PlanAssetsAtFairValue', window );">At the beginning 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 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_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,047<span></span>
</td>
<td class="num">(1,897)<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_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue', window );">Return on plan assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,010)<span></span>
</td>
<td class="num">(6,121)<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_ActuarialGainsLossesArisingFromExperienceAdjustmentsDefinedBenefitPlanAssetsAtFairValue', window );">Remeasurements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(302)<span></span>
</td>
<td class="num">(4,225)<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_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsDefinedBenefitPlanAssetsAtFairValue', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(3,903)<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_ContributionsToDefinedBenefitPlanAssetsAtFairValue', window );">Contributions paid to the plan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,269)<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_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue', window );">Benefits paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,300<span></span>
</td>
<td class="nump">8,459<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_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,633<span></span>
</td>
<td class="nump">477<span></span>
</td>
</tr>
<tr class="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 );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (102,653)<span></span>
</td>
<td class="num">$ (134,052)<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';">For the years <span>2024</span> and <span>2023</span>, mainly include </span><span style="font-family: 'Frutiger 45 Light';">annuities purchased from an insurance company for the benefit of current and future retirees</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';">For the years <span>2024</span> and <span>2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
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<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>
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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 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 2024-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></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>Increase (decrease) in defined benefit plan assets resulting from remeasurment of plan assets, defined benefit plan assets at 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>
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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>Decrease in defined benefit plan assets resulting from benefits paid to the plan assets, defined benefit plan assets at 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_BenefitsPaidDefinedBenefitPlanAssetsAtFairValue</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>Increase in defined benefit plan assets resulting from contributions paid to the plan assets, defined benefit plan assets at 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_ContributionsToDefinedBenefitPlanAssetsAtFairValue</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_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>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsDefinedBenefitPlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Increase (decrease) in defined benefit plan assets resulting from business combination of plan assets, defined benefit plan assets at 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_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsDefinedBenefitPlanAssetsAtFairValue</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 class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Increase (decrease) in defined benefit plan assets resulting from changes in foreign exchange rates, defined benefit plan assets at 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_IncreaseDecreaseThroughChangesInForeignExchangeRatesDefinedBenefitPlanAssetsAtFairValue</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>Increase (decrease) in defined benefit plan assets resulting from other changes of plan assets, defined benefit plan assets at 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_IncreaseDecreaseThroughOtherChangesDefinedBenefitPlanAssetsAtFairValue</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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<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 );">- 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>
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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>Increase (decrease) in defined benefit plan assets resulting from changes plan assets, defined benefit plan assets at 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_ReturnOnPlanAssetsDefinedBenefitPlanAssetsAtFairValue</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><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ts_FairValueOfFundedPostemploymentBenefitsMember</td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 270,016<span></span>
</td>
<td class="nump">$ 301,213<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">243,264<span></span>
</td>
<td class="nump">86,240<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">72,495<span></span>
</td>
<td class="nump">35,192<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">$ 585,775<span></span>
</td>
<td class="nump">$ 422,645<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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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_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>
</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_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>
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<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">
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 101,453<span></span>
</td>
<td class="nump">$ 98,126<span></span>
</td>
</tr>
<tr class="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="num">(11,718)<span></span>
</td>
<td class="nump">4,260<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_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions', window );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(900)<span></span>
</td>
<td class="nump">1,500<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_AdditionalProvisionsOtherProvisions', window );">Additional allowance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,077<span></span>
</td>
<td class="nump">1,901<span></span>
</td>
</tr>
<tr class="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">(9,839)<span></span>
</td>
<td class="num">(164)<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">(6,967)<span></span>
</td>
<td class="num">(4,170)<span></span>
</td>
</tr>
<tr class="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">$ 82,106<span></span>
</td>
<td class="nump">$ 101,453<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';">For the years <span style="border-left: none; border-right: none;">2024</span> and <span style="border-left: none; border-right: none;">2023</span>, r</span><span style="font-family: 'Frutiger 45 Light';">elated 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></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_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 2024-01-01<br> -Paragraph 84<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 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_IncreaseDecreaseThroughChangesDueToBusinessCombinationsOtherProvisions</td>
</tr>
<tr>
<td 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_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>220
<FILENAME>R151.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" 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="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th" colspan="2"><div>Dec. 31, 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_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember', window );">Allowance for doubtful accounts - trade receivables [member]</a></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_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract', window );"><strong>Reconciliation of changes in allowance account for credit losses of financial assets [abstract]</strong></a></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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Values at the beginning of the year</a></td>
<td class="num">$ (49,046)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (45,495)<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_IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Translation differences</a></td>
<td class="nump">194<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(128)<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_AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Changes due to business combinations</a></td>
<td class="num">(1,151)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(899)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</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_IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">(Additional) / reversal allowances</a></td>
<td class="nump">1,095<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,590)<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_DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Used and other movements</a></td>
<td class="nump">783<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,066<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_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Values at the end of the year</a></td>
<td class="num">(48,125)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(49,046)<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_ClassesOfProvisionsAxis=ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember', window );">Allowance for other doubtful accounts - other receivables [member]</a></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_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract', window );"><strong>Reconciliation of changes in allowance account for credit losses of financial assets [abstract]</strong></a></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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Values at the beginning of the year</a></td>
<td class="num">(3,439)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,479)<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_IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Translation differences</a></td>
<td class="nump">324<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(88)<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_AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Changes due to business combinations</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</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_IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">(Additional) / reversal allowances</a></td>
<td class="num">(546)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(107)<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_DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Used and other movements</a></td>
<td class="nump">567<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">235<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_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Values at the end of the year</a></td>
<td class="num">(3,094)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,439)<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_ClassesOfProvisionsAxis=ts_AllowanceForInventoryObsolescenceMember', window );">Allowance for inventory obsolescence [member]</a></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_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract', window );"><strong>Reconciliation of changes in allowance account for credit losses of financial assets [abstract]</strong></a></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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Values at the beginning of the year</a></td>
<td class="num">(209,110)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(222,666)<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_IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Translation differences</a></td>
<td class="nump">897<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(452)<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_AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Changes due to business combinations</a></td>
<td class="num">(3,676)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(9,179)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</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_IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">(Additional) / reversal allowances</a></td>
<td class="num">(41,240)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(13,581)<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_DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Used and other movements</a></td>
<td class="nump">49,955<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">36,768<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_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss', window );">Values at the end of the year</a></td>
<td class="num">$ (203,174)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (209,110)<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;"><span style="font-family: 'Frutiger 45 Light';">For the year 2024, related to Mattr&#8217;s pipe coating business unit acquisition. For more information see note 34.</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-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions.</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_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_ts_AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 credit loss for acquisitions through business combinations receivables and other assets 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_AcquisitionsThroughBusinessCombinationsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss</td>
</tr>
<tr>
<td 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_DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 credit loss decrease through allowances used and other movements receivables and other assets 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_DecreaseThroughAllowancesUsedAndOtherMovementsReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss</td>
</tr>
<tr>
<td 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_IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 credit loss increase decrease through net exchange differences receivables and other assets 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_IncreaseDecreaseThroughNetExchangeDifferencesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss</td>
</tr>
<tr>
<td 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_IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 credit loss increase decrease through reversals and additional allowances receivables and other assets 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_IncreaseDecreaseThroughReversalsAndAdditionalAllowancesReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss</td>
</tr>
<tr>
<td 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_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 credit loss for receivables and other assets 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_ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss</td>
</tr>
<tr>
<td 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_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>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>221
<FILENAME>R152.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 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_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(20,279)<span></span>
</td>
<td class="nump">77<span></span>
</td>
</tr>
<tr class="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 );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">722<span></span>
</td>
<td class="nump">5,317<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">127,494<span></span>
</td>
<td class="nump">36,998<span></span>
</td>
</tr>
<tr class="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">9,839<span></span>
</td>
<td class="nump">164<span></span>
</td>
</tr>
<tr class="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">(34,391)<span></span>
</td>
<td class="num">(17,782)<span></span>
</td>
</tr>
<tr class="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">119,344<span></span>
</td>
<td class="nump">35,959<span></span>
</td>
</tr>
<tr class="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">19,940<span></span>
</td>
<td class="nump">3,186<span></span>
</td>
</tr>
<tr class="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">(1,301)<span></span>
</td>
<td class="nump">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_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Changes 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"> <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">21,296<span></span>
</td>
<td class="nump">30,057<span></span>
</td>
</tr>
<tr class="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">(23,564)<span></span>
</td>
<td class="num">(13,588)<span></span>
</td>
</tr>
<tr class="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">16,371<span></span>
</td>
<td class="nump">19,940<span></span>
</td>
</tr>
<tr class="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">16,019<span></span>
</td>
<td class="nump">7,999<span></span>
</td>
</tr>
<tr class="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">(18,978)<span></span>
</td>
<td class="num">(208)<span></span>
</td>
</tr>
<tr class="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 );">Changes due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">722<span></span>
</td>
<td class="nump">5,317<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">106,198<span></span>
</td>
<td class="nump">6,941<span></span>
</td>
</tr>
<tr class="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">9,839<span></span>
</td>
<td class="nump">164<span></span>
</td>
</tr>
<tr class="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">(10,827)<span></span>
</td>
<td class="num">(4,194)<span></span>
</td>
</tr>
<tr class="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">$ 102,973<span></span>
</td>
<td class="nump">$ 16,019<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="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';">For the years 2024 and 2023, related to Mattr&#8217;s pipe coating business unit acquisition. For more information see note 34.</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="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light';"><span style="border-right: none; border-left: none;">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</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_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: Total for all 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 2024-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 84<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_84_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>222
<FILENAME>R153.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 25 - Current allowances and provisions - (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, 2024</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_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [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_AdjustmentsForLitigationProvisionRelatedToAcquisition', window );">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</a></td>
<td class="nump">$ 89,371<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_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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [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_AdjustmentsForLitigationProvisionRelatedToAcquisition', window );">Provision for the ongoing litigation related to the acquisition of participation in Usiminas</a></td>
<td class="nump">$ 89,400<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_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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_DisclosureOfOtherProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-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_AdjustmentsForLitigationProvisionRelatedToAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 litigation provision related to acquisition 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_AdjustmentsForLitigationProvisionRelatedToAcquisition</td>
</tr>
<tr>
<td 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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>223
<FILENAME>R154.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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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 7,484<span></span>
</td>
<td class="nump">$ 9,801<span></span>
</td>
</tr>
<tr class="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">(8,300)<span></span>
</td>
<td class="num">(11,150)<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">(816)<span></span>
</td>
<td class="num">(1,349)<span></span>
</td>
</tr>
<tr class="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="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="nump">7,484<span></span>
</td>
<td class="nump">9,801<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_DerivativeFinancialLiabilities', window );">Derivatives with negative fair values</a></td>
<td class="num">$ (8,300)<span></span>
</td>
<td class="num">$ (11,150)<span></span>
</td>
</tr>
</table>
<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 );">- 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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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><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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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<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>
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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><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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<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>
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<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>instant</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_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_OtherDerivativesMember</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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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ (816)<span></span>
</td>
<td class="num">$ (1,349)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="nump">8,100<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="num">(620)<span></span>
</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_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">(8)<span></span>
</td>
<td class="num">(1,554)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">188<span></span>
</td>
<td class="nump">7,928<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="nump">770<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 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">(282)<span></span>
</td>
<td class="num">(2,125)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="num">(2,551)<span></span>
</td>
<td class="nump">5,557<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(2,091)<span></span>
</td>
<td class="nump">624<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="nump">1,089<span></span>
</td>
<td class="num">(2,966)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">383<span></span>
</td>
<td class="nump">7,142<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="nump">1,579<span></span>
</td>
<td class="num">(1,009)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">569<span></span>
</td>
<td class="num">(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="num">(388)<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="nump">1,465<span></span>
</td>
<td class="num">(836)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">134<span></span>
</td>
<td class="num">(51)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">73<span></span>
</td>
<td class="num">(335)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">501<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 Ngn [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">(212)<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 Usd Sell Currency Cop [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">202<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 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="num">(31)<span></span>
</td>
<td class="nump">261<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="num">(2,818)<span></span>
</td>
<td class="nump">49<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">1,776<span></span>
</td>
<td class="nump">49<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="nump">5<span></span>
</td>
<td class="num">(49)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">$ 120<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>
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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_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 2024-01-01<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-2024-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>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>
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<tr>
<td 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>
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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_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember</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>
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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_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember</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">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember</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>
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<td></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div 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_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember</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></td>
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<td></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember</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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<td></td>
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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">
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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>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember</td>
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<td>na</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember</td>
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<td></td>
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<td>na</td>
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<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember</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_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember</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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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyNgnMember</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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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember">
<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_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember</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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<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_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data 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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</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_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember</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>
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<td><strong> Period Type:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
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<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>225
<FILENAME>R156.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ (816)<span></span>
</td>
<td class="num">$ (1,349)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="nump">8,100<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="num">(620)<span></span>
</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_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="num">(808)<span></span>
</td>
<td class="nump">205<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(808)<span></span>
</td>
<td class="nump">205<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>
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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_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>
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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_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(1,974)<span></span>
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<td class="nump">1,376<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_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(1,974)<span></span>
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<td class="nump">1,376<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_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="nump">1,097<span></span>
</td>
<td class="num">(2,566)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">1,097<span></span>
</td>
<td class="num">(2,566)<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>
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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_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">52<span></span>
</td>
<td class="nump">1,966<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">52<span></span>
</td>
<td class="nump">1,966<span></span>
</td>
<td class="text">&#160;<span></span>
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</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_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>
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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_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>
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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_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">34<span></span>
</td>
<td class="num">(231)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">34<span></span>
</td>
<td class="num">(231)<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">(17)<span></span>
</td>
<td class="num">(340)<span></span>
</td>
<td class="text">&#160;<span></span>
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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_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
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<td class="text">&#160;<span></span>
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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>
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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>
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems</td>
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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 7<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<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 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>
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<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</div></th>
<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_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">$ 8,100<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="text">&#160;<span></span>
</td>
<td class="nump">$ 8,100<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">8,133<span></span>
</td>
<td class="nump">13,122<span></span>
</td>
</tr>
<tr class="re">
<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 );">Movements</a></td>
<td class="num">(8,753)<span></span>
</td>
<td class="num">(4,989)<span></span>
</td>
</tr>
<tr class="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">(620)<span></span>
</td>
<td class="nump">8,133<span></span>
</td>
</tr>
<tr class="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">8,133<span></span>
</td>
<td class="nump">13,122<span></span>
</td>
</tr>
<tr class="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 );">Movements</a></td>
<td class="num">(8,753)<span></span>
</td>
<td class="num">(4,989)<span></span>
</td>
</tr>
<tr class="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="num">$ (620)<span></span>
</td>
<td class="nump">$ 8,133<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>
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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>
<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 2024-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<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-2024-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_ForeignExchangeAndCommoditiesDerivativesContractsMember</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>
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<td></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" 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="2">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>Apr. 30, 2024 </div>
<div>shares</div>
</th>
<th class="th"><div>Oct. 27, 2022</div></th>
<th class="th">
<div>Oct. 09, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>BRL (R$)</div>
</th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th">
<div>Dec. 31, 2024 </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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 4,100.0<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">28.1<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>
</tr>
<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_VestasGroupMember', window );">Vestas 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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 90.1<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>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">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>
</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_ProportionOfPowerGenerationCapacity', window );">Proportion of power generation capacity</a></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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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">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>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 88.2<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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_TermOfSupplyContract', window );">Term of supply contract (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">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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="nump">3.96%<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_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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_IncreaseDecreaseInNumberOfOrdinarySharesIssued', window );">Cancellation of ordinary shares (in shares) | shares</a></td>
<td class="nump">17,779,302<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="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>
<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_PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve', window );">Percent of maximum issued share capital until which transfer of net profit to legal reserve</a></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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</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>
</tr>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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$ 110.5<span></span>
</td>
<td class="nump">$ 17.8<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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$ 94.8<span></span>
</td>
<td class="nump">$ 15.3<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 193.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31.2<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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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_ConfabIndustrialSaAndSubsidiariesMember', window );">CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Tax contingent liability [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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 62.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.0<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_FineImposedPercentageOfAllegedlyUndueCredits', window );">Fine imposed, percentage of allegedly undue credits</a></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="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_ConfabIndustrialSaAndTerniumSubsidiariesMember', window );">CONFAB INDUSTRIAL S.A. and Ternium Subsidiaries [member] | Companhia Sider&#250;rgica Nacional [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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_ProfessionalFeesExpense', window );">Professional fees expense | R$</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 5.0<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_TagalongTenderOfferToNoncontrollingInterestsPercentage', window );">Tag-along tender offer to non-controlling interests, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_NumberOfSubsidiaries', window );">Number of subsidiaries | 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>
<td class="text">&#160;<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_TermOfSupplyContract', window );">Term of supply contract (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">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>
<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_TermOfSupplyContractAvailableExtension', window );">Term of supply contract, available extension</a></td>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_TermOfSupplyContract', window );">Term of supply contract (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">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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 57.7<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="ro">
<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="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 25.1<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>
</tr>
<tr class="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_COARCOSAMember', window );">COARCO 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">39.9<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 class="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_USSteelCorporationMember', window );">U.S. Steel 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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">31.2<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>
</tr>
<tr class="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_ConfabIndustrialSaMember', window );">CONFAB INDUSTRIAL 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 553.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 89.4<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>
</tr>
<tr class="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_ConfabIndustrialSaMember', window );">CONFAB INDUSTRIAL S.A. [member] | Companhia Sider&#250;rgica Nacional [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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_TagalongTenderOfferToNoncontrollingInterestsContingentLiability', window );">Tag-along tender offer to non-controlling interests, contingent liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</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: Classes of contingent liabilities [domain]]</p></div>
<a href="javascript: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 2024-01-01<br> -Paragraph 86<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_86_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_IncreaseDecreaseInNumberOfOrdinarySharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 number of ordinary shares issued. [Refer: Ordinary shares [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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued</td>
</tr>
<tr>
<td style="padding-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_ProfessionalFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 for professional 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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfessionalFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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>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_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>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_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_PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 maximum 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_PercentOfMaximumIssuedShareCapitalUntilWhichTransferOfNetProfitToLegalReserve</td>
</tr>
<tr>
<td 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: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_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>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_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>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_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>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_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>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_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>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_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>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_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_srt_CounterpartyNameAxis=ts_VestasGroupMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_VestasGroupMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_PetroleoBrasileiroSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_PetroleoBrasileiroSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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=ts_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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=ts_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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=ts_ContingentLiabilityForCivilPenaltyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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=ts_ContingentLiabilityForCivilPenaltyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_ConfabIndustrialSaAndTerniumSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_ConfabIndustrialSaAndTerniumSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_CompanhiaSiderrgicaNacionalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_CompanhiaSiderrgicaNacionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_SignificantInvestmentsInSubsidiariesAxis=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_SignificantInvestmentsInSubsidiariesAxis=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_ClassesOfContingentLiabilitiesAxis=ifrs-full_ContingentLiabilityForGuaranteesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_ContingentLiabilityForGuaranteesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_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_srt_CounterpartyNameAxis=ts_NucorSteelMemphisIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_NucorSteelMemphisIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_JFESteelCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_JFESteelCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_COARCOSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_COARCOSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_USSteelCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_USSteelCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaMember</td>
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<html>
<head>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024 </div>
<div>USD ($) </div>
<div>m&#178;</div>
</th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
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<td class="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>
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<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_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_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>
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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_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>
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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_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>
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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_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>
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<tr><td colspan="4"></td></tr>
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<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';"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span>&#160;All percentages rounded.</span></td>
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<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad<span style="font-family: Calibri;">&#257;</span><span style="font-family: 'Frutiger 45 Light';">wul), Tenaris holds 47.79% and has the right to nominate the majority of the members 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 G</span><span style="font-family: 'Frutiger 45 Light';">lobal </span><span style="font-family: 'Frutiger 45 Light';">P</span><span style="font-family: 'Frutiger 45 Light';">ipe </span><span style="font-family: 'Frutiger 45 Light';">C</span><span style="font-family: 'Frutiger 45 Light';">ompany</span><span style="font-family: 'Frutiger 45 Light';">.</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 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 2024-01-01<br> -Paragraph 37<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_37_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></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 proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<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">
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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_SA</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>229
<FILENAME>R160.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</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="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_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="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>
</tr>
<tr class="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>
</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>
</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_CurrencyDevaluationPercentageRatePerMonth', window );">Currency devaluation percentage rate, monthly devaluation during the period</a></td>
<td class="nump">2.00%<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_NonadjustingEventsAfterReportingPeriodAxis=ts_ForeignExchangeRatesMember', window );">Foreign exchange rates | 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>
</tr>
<tr class="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>
</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_CurrencyDevaluationPercentageRatePerMonth', window );">Currency devaluation percentage rate, monthly devaluation during the period</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
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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">
<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>
</tr>
<tr class="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">12.00%<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 | Argentine 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>
</tr>
<tr class="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>
</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_PercentageOfEntitysNetEquity', window );">Percentage of entity's net equity</a></td>
<td class="nump">11.00%<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_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">19.00%<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>
</tr>
<tr class="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>
</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">$ (40,565)<span></span>
</td>
<td class="num">$ (134,716)<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>
</tr>
<tr class="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>
</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="nump">40,600<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>
</tr>
<tr class="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>
</tr>
<tr class="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="nump">$ 217,900<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 2024-01-01<br> -Paragraph 8<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_8_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_CurrencyDevaluationPercentageRatePerMonth">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 currency devaluation rate 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_CurrencyDevaluationPercentageRatePerMonth</td>
</tr>
<tr>
<td 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: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_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>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_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>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_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_NonadjustingEventsAfterReportingPeriodAxis=ts_ForeignExchangeRatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_ForeignExchangeRatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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=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_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_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>230
<FILENAME>R161.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_IncreaseDecreaseInWorkingCapitalAbstract', window );"><strong>Changes in working capital</strong></a></td>
<td class="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></sup></td>
<td class="nump">$ 184,996<span></span>
</td>
<td class="nump">$ 186,903<span></span>
</td>
<td class="num">$ (1,329,865)<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_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets', window );">Receivables and prepayments, contract assets and current tax assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(60,456)<span></span>
</td>
<td class="nump">64,000<span></span>
</td>
<td class="num">(155,449)<span></span>
</td>
</tr>
<tr class="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></sup></td>
<td class="nump">550,334<span></span>
</td>
<td class="nump">153,920<span></span>
</td>
<td class="num">(1,208,278)<span></span>
</td>
</tr>
<tr class="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></sup></td>
<td class="num">(100,133)<span></span>
</td>
<td class="nump">28,275<span></span>
</td>
<td class="nump">57,389<span></span>
</td>
</tr>
<tr class="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></sup></td>
<td class="num">(71,100)<span></span>
</td>
<td class="num">(101,646)<span></span>
</td>
<td class="nump">151,066<span></span>
</td>
</tr>
<tr class="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></sup></td>
<td class="num">(216,724)<span></span>
</td>
<td class="num">(149,024)<span></span>
</td>
<td class="nump">353,892<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]</sup></td>
<td class="nump">286,917<span></span>
</td>
<td class="nump">182,428<span></span>
</td>
<td class="num">(2,131,245)<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_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">479,680<span></span>
</td>
<td class="nump">674,956<span></span>
</td>
<td class="nump">617,236<span></span>
</td>
</tr>
<tr class="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">(702,190)<span></span>
</td>
<td class="num">(818,347)<span></span>
</td>
<td class="num">(359,585)<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">(222,510)<span></span>
</td>
<td class="num">(143,391)<span></span>
</td>
<td class="nump">257,651<span></span>
</td>
</tr>
<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">(181,107)<span></span>
</td>
<td class="num">(106,612)<span></span>
</td>
<td class="num">(34,080)<span></span>
</td>
</tr>
<tr class="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">240,809<span></span>
</td>
<td class="nump">147,473<span></span>
</td>
<td class="nump">68,335<span></span>
</td>
</tr>
<tr class="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">(60,769)<span></span>
</td>
<td class="num">(94,341)<span></span>
</td>
<td class="num">(32,775)<span></span>
</td>
</tr>
<tr class="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">$ (1,067)<span></span>
</td>
<td class="num">$ (53,480)<span></span>
</td>
<td class="nump">$ 1,480<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="line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">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;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;">30.3</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;"> 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'; line-height: inherit;"><span>4</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><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">16.7)</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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'; line-height: inherit;"><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'; line-height: inherit;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;"><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'; 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_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 2024-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 14<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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, contract assets 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_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsContractAssetsAndCurrentTaxAssets</td>
</tr>
<tr>
<td 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_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>
<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_IncreaseDecreaseInWorkingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_IncreaseDecreaseInWorkingCapitalAbstract</td>
</tr>
<tr>
<td 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_InterestAccrualsLessPaymentsNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" 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_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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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Apr. 30, 2024</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">1,162,757,528<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>
</tr>
<tr class="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">$ 33.4<span></span>
</td>
<td class="nump">$ 47.5<span></span>
</td>
<td class="nump">$ 35.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits', window );">Key management personnel compensation, other long-term employee benefits</a></td>
<td class="nump">$ 6.9<span></span>
</td>
<td class="nump">$ 5.6<span></span>
</td>
<td class="nump">$ 5.1<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_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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<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">65.81%<span></span>
</td>
<td class="text">&#160;<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>
<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">61.37%<span></span>
</td>
<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_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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<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">0.08%<span></span>
</td>
<td class="text">&#160;<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">0.07%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_UnitsIssuedRelatedPartyTransactions', window );">Units issued, related party transactions (in shares)</a></td>
<td class="nump">448,000<span></span>
</td>
<td class="nump">388,000<span></span>
</td>
<td class="nump">437,000<span></span>
</td>
<td class="text">&#160;<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_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>
</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_KeyManagementPersonnelCompensationOtherLongtermBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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 other long-term employee benefits. [Refer: Other long-term employee benefits; 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 2024-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
<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>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_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 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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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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<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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>instant</td>
</tr>
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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>dtr-types:percentItemType</td>
</tr>
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<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>
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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_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>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
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<SEQUENCE>232
<FILENAME>R163.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 252,336<span></span>
</td>
<td class="nump">$ 289,083<span></span>
</td>
<td class="nump">$ 362,629<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">321,783<span></span>
</td>
<td class="nump">548,763<span></span>
</td>
<td class="nump">758,443<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">6,218<span></span>
</td>
<td class="nump">5,645<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_AmountsReceivablePayableRelatedPartyTransactions', window );">Amounts receivable (payable), related party transactions</a></td>
<td class="nump">83,857<span></span>
</td>
<td class="nump">73,088<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">(1,026)<span></span>
</td>
<td class="num">(1,459)<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">(260)<span></span>
</td>
<td class="num">(375)<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">(1,286)<span></span>
</td>
<td class="num">(1,834)<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">478,115<span></span>
</td>
<td class="nump">385,347<span></span>
</td>
<td class="nump">321,122<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_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">37,551<span></span>
</td>
<td class="nump">56,152<span></span>
</td>
<td class="nump">100,019<span></span>
</td>
</tr>
<tr class="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">3,456<span></span>
</td>
<td class="nump">1,564<span></span>
</td>
<td class="nump">1,472<span></span>
</td>
</tr>
<tr class="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">154,772<span></span>
</td>
<td class="nump">324,556<span></span>
</td>
<td class="nump">555,257<span></span>
</td>
</tr>
<tr class="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">17,544<span></span>
</td>
<td class="nump">13,349<span></span>
</td>
<td class="nump">13,759<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">71,211<span></span>
</td>
<td class="nump">69,216<span></span>
</td>
<td class="nump">64,189<span></span>
</td>
</tr>
<tr class="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">3,133<span></span>
</td>
<td class="nump">7,589<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(23,531)<span></span>
</td>
<td class="num">(21,012)<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 );">Third party [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">83,250<span></span>
</td>
<td class="nump">121,679<span></span>
</td>
<td class="nump">151,884<span></span>
</td>
</tr>
<tr class="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">127,940<span></span>
</td>
<td class="nump">109,553<span></span>
</td>
<td class="nump">109,123<span></span>
</td>
</tr>
<tr class="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">70,425<span></span>
</td>
<td class="nump">61,366<span></span>
</td>
<td class="nump">51,040<span></span>
</td>
</tr>
<tr class="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">55,576<span></span>
</td>
<td class="nump">76,751<span></span>
</td>
<td class="nump">36,767<span></span>
</td>
</tr>
<tr class="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">47,713<span></span>
</td>
<td class="nump">62,986<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">(12,165)<span></span>
</td>
<td class="num">(11,488)<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">139<span></span>
</td>
<td class="nump">135<span></span>
</td>
<td class="nump">131<span></span>
</td>
</tr>
<tr class="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">23,466<span></span>
</td>
<td class="nump">72,741<span></span>
</td>
<td class="nump">101,620<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">6,218<span></span>
</td>
<td class="nump">5,645<span></span>
</td>
<td class="nump">$ 3,804<span></span>
</td>
</tr>
<tr class="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">68,759<span></span>
</td>
<td class="nump">63,374<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_AmountsPayableRelatedPartyTransactions', window );">Payables to non-consolidated parties</a></td>
<td class="num">$ (52)<span></span>
</td>
<td class="num">$ (28,361)<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: Total for all 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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsPayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 resulting from related party transactions. [Refer: Total for all 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 2024-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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>
</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_PurchasesOfGoodsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<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: Total for all 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 2024-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<br> -Paragraph 21<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_21_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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; Total for all 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 2024-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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; Total for all 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 2024-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>233
<FILENAME>R164.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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, 2024</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_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">$ 4,569<span></span>
</td>
<td class="nump">$ 4,386<span></span>
</td>
<td class="nump">$ 3,966<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_AuditorsRemunerationForAuditrelatedFees', window );">Audit-related fees</a></td>
<td class="nump">51<span></span>
</td>
<td class="nump">273<span></span>
</td>
<td class="nump">255<span></span>
</td>
</tr>
<tr class="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">78<span></span>
</td>
<td class="nump">148<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="text"> <span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="nump">11<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">$ 4,698<span></span>
</td>
<td class="nump">$ 4,821<span></span>
</td>
<td class="nump">$ 4,232<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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
<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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>234
<FILENAME>R165.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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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>235
<FILENAME>R166.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';
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</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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">1 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2023</div></th>
<th class="th"><div>Dec. 31, 2024</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_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>
</tr>
<tr class="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>
</tr>
<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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">47.79%<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>
</tr>
<tr class="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>
</tr>
<tr class="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">40.00%<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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">49.00%<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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">49.00%<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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">60.00%<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_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>
</tr>
<tr class="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>
</tr>
<tr class="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">98.40%<span></span>
</td>
</tr>
<tr class="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>
</tr>
<tr class="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>
</tr>
<tr class="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>
</tr>
<tr class="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 SAIC [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>
</tr>
<tr class="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>
</tr>
<tr class="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>
</tr>
<tr class="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] | 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>
</tr>
<tr class="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>
</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="text">&#160;<span></span>
</td>
</tr>
<tr class="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] | 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>
</tr>
<tr class="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>
</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="text">&#160;<span></span>
</td>
<td class="nump">50.00%<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_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAAndSubsidiariesMember', window );">DALMINE S.p.A. and subsidiaries [member] | Immobiliare&#160;Cultura&#160;Industriale&#160;S.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_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>
</tr>
<tr class="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">57.00%<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>
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<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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_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>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_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>
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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>
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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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<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_AmajaTubularServicesLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<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_TenarisBaogangBaotouSteelPipesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_GlobalPipeCompanyMember">
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<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_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SidercaSaicAndSubsidiariesMember">
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<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>
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<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">
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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_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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TerniumSAMember">
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<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_TenarisMember">
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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;">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_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAAndSubsidiariesMember">
<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_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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_ImmobiliareCulturaIndustrialeSRLMember">
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<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_ImmobiliareCulturaIndustrialeSRLMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<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="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</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_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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">100.00%<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_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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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],[2]</sup></td>
<td class="nump">50.00%<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">100.00%<span></span>
</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 [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_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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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">89.00%<span></span>
</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 | 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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],[4]</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_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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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],[5]</sup></td>
<td class="nump">100.00%<span></span>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<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';"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;">(*)</span>&#160;All percentages rounded.</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<span style="font-family: 'Frutiger 45 Light';"> and Ternium owns the remaining 50%</span><span style="font-family: 'Frutiger 45 Light';">. </span><span style="font-family: 'Frutiger 45 Light';">Exiros</span> <span style="font-family: 'Frutiger 45 Light';">provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#8217; agreement, Tenaris recognizes Exiros&#8217; assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad<span style="font-family: Calibri;">&#257;</span><span style="font-family: 'Frutiger 45 Light';">wul), Tenaris holds 47.79% and has the right to nominate the majority of the members 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 G</span><span style="font-family: 'Frutiger 45 Light';">lobal </span><span style="font-family: 'Frutiger 45 Light';">P</span><span style="font-family: 'Frutiger 45 Light';">ipe </span><span style="font-family: 'Frutiger 45 Light';">C</span><span style="font-family: 'Frutiger 45 Light';">ompany</span><span style="font-family: 'Frutiger 45 Light';">.</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>Until its liquidation in April 2023</span> Siderca held 51% of NKKTubes.</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_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
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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>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: Total for all 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 2024-01-01<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-2024-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<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-2024-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(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>
<tr><td><div 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_GeographicalAreasAxis=country_CA</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_AlgomaTubesIncMember</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_TenarisGlobalServicesCanadaIncMember</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_NL</td>
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<tr><td><div class="body" style="padding: 2px;">
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<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>
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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_TenarisConnectionsBvMember</td>
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<tr>
<td><strong> Name:</strong></td>
<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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_BR">
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<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_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember">
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<td><strong> Name:</strong></td>
<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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<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_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAAndSubsidiariesMember">
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<td><strong> Name:</strong></td>
<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_HydrilCompanyMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=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_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesMember">
<tr><td class="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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<tr>
<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>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<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">
<tr><td class="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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<tr>
<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>
<tr><td><div class="body" style="padding: 2px;">
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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">
<tr><td class="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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<tr>
<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">
<tr><td class="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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<tr>
<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">
<tr><td class="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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<tr>
<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>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_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;">
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<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_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;">
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<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=ts_SiatSociedadAnonimaMember">
<tr><td class="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_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">
<tr><td class="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_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>
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<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>
</table>
<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>
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<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">
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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_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>
</tr>
<tr>
<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_TenarisFinancialServicesSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_TenarisGlobalServicesSaAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</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_GB">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_TenarisGlobalServicesUkLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</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_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>
</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_CN">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_TenarisQingdaoSteelPipesLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_TenarisTubocaribeLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_SignificantInvestmentsInSubsidiariesAxis=ts_TubosDeAceroDeMexicoSaAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( 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_TubosDeAceroDeMexicoSaAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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>237
<FILENAME>R168.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 34 - Business combinations (Details) - Mattrs Pipe Coating Business Unit [Member]<br> $ in Millions</strong></div></th>
<th class="th">
<div>Nov. 30, 2023 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, Plant and Equipment</a></td>
<td class="nump">$ 115.0<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_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">14.0<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="num">(2.0)<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="nump">20.0<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_ProvisionsRecognisedAsOfAcquisitionDate', window );">Provisions</a></td>
<td class="num">(7.0)<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="nump">11.0<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="nump">152.5<span></span>
</td>
</tr>
<tr class="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 );">Preliminary</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_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, Plant and Equipment</a></td>
<td class="nump">126.0<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_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">29.0<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_WorkingCapitalRecognisedAsOfAcquisitionDate', window );">Working capital</a></td>
<td class="num">(13.0)<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_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and Cash Equivalents</a></td>
<td class="nump">21.0<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_ProvisionsRecognisedAsOfAcquisitionDate', window );">Provisions</a></td>
<td class="num">(7.0)<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_IdentifiableAssetsAcquiredLiabilitiesAssumedOther', window );">Other assets and liabilities, net</a></td>
<td class="nump">13.0<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="nump">$ 169.0<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_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; Total for all 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 2024-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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: Total for all 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 2024-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2024-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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; Total for all 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 2024-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2024-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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; Total for all 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 2024-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2024-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ProvisionsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></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 provisions 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_ProvisionsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td 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_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_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_srt_StatementScenarioAxis=ts_PreliminaryValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_StatementScenarioAxis=ts_PreliminaryValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 34 - Business combinations (Details Textual) - Mattrs Pipe Coating Business Unit [Member]<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 31, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 30, 2023 </div>
<div>USD ($) </div>
<div>Number</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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="nump">$ 182,600,000<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_NumberOfPlantsAcquired', window );">Number Of Plants Acquired | Number</a></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<span></span>
</td>
</tr>
<tr class="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="nump">$ 347,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="nump">$ 152,500,000<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_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill recognized</a></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">$ 13,600,000<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_BusinessCombinationBargainPurchaseGainRecognized', window );">Business combination bargain purchase recognized in other operating income</a></td>
<td class="nump">2,200<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="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="nump">$ 1,300,000<span></span>
</td>
<td class="nump">$ 1,100,000<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_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember', window );">Settlement 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>
</tr>
<tr class="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_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Acquisition price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 150,200,000<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_BusinessAcquisitionConsiderationPaymentReceivable', window );">Business Acquisition Consideration Payment Receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32,300,000<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: Total for all 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 2024-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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; Total for all 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 2024-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2024-01-01<br> -Paragraph B64<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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: Total for all 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 2024-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2024-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<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-2024-en-r&amp;anchor=para_B64_q_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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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_BusinessAcquisitionConsiderationPaymentReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of payment receivable for business acquisition consideration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_BusinessAcquisitionConsiderationPaymentReceivable</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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<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_BusinessCombinationBargainPurchaseGainRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized 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_BusinessCombinationBargainPurchaseGainRecognized</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>credit</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_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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<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>
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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>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AgreementAxis=ts_SettlementAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_AgreementAxis=ts_SettlementAgreementMember</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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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 35 - Share Buyback Program  (Details Textual)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="5">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>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 04, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Aug. 02, 2024 </div>
<div>USD ($) </div>
<div>Number </div>
<div>shares</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>$ / 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>Nov. 06, 2024 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 01, 2023 </div>
<div>USD ($)</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="text">&#160;<span></span>
</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>
<td class="text">&#160;<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_PercentageOfLimitSharesBuybackAuthorized', window );">Percentage of limit shares buyback authorized</a></td>
<td class="text">&#160;<span></span>
</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>
<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="re">
<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 | 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="nump">83,616,548<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,648,091<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>
</tr>
<tr class="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 );">Purchase of treasury 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="nump">$ 1,441,843,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 213,739,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TreasurySharesPurchasedPerformanceAmount', window );">Purchase of treasury shares, performance amount</a></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">7,400,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">700,000<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>
</tr>
<tr class="ro">
<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 );">Purchase of treasury shares, amount paid</a></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">1,439,589,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 213,739,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_IssuedCapital', window );">Shares capital</a></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="nump">$ 1,162,757,528<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>
</tr>
<tr class="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) | shares</a></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="nump">1,162,757,528<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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>
</tr>
<tr class="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 );">Par value (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 1<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="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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>
</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 243,264,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 86,240,000<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>
</tr>
<tr class="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) | 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="nump">1,084,272,191<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,167,888,739<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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>
</tr>
<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_ShareRepurchaseProgramAxis=ts_FirstShareBuybackProgramMember', window );">First Share Buyback Program [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="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>
</tr>
<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="text">&#160;<span></span>
</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>
<td class="text">&#160;<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="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200,000,000<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_ShareBuybackProgramNumberOfTranches', window );">Share buyback program, number of tranches | Number</a></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="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>
</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 | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">71,679,768<span></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>
</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_PercentageOfSharesPurchasedOfIssuedShareCapital', window );">Percentage of shares purchased of issued share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.07%<span></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>
</tr>
<tr class="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 );">Purchase of treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200,000,000<span></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>
</tr>
<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_ShareRepurchaseProgramAxis=ts_SecondShareBuybackProgramMember', window );">Second Share Buyback Program [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="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>
</tr>
<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_DisclosureOfShareBuybackProgramLineItems', window );"><strong>Disclosure Of Share Buyback Program [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="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>
</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="text">&#160;<span></span>
</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>
<td class="nump">$ 700,000,000<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_StockRepurchasedProgramSharesAuthorised', window );">Stock repurchased program shares authorised | 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="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="nump">46,373,915<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="text">&#160;<span></span>
</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>
<td class="nump">3.93%<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_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="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>
</tr>
<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="text">&#160;<span></span>
</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>
<td class="text">&#160;<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 | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36,862,132<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>
<td class="text">&#160;<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="text">&#160;<span></span>
</td>
<td class="nump">$ 691,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,441,843,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 213,739,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</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_TreasurySharesPurchasedPerformanceAmount', window );">Purchase of treasury shares, performance amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,400,000<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>
<td class="text">&#160;<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_IncreaseDecreaseInNumberOfOrdinarySharesIssued', window );">Cancellation of ordinary shares (in shares) | shares</a></td>
<td class="num">(17,779,302)<span></span>
</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>
<td class="text">&#160;<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) | 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="nump">78,485,337<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,648,091<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>
</tr>
<tr><td colspan="12"></td></tr>
<tr><td colspan="12"><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; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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, 202</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>4</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;">, 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;">78,485,337</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;">, and there </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">wer</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">e</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">1,084,272,191</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">outs</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">tanding 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;">.</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>35</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">[2]</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;">As of December 31, 202</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>3</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;">, the Company </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;">held</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;">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-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;">s</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;">hares</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;"> 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-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;">, and there were</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;">1,167,888,739</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;">outstanding shares.</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_IncreaseDecreaseInNumberOfOrdinarySharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 number of ordinary shares issued. [Refer: Ordinary shares [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 2024-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfOrdinarySharesIssued</td>
</tr>
<tr>
<td style="padding-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_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></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 of capital issued.</p></div>
<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 2024-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_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 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_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 2024-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
<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>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_PercentageOfSharesPurchasedOfIssuedShareCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 shares purchased representing of 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_PercentageOfSharesPurchasedOfIssuedShareCapital</td>
</tr>
<tr>
<td 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: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>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_ShareBuybackProgramNumberOfTranches">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 buyback program divided into number of tranches.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ShareBuybackProgramNumberOfTranches</td>
</tr>
<tr>
<td 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_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>
</table>
<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>
</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_TreasurySharesPurchasedPerformanceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 performance for treasury share purchased.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TreasurySharesPurchasedPerformanceAmount</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>
</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_srt_ShareRepurchaseProgramAxis=ts_FirstShareBuybackProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_ShareRepurchaseProgramAxis=ts_FirstShareBuybackProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<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_srt_ShareRepurchaseProgramAxis=ts_SecondShareBuybackProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_ShareRepurchaseProgramAxis=ts_SecondShareBuybackProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</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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<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>
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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>
</tr>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 36 - 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 ($)</div>
</th>
<th class="th">
<div>Oct. 31, 2023 </div>
<div>USD ($) </div>
<div>MW</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_ElectricPowerGenerationCapacity', window );">Electric power generation capacity | MW</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">103.2<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_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="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_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="re">
<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="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_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="re">
<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="ro">
<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_ElectricPowerGenerationCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Measures unit of electic 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_ElectricPowerGenerationCapacity</td>
</tr>
<tr>
<td 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_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_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>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_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>
</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_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>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_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>
</tr>
<tr>
<td 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_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>
</table></div>
</div></td></tr>
</table>
<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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</body>
</html>
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<head>
<title></title>
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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 37 - Events after the reporting period (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="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="5">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>May 06, 2025</div></th>
<th class="th"><div>Nov. 20, 2024</div></th>
<th class="th"><div>Nov. 06, 2024</div></th>
<th class="th"><div>May 22, 2024</div></th>
<th class="th"><div>May 24, 2023</div></th>
<th class="th"><div>Mar. 04, 2025</div></th>
<th class="th"><div>May 22, 2024</div></th>
<th class="th"><div>May 24, 2023</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2024</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>May 20, 2025</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="nump">$ 0.27<span></span>
</td>
<td class="nump">$ 0.27<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="nump">$ 0.34<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<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="text">&#160;<span></span>
</td>
<td class="nump">$ 0.54<span></span>
</td>
<td class="nump">$ 0.54<span></span>
</td>
<td class="nump">$ 0.8<span></span>
</td>
<td class="nump">$ 0.68<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="nump">$ 300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 459,000<span></span>
</td>
<td class="nump">$ 401,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 694,000<span></span>
</td>
<td class="nump">$ 602,000<span></span>
</td>
<td class="nump">$ 763,648<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 655,478<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 541,674<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_NumberOfTreasurySharesPurchased', window );">Number Of Treasury Shares Purchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">83,616,548<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,648,091<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_PurchaseOfTreasuryShares', window );">Purchase of treasury 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">$ 1,441,843<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 213,739<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</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_TreasurySharesPurchasedPerformanceAmount', window );">Purchase of treasury shares, performance amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 7,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 700<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_NumberOfSharesOutstanding', window );">Number of shares outstanding at end of period (in 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">1,084,272,191<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,167,888,739<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<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>
</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_NumberOfTreasurySharesPurchased', window );">Number Of Treasury Shares Purchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">36,862,132<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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 );">Purchase of treasury 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">$ 691,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,441,843<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 213,739<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</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_TreasurySharesPurchasedPerformanceAmount', window );">Purchase of treasury shares, performance amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">$ 8,400<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="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>
</tr>
<tr class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">78,485,337<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,648,091<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_NonadjustingEventsAfterReportingPeriodAxis=ts_AnnualDividendProposalMember', window );">Annual Dividend Proposal [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="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>
</tr>
<tr class="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>
<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>
</tr>
<tr class="re">
<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)</a></td>
<td class="nump">$ 0.83<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<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_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity', window );">Annual dividend proposed to be distributed, amount per ads (in dollars per share)</a></td>
<td class="nump">$ 1.66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<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="nump">$ 900,000<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="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>
</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_DividendsPayableAmountPerShares', window );">Dividends payable, amount per share (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="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="nump">$ 0.56<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_DividendsPayableAmountPerAmericanDepositarySecurity', window );">Dividends payable, amount per ads (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="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="nump">$ 1.12<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_AnnualDividendPayable', window );">Annual dividend payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
<td class="nump">$ 600,000<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] | 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>
<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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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>
<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>
</tr>
<tr class="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="text">&#160;<span></span>
</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">90,762,598<span></span>
</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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="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_ChangesInTaxRatesOrTaxLawsEnactedOrAnnouncedMember', window );">Changes in tax rates or tax laws enacted or announced [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="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>
</tr>
<tr class="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>
<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>
</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_PercentageOfTariffRateOnSteelImports', window );">Expected percentage of tariff on steel imports by U.S government</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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">25.00%<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>
</tr>
<tr><td colspan="15"></td></tr>
<tr><td colspan="15"><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; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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, 202</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>4</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;">, 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;">78,485,337</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;">, and there </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">wer</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">e</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">1,084,272,191</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">outs</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">tanding 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;">.</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>35</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">[2]</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;">As of December 31, 202</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>3</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;">, the Company </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;">held</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;">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-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;">s</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;">hares</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;"> 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-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;">, and there were</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;">1,167,888,739</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;">outstanding shares.</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 2024-01-01<br> -Paragraph 107<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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 2024-01-01<br> -Paragraph 13<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=10&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_13&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 2024-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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-2022: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_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 2024-01-01<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-2024-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_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 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>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_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>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_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>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_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>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_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_PercentageOfTariffRateOnSteelImports">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 tariff rate on steel imports.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfTariffRateOnSteelImports</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>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_ts_TreasurySharesPurchasedPerformanceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</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 performance for treasury share purchased.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TreasurySharesPurchasedPerformanceAmount</td>
</tr>
<tr>
<td 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>
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<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>
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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_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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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>
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                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:LU</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-04-30</startDate>
            <endDate>2024-04-30</endDate>
        </period>
    </context>
    <context id="D20241231_USSteelCorporationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:USSteelCorporationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="I20241231_USSteelCorporationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:USSteelCorporationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
    </context>
    <context id="I20241231_COARCOSAMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:COARCOSAMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
    </context>
    <context id="I20241231_VestasGroupMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">ts:VestasGroupMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
    </context>
    <context id="I20241231_JFESteelCorporationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:JFESteelCorporationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
    </context>
    <context id="I20241231_LU">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:LU</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
    </context>
    <context id="D20241231_MattrsPipeCoatingBusinessUnitMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">ts:MattrsPipeCoatingBusinessUnitMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_PetroleosMexicanosMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="dei:LegalEntityAxis">ts:PetroleosMexicanosMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_UsDollarDenominatedArgentineBondsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">ts:UsDollarDenominatedArgentineBondsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_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>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_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>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisTubocaribeLtdaMember_CO">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TubosDeAceroDeMexicoSaAndSubsidiariesMember_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:SignificantInvestmentsInSubsidiariesAxis">ts:TubosDeAceroDeMexicoSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisQingdaoSteelPipesLtdMember_CN">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisInvestmentsNLBVAndSubsidiariesMember_NL">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisGlobalServicesSaAndSubsidiariesMember_UY">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisGlobalServicesUkLtdMember_GB">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisGlobalServicesUsaCorporationMember_US">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisGlobalServicesCanadaIncMember_CA">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisFinancialServicesSaMember_UY">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisConnectionsBvMember_NL">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TenarisBayCityIncMember_US">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_TaltatradingEMarketingSociedadeUnipessoalLdaMember_PT">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_SidercaSaicAndSubsidiariesMember_AR">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_SiatSociedadAnonimaMember_AR">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_ScSilcotubSaMember_RO">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_PtSeamlessPipeIndonesiaJayaMember_ID">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_MaverickTubeCorporationAndSubsidiariesMember_US">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_US">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:US</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_ExirosBVAndSubsidiariesMember_NL">
        <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:ExirosBVAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_DalmineSPAAndSubsidiariesMember_IT">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:IT</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:DalmineSPAAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_ConfabIndustrialSaAndSubsidiariesMember_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:SignificantInvestmentsInSubsidiariesAxis">ts:ConfabIndustrialSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_BrederoShawInternationaBVAndSubsidiariesMember_NL">
        <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:BrederoShawInternationaBVAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_AlgomaTubesIncMember_CA">
        <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>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="dei:LegalEntityAxis">ts:SaudiSteelPipeCompanyMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:GlobalPipeCompanyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="I20241231_ArgentinePesoUsDollarForeignExchangeRiskMember_AR">
        <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:TypesOfRisksAxis">ts:ArgentinePesoUsDollarForeignExchangeRiskMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
    </context>
    <context id="I20241231_AR_ArgentineSubsidiariesMember">
        <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:ArgentineSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
    </context>
    <context id="D20241231_AR_ArgentineSubsidiariesMember">
        <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:ArgentineSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_IpscoTubularsIncMember_ContingentLiabilityForGuaranteesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfContingentLiabilitiesAxis">ifrs-full:ContingentLiabilityForGuaranteesMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:IpscoTubularsIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="I20241231_TenarisBayCityIncMember_NucorSteelMemphisIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
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        <period>
            <instant>2024-12-31</instant>
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    <context id="D20241231_TenarisBayCityIncMember_NucorSteelMemphisIncMember">
        <entity>
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        <entity>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
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            <instant>2024-12-31</instant>
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        <entity>
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        <entity>
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        <period>
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            <endDate>2024-12-31</endDate>
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    <context id="D20221231_TubesMember">
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            <endDate>2022-12-31</endDate>
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        <period>
            <instant>2024-12-31</instant>
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    <context id="D20241231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
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                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
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            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
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    <context id="D20241231_GoodwillMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
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    <context id="D20241231_LicensesPatentsAndTrademarksMember_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:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
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    <context id="D20241231_InformationSystemProjectsMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
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        <period>
            <startDate>2024-01-01</startDate>
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    <context id="I20241231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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            <instant>2024-12-31</instant>
        </period>
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        <entity>
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                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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    <context id="I20241231_LicensesPatentsAndTrademarksMember_GrossCarryingAmountMember">
        <entity>
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            <instant>2024-12-31</instant>
        </period>
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    <context id="I20241231_InformationSystemProjectsMember_GrossCarryingAmountMember">
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                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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            <instant>2024-12-31</instant>
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    <context id="D20241231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember">
        <entity>
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            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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    <context id="D20241231_GoodwillMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
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    <context id="D20241231_LicensesPatentsAndTrademarksMember_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:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
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            <startDate>2024-01-01</startDate>
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        </period>
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    <context id="D20241231_InformationSystemProjectsMember_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:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
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            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ifrs-full:OtherAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
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    <context id="I20241231_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
    </context>
    <context id="I20241231_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
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    <context id="I20241231_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
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    <context id="D20240522">
        <entity>
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        </entity>
        <period>
            <startDate>2023-11-22</startDate>
            <endDate>2024-05-22</endDate>
        </period>
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    <context id="D20231231_SA_SaudiSteelPipeCompanyMember_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:JointVenturesAxis">ts:GlobalPipeCompanyMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:SaudiSteelPipeCompanyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
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            <endDate>2023-12-31</endDate>
        </period>
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    <context id="D20241231_SA_SaudiSteelPipeCompanyMember_GlobalPipeCompanyMember">
        <entity>
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            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:SA</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:JointVenturesAxis">ts:GlobalPipeCompanyMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:SaudiSteelPipeCompanyMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
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    <context id="D20241231_LandMember_SaudiSteelPipeCompanyMember_SA">
        <entity>
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            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LandMember</xbrldi:explicitMember>
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                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:SaudiSteelPipeCompanyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
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    <context id="I20241231_LandMember_SA_SaudiSteelPipeCompanyMember">
        <entity>
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                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LandMember</xbrldi:explicitMember>
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                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:SaudiSteelPipeCompanyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2024-12-31</instant>
        </period>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
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                <xbrldi:explicitMember dimension="dei:LegalEntityAxis">ts:UsiminasMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:NonadjustingEventsAfterReportingPeriodAxis">ifrs-full:MajorPurchasesOfAssetsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfContractsAxis">ts:TheNewSHAMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2023-07-03</instant>
        </period>
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                <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ts:TubesMember</xbrldi:explicitMember>
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        </entity>
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            <instant>2024-12-31</instant>
        </period>
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            <instant>2024-12-31</instant>
        </period>
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            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
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    <context id="I20241231_LicensesPatentsAndTrademarksMember">
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            <segment>
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            <instant>2024-12-31</instant>
        </period>
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        </period>
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    <context id="D20231231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
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                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
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        </period>
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            <segment>
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        <period>
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            <endDate>2024-12-31</endDate>
        </period>
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    <context id="D20241231_ConstructionInProgressMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
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            <segment>
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        <period>
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            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <startDate>2024-01-01</startDate>
            <endDate>2024-12-31</endDate>
        </period>
    </context>
    <context id="D20241231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1">
        <entity>
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            <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>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="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="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="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="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="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="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="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="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="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="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="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_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>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_NL_ExirosBVAndSubsidiariesMember">
        <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:ExirosBVAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_NL_ExirosBVAndSubsidiariesMember">
        <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:ExirosBVAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_IT_DalmineSPAAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:IT</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:DalmineSPAAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_BR_ConfabIndustrialSaAndSubsidiariesMember">
        <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:SignificantInvestmentsInSubsidiariesAxis">ts:ConfabIndustrialSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_NL_BrederoShawInternationaBVAndSubsidiariesMember">
        <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:BrederoShawInternationaBVAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <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>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:DefinedBenefitPlansAxis">ifrs-full:PensionDefinedBenefitPlansMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:FundingArrangementsOfDefinedBenefitPlansAxis">ifrs-full:WhollyUnfundedDefinedBenefitPlansMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <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>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:DefinedBenefitPlansAxis">ifrs-full:PensionDefinedBenefitPlansMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:FundingArrangementsOfDefinedBenefitPlansAxis">ifrs-full:WhollyUnfundedDefinedBenefitPlansMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <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_WhollyUnfundedDefinedBenefitPlansMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:DefinedBenefitPlansAxis">ifrs-full:PensionDefinedBenefitPlansMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:FundingArrangementsOfDefinedBenefitPlansAxis">ifrs-full:WhollyUnfundedDefinedBenefitPlansMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_FixedInterestRateMember_ARS">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:ARS</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FixedInterestRateMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_FixedInterestRateMember_EUR">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:EUR</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FixedInterestRateMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_FixedInterestRateMember_USD">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:USD</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FixedInterestRateMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_FloatingInterestRateMember_SAR">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:SAR</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FloatingInterestRateMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_FixedInterestRateMember_SAR">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:SAR</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FixedInterestRateMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_FloatingInterestRateMember_USD">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:USD</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FloatingInterestRateMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</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="D20231231_IT_DalmineSPAAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:IT</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:DalmineSPAAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_BR_ConfabIndustrialSaAndSubsidiariesMember">
        <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:SignificantInvestmentsInSubsidiariesAxis">ts:ConfabIndustrialSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_OtherBorrowingsMember_LaterThanThreeYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:OtherBorrowingsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanThreeYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_OtherBorrowingsMember_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:OtherBorrowingsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_OtherBorrowingsMember_LaterThanOneYearAndNotLaterThanTwoYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:OtherBorrowingsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_OtherBorrowingsMember_NotLaterThanOneYearMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:OtherBorrowingsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_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>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_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>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_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>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_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>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_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>2022-12-31</instant>
        </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_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="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="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="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="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="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="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="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_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:HedgingInstrumentsAxis">ts:CommoditiesDerivativeContractsPSVGasMember</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="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsNickelMember_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:HedgingInstrumentsAxis">ts:CommoditiesDerivativeContractsNickelMember</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="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="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="D20221231_TenarisMember_GovernmentCustomersMember">
        <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:TypesOfCustomersAxis">ifrs-full:GovernmentCustomersMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_TenarisMember_GovernmentCustomersMember">
        <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:TypesOfCustomersAxis">ifrs-full:GovernmentCustomersMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_TubesMember_IndustrialAndOtherMember">
        <entity>
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            <segment>
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&lt;h3 style="font-weight: normal; margin: 2pt 0pt 0pt; page-break-after: avoid; page-break-inside: avoid;"&gt;&lt;a class="customBookmark" href="#TOC" id="BBimp_13202515375632" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;"&gt;&lt;span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Recovery of Erroneously Awarded Compensation&lt;/span&gt;&lt;/a&gt;&lt;/h3&gt;
&lt;p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In 2023, the Company&#x2019;s board of directors approved the&#160;Clawback 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 &#x201c;clawback&#x201d; of erroneously awarded incentive-based compensation granted to certain officers of the Company in the event of a restatement of the Company&#x2019;s financial statements, as further described therein. The members of senior management listed in the section &#x201c;Information on the Company - Directors, Senior Management and Employees &#x2013; Senior Management&#x201d;, as well as Mr. Stefano Bassi, the Company&#x2019;s global reporting &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;senior &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;director, are subject to the Clawback Policy.&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;div style="border-left: none; border-right: none;"&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0pt; margin: 8pt 0pt 0pt;"&gt;
&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;During the fiscal year ended December 31, 2024, the Company was not required to prepare an accounting restatement requiring recovery of erroneously awarded compensation pursuant to the Clawback Policy nor was there any outstanding balance as of the end of the year ended December 31, 2024, of erroneously awarded compensation to be recovered under the Clawback Policy.&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; </ecd:RestatementDoesNotRequireRecoveryTextBlock>
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&lt;div style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"&gt;&lt;a class="customBookmark" href="#TOC" id="Bs19_122202523528192" style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Cybersecurity&lt;/span&gt;&lt;/a&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; 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;Risk Management, Strategy and Governance&lt;/span&gt;&lt;/p&gt;

&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div style="margin: 0pt 0pt 0pt; text-indent: 0pt;"&gt;
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&lt;p style="margin: 0pt 0pt 0pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Under the Company&#x2019;s articles of association, as supplemented by the audit committee&#x2019;s charter, the audit committee assists the board of directors in fulfilling its oversight responsibilities relating to the effectiveness of the Company&#x2019;s systems of internal control, risk management and internal audit over financial reporting.&lt;/span&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;n addition, the Company has established a management-level C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ritical &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;isk &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;ommittee&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(&#x201c;CRC&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that assists the Company&#x2019;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.&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The CRC, which comprises several senior executives, risk assurance manager and general counsel, periodically reports to the Company&#x2019;s board of directors, the audit committee and the chief executive officer on its activities. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For more information on the audit committee and CRC, see &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;Risk Factors &#x2013; Risks Relating to Our Business and Industry &#x2013; Cyberattacks could have a material adverse impact on our business and results of operations&#x201d;.&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="margin: 10pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In particular, with respect to cybersecurity risks, Tenaris has adopted a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;Cybersecurity Risk Management Methodology&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;, which sets forth a procedure to monitor, identify, communicate, assess the impact and likelihood and report actual or potential risks affecting Tenaris&#x2019;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. &lt;span style="-sec-ix-hidden:Tag3466"&gt;Our risk assessment methodology considers the potential impact of cybersecurity risks with respect to continuity of operations, information security (including confidentiality, integrity and availability),&lt;/span&gt; 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. &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;f deemed appropriate (for example, when specific knowledge is required) &lt;span style="-sec-ix-hidden:Tag3465"&gt;specialized consultants may be engaged in connection with cybersecurity risk processes.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="-sec-ix-hidden:Tag3464"&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div style="margin: 0pt 0pt 10pt; text-indent: 0pt;"&gt;
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&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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&#x2019;s information systems &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;how to respond to cybersecurity incidents involving or affecting Tenaris IT resources or devices through which users may access any Tenaris&#x2019;s IT systems; &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; provide instructions and best practices to Tenaris&#x2019;s personnel with system administrator&#x2019;s roles in connection with cybersecurity incidents prevention, detection and response.&#160;In &lt;span&gt;2024&lt;/span&gt;, we adopted a process to assess third-parties cybersecurity, to the extent they are connected to Tenaris or process Tenaris&#x2019;s confidential information.&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris has also adopted a &#x201c;Ransomware Crisis Management Procedure&#x201d; 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, &#x201c;Tenaris&#x2019;s Crisis Management Procedure&#x201d; is triggered and applied when certain events signal potential material impacts.&lt;/span&gt;&lt;/p&gt;


&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div style="margin: 0pt 0pt 10pt; text-indent: 0pt;"&gt;
&lt;div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"&gt;
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&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="-sec-ix-hidden:Tag3462"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;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 &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;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;hief &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;nformation &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;ecurity &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;fficer, a &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;ybersecurity &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;isk &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 &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;irector and a &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;ybersecurity and &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;ecurity &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;rchitecture &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;irector, with an average of more than &lt;span&gt;25&lt;/span&gt; years of experience in cybersecurity and information technology fields.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="-sec-ix-hidden:Tag3461"&gt;The chief information security officer periodically reports on its activities to the CRC.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;
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&lt;div style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"&gt;
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&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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; 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;, no risks from cybersecurity threats, including as a result of any previous cybersecurity&#160;incidents, or third-parties 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.&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;

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&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"&gt;Tenaris has adopted cyber-resilience standards as part of its cybersecurit&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;y&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; strategy and cyber capabilities. For example, a cyberattack simulation exercise was carried out in &lt;span&gt;2024&lt;/span&gt; with an external consultant (KPMG) acting as a cyber attacker and&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;&#160;Tenaris&#x2019;s &lt;/span&gt;&lt;span&gt;cybersecurity team acting as defenders&lt;/span&gt;&lt;span&gt;, showing the Company&#x2019;s strong commitment to cybersecurity issues, particularly associated risks, potential impacts and action plans.&#160;&lt;/span&gt;&lt;span&gt;The results of such exercise are still subject to evaluation and will aid in building a stronger &lt;/span&gt;cybersecurity&lt;span&gt; strategy.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For more information on cybersecurity risks, see &#x201c;Risk Factors &#x2013; Risks Relating to Our Business and Industry &#x2013; Cyberattacks could have a material adverse impact on our business and results of operations&#x201d;.&lt;/span&gt;&lt;/p&gt; </cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock>
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&lt;p style="margin: 0pt 0pt 0pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Under the Company&#x2019;s articles of association, as supplemented by the audit committee&#x2019;s charter, the audit committee assists the board of directors in fulfilling its oversight responsibilities relating to the effectiveness of the Company&#x2019;s systems of internal control, risk management and internal audit over financial reporting.&lt;/span&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;n addition, the Company has established a management-level C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ritical &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;isk &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;ommittee&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(&#x201c;CRC&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that assists the Company&#x2019;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.&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The CRC, which comprises several senior executives, risk assurance manager and general counsel, periodically reports to the Company&#x2019;s board of directors, the audit committee and the chief executive officer on its activities. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For more information on the audit committee and CRC, see &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;Risk Factors &#x2013; Risks Relating to Our Business and Industry &#x2013; Cyberattacks could have a material adverse impact on our business and results of operations&#x201d;.&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; </cyd:CybersecurityRiskBoardOfDirectorsOversightTextBlock>
    <cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock contextRef="D20241231" id="Tag3264">&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;n addition, the Company has established a management-level C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ritical &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;isk &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;ommittee&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(&#x201c;CRC&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that assists the Company&#x2019;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.&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The CRC, which comprises several senior executives, risk assurance manager and general counsel, periodically reports to the Company&#x2019;s board of directors, the audit committee and the chief executive officer on its activities. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For more information on the audit committee and CRC, see &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;Risk Factors &#x2013; Risks Relating to Our Business and Industry &#x2013; Cyberattacks could have a material adverse impact on our business and results of operations&#x201d;.&lt;/span&gt;</cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock>
    <cyd:CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock contextRef="D20241231" id="Tag3295">&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;n addition, the Company has established a management-level C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ritical &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;isk &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;ommittee&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(&#x201c;CRC&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that assists the Company&#x2019;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.&lt;/span&gt;</cyd:CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock>
    <cyd:CybersecurityRiskManagementProcessesIntegratedTextBlock contextRef="D20241231" id="Tag3306">&lt;span style="-sec-ix-hidden:Tag3466"&gt;Our risk assessment methodology considers the potential impact of cybersecurity risks with respect to continuity of operations, information security (including confidentiality, integrity and availability),&lt;/span&gt; financial performance, compliance or reputational effects, and health, safety and environment damages.</cyd:CybersecurityRiskManagementProcessesIntegratedTextBlock>
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&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="-sec-ix-hidden:Tag3462"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;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 &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;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;hief &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;nformation &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;ecurity &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;fficer, a &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;ybersecurity &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;isk &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 &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;irector and a &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;ybersecurity and &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;ecurity &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;rchitecture &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;irector, with an average of more than &lt;span&gt;25&lt;/span&gt; years of experience in cybersecurity and information technology fields.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="-sec-ix-hidden:Tag3461"&gt;The chief information security officer periodically reports on its activities to the CRC.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;
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&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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; 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;, no risks from cybersecurity threats, including as a result of any previous cybersecurity&#160;incidents, or third-parties 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.&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;

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&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"&gt;Tenaris has adopted cyber-resilience standards as part of its cybersecurit&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;y&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; strategy and cyber capabilities. For example, a cyberattack simulation exercise was carried out in &lt;span&gt;2024&lt;/span&gt; with an external consultant (KPMG) acting as a cyber attacker and&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;&#160;Tenaris&#x2019;s &lt;/span&gt;&lt;span&gt;cybersecurity team acting as defenders&lt;/span&gt;&lt;span&gt;, showing the Company&#x2019;s strong commitment to cybersecurity issues, particularly associated risks, potential impacts and action plans.&#160;&lt;/span&gt;&lt;span&gt;The results of such exercise are still subject to evaluation and will aid in building a stronger &lt;/span&gt;cybersecurity&lt;span&gt; strategy.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;  </cyd:CybersecurityRiskRoleOfManagementTextBlock>
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&lt;p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="-sec-ix-hidden:Tag3462"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;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 &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;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;hief &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;nformation &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;ecurity &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;fficer, a &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;ybersecurity &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;isk &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 &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;irector and a &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;ybersecurity and &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;ecurity &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;rchitecture &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;irector, with an average of more than &lt;span&gt;25&lt;/span&gt; years of experience in cybersecurity and information technology fields.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="-sec-ix-hidden:Tag3461"&gt;The chief information security officer periodically reports on its activities to the CRC.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; </cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock>
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&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; line-height: inherit;"&gt;I.&lt;/span&gt; &lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;GENERAL INFORMATION&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;Tenaris S.A. (the &#x201c;Company&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;oci&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#xe9;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;t&#xe9; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;nonyme&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Tenaris&#x201d; refer to &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; and its consolidated subsidiaries. A list of the Company&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;principal &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;subsidiaries is included 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;33&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;/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&#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; line-height: inherit;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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: 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;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; line-height: inherit;"&gt; February &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;, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5&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 Board of Directors has the power to amend and reissue the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;se&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;/p&gt; </ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory>
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&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 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; line-height: inherit;"&gt;II&lt;/span&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;A&lt;/span&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;CCOUNTING POLICIES&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: bold; text-transform: uppercase; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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-size: 10pt; 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-size: 10pt; font-family: 'times new roman', times; 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&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Basis of presentation&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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 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; line-height: inherit;"&gt;"&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; or &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;IFRS Accounting Standards&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; in accordance with IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; as adopted by the European Union,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;certain &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial assets&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Whenever necessary, c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ertain comparative amounts&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;have been reclassified to conform to changes in presentation in the current year.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&gt; The&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; main&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; areas involving &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; estimates or judgements are: &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;mpairment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;testing &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;long-lived assets (not&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;s &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;H&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;impairment in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; investments in associates (note II.B)&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;ncome &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;axes &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;including recoverability of deferred tax assets&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;(note 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;); &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;obsolescence of inventory (note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;II.J&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;); contingencies (note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Q&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;allowance for trade receivables (note II.K)&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;post-employment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and other long-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;benefits&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;P&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;business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(notes II.B); u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;seful lives of property, plant and equipment&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; other long-lived assets (notes II.E, II.F&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;H&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 value estimation of certain financial instruments (note III.B)&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;property title ownership &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;restriction&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;IV&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;28&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;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; there were no &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;significant&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; changes in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; accounting estimates&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and judgements&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;"&gt;(&lt;span&gt;1&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&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; 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: italic; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ccounting pronouncements that became effective during &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; have no material effect on the Company&#x2019;s financial condition or results of operations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 following amendments became effective as at 1 January 2024:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 7.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS &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;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Lease Liability in a Sale and Leaseback&#160;&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;-&lt;/span&gt; Amendments to IFRS &lt;span&gt;16&lt;/span&gt;.&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Disclosures: Supplier Finance Arrangements -&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Amendments to IAS &lt;span&gt;7&lt;/span&gt; and IFRS &lt;span&gt;7&lt;/span&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;"&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; line-height: inherit;"&gt;New ac&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;counting pronouncements &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;not &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;applicable as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;of December 3&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;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; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Amendments to IAS &lt;span&gt;21&lt;/span&gt; &#x2013; Lack of Exchangeability&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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;In&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; August, 2023, the IASB published &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;Lack of Exchangeability (Amendments to IAS &lt;span&gt;21&lt;/span&gt;)&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;with new&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; guidance to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;determine&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; when a currency is exchangeable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; or not,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and how to determine the exchange rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to apply &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;when &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a currency &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; exchangeable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. The amendments also require the disclosure of additional information when a currency is not exchangeable.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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 amendments are effective for annual periods beginning on or after January 1, 2025 with early adoption permitted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and without &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;retrospective&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; application&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;does not expect these amendments to have a material impact on its operations or&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial statements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;IFRS &lt;span&gt;18&lt;/span&gt; - Presentation and Disclosures in Financial Statements&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;In April 202&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;, the IASB published &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;IFRS &lt;span&gt;18&lt;/span&gt;&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;will replace IAS &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;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;P&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;resentation of financial statements&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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; IFRS &lt;span&gt;18&lt;/span&gt; introduces&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; new requirements&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that will help to achieve comparability of the financial performance of similar entities and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;provide more relevant information and transparency to users. Even though IFRS &lt;span&gt;18&lt;/span&gt; will not&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;impact the recognition or measurement of items in the financial statements, its impacts on&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;presentation and disclosure are expected to be &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;extensive&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, in particular those related to the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;income statement, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;statement of financial &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;position, statement of cash flows &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 inclusion of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; management-defined performance measures&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;within the financial statements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: Arial; font-size: 9pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;Management is currently assessing the detailed implications of applying the new standard on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;inancial &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;tatements. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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 group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026 and December 31, 2025 will be restated in accordance with IFRS &lt;span&gt;18&lt;/span&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The&#160;European Union has still not endorsed this standard.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Other &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;new&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ly published&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; 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-size: 10pt; 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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Group accounting&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;s&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&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; line-height: inherit;"&gt;Subsidiaries are fully consolidated from the date on which control is &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; by the Company and are no longer consolidated from the date control ceases.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;transferred&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;exchange&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Acquisition-related costs are expensed as incurred.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Identifiable assets acquired&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; liabilities and contingent liabilities assumed in a business combination 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;measured initially at their fair values at the acquisition date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;identifiable &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;assets. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The excess of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; aggregate of the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;consideration transferred&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 amount of any non-controlling interest in the acquiree&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;this&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; Consolidated&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;ncome &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;tatement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; as bargain purchase&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Contingent consideration is classified either as equity or a&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;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial liability. Amounts classified as a financial liability are subsequently remeasured &lt;/span&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; fair value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;through &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;profit or loss.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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;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; line-height: inherit;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; font-family: 'times new roman', times; 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ransactions with non-controlling interests &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that do not result in a loss of control&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are accounted&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value&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 change in carrying amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, net of consideration received (if any),&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Material intercompany transactions&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;balances &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and unrealized gains (losses) on transactions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;between Tenaris subsidiaries have been eliminated in consolidation. However, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;since&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the functional currency of some subsidiaries &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;i&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 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; line-height: inherit;"&gt; are generated. These&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are included in 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;onsolidated &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;ncome &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;tatement under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;inancial results&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Non-consolidated companies&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Investments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding of between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized at cost (as defined by IAS &lt;span&gt;28&lt;/span&gt;, &#x201c;Investments in Associates and Joint Ventures&#x201d;). The Company&#x2019;s investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Associated companies are those entities in which Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;exerts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; significant influence&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in accordance with IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, but &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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;have &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;control.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Joint arrangements are combinations in which there are contractual agreements by virtue of which &lt;span&gt;two&lt;/span&gt; or more &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;partner &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;companies hold an interest in &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; or more &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;companies that undertake operations or hold assets in such a way that any financial or operating decision is subject to the unanimous consent of the partners&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (as defined by IFRS &lt;span&gt;11&lt;/span&gt; &#x201c;Joint Arrangements&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. A joint arrangement is classed as a joint operation if the parties hold rights to its assets and have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's net assets.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Under the equity method&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of accounting&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; adjusted where necessary to ensure consistency with IFRS.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&gt;Equity in earnings&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;of non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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="font-size: 10pt; 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-size: 10pt; 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; font-style: normal; line-height: inherit;"&gt;The main investments in non-consolidated companies are:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;a)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Ternium&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; 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;At December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; 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; 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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;, Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;h&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;ld &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;11.46&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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; share capital &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;Ternium S.A&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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; representing 11.70% of its outstanding shares&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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; line-height: inherit;"&gt;over Ternium&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;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&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;our out of&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;eight&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; members of Ternium&#x2019;s &lt;/span&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;oard of &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;irectors (including Ternium&#x2019;s &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;hairman) are also members of t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he Company&#x2019;s &lt;/span&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;oard of &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;irectors&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; font-style: italic; line-height: inherit;"&gt;and&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;both the Company and Ternium are under the indirect common control of San Faustin S.A. (&#x201c;San Faustin&#x201d;)&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;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nder the shareholders&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2019;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; agreement by and between &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the Company and Techint Holdings S.&#xe0;r.l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ("Techint")&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, a wholly owned subsidiary of San Faustin &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;controlling&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shareholder, dated January 9, 2006&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Techint&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 required to take actions within its power to cause&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;oard of &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;irectors to be nominated by &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; and (b) any director nominated by &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; to be removed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;from Ternium&#x2019;s &lt;/span&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;oard of &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;irectors &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;only &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;pursuant to previous written instructions of &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;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;b)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;At December 31, 202&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;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris he&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ld, through its Brazilian subsidiary Confab Industrial S.A. (&#x201c;Confab&#x201d;), &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;47.5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;million ordinary shares and 1.3 million preferred shares of Usinas Sider&#xfa;rgicas de Minas Gerais S.A. - Usiminas (&#x201c;Usiminas&#x201d;), representing 6.76&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;% of its shares with voting rights and 3.96&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;% of its total share capital.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Confab&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;participation in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Usiminas share&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#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;/p&gt;
&lt;p style="font-size: 10pt; 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;On&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; March 30, 2023, Confab, together with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Ternium (through its subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Ternium Investments and Ternium Argentina&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;agreed to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquire an additional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;68.7 million ordinary shares of Usiminas at a price of BRL10 per ordinary share. The transaction closed on July 3, 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; 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; line-height: inherit;"&gt;approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;11 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas&#x2019; employee pension fund, Previd&#xea;ncia Usiminas. At December 31, 202&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;, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of Usiminas&#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; line-height: inherit;"&gt;% corresponding to Confab); the NSC Group and Previd&#xea;ncia Usiminas held 31.7% and 7%, respectively, in the control group.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Upon &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;closing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of the July 3, 2023 acquisition&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;then &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;existing Usiminas shareholders agreement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;governing the relationship between the T/T Group, the NSC Group and Previd&#xea;ncia Usiminas &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;was replaced by a new shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;now &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;entitled to nominate a majority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas&#x2019; control group shares. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;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 Usiminas&#x2019; control group (153.1 million ordinary shares) at the higher of $2.0584 per share and the equivalent in U.S. dollars of 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&#160;&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;equivalent in U.S. dollars of the&lt;/span&gt; 40-trading day average price per share immediately prior to the NSC group&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;&#x2019;&lt;/span&gt;s notice of withdrawal, 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 $2.0584 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="font-size: 10pt; font-family: 'times new roman', times; 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;Confab and the Ternium entities party to the Usiminas 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; line-height: inherit;"&gt;Under s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;uch separate agreement&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;Confab enjoys certain rights with respect to the governance of Usiminas, including, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;among others, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the ability to nominate certain Usiminas&#x2019; officers and directors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Those circumstances evidence that Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;continues having &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;sign&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ificant influence over Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and, as a result, continues accounting for its investment under the equity method.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;c)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; &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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;Techgen S.A. de C.V. (&#x201c;Techgen&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, which operates an electric power plant in Mexico,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is a joint venture company owned 48% by Ternium, 30% by Tecpetrol International S.A.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;Tecpetrol&#x201d;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and 22%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; by Tenaris. &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;, Ternium and Tecpetrol 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; line-height: inherit;"&gt;nce of Techgen and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are under the indirect com&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mon control of San Faustin&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;Based on the facts stated above, the Company has determined&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that it has significant influence over this entity.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris carries its investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s in non&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;consolidated companies&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;For more information &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;ee 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;14&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="font-size: 10pt; 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-size: 10pt; font-family: 'times new roman', times; 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&#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;Segment information&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&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; line-height: inherit;"&gt;disclosed in the Other segment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The Tubes segment includes the production and sale of 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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; worldwide&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Other segment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; includ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;es&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;all business activities related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;plumbing and construction&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;applications, oilfield / hydraulic fracturing services&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and others as&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; energy and raw materials that exceed internal requirements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;During &lt;span&gt;2024&lt;/span&gt; and following the acquisition of Mattr&#x2019;s pipe coating business unit on November 30, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the management&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; performed a review of the new business structure to decide on the allocation of resources and the assessment of performance, and decided to integrate the coating activities to its Tubes segment&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Chief Operating Decision Maker &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;CODM&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;reviews &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;operating and financial performance information &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;with senior management on a monthly basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. This &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;information differ&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; from IFRS principally as follows:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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 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 -18.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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 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; line-height: inherit;"&gt;, mainly on a FIFO basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -18.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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;ny currency translation adjustment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;classification&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;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 -18.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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 timing differences, if any.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; presents&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; its geographical information in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;four&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; areas:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; North America,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; South America, Europe&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;Asia Pacific&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;Middle East and Afri&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ca&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. For purposes of reporting geographical information, net sales are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;allocated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to geographical areas based on the customer&#x2019;s location;&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; allocation of assets &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; based 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;geographical&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; location&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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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&#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;Foreign &lt;/span&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;urrency &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;t&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;ranslation&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#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;Functional&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 presentation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;IAS &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;21&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;The effects of changes in foreign exchange rates&#x201d; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;an &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;entity operates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 functional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and presentation &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;curren&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;y of &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;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;. The U.S. &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;ollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; global operations. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;xcept f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the Italian subsid&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;iaries whose functional currency&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;the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Euro&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and two subsidiaries wh&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ose&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris determined that the functional currency of its&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; other subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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;ales are mainly negotiated, denominated 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;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; settled in 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;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;sales &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;price &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;may consider&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; exposure to fluctuation in the exchange rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;against&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the U.S. dollar;&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 -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rices of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;their &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;critical raw materials and inputs are priced 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;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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;ransaction&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and operational&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; environment and the cash flow &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of these &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;operations ha&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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; 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 -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;there is a s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ignificant level of integration of the l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ocal operations within &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;international &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;global distribution network&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; font-style: italic; line-height: inherit;"&gt;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 -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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;et financial assets and liabilities are mainly received and maintained in U.S. dollars&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;div style="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Transactions in currencies other than the functional currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;on where items are re-measured.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt; the fair value was determined.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;Other financial results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;alifying net investment hedges.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Translation of financial information in currencies other than the functional currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;-end exchange rates. Translation differences are recognized in a separate component of equity as &lt;/span&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;urrency &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ranslation &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;djustment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. 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; line-height: inherit;"&gt;the Consolidated Income Statement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; as a gain or loss from the sale&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; or disposal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; following IAS &lt;span&gt;21&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;exchange &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rate.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;E&#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;Property, plant and equipment&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; less accumulated depreciation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and impairment losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. H&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Property&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;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;lant&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;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;quipment acquired through&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquisitions accounted for as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;business &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;combination&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;have been valued &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;initially &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;at the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;fair &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;value of the assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquired.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;any&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; replaced part&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; 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="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Cost may also include transfers fro&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;m equity of any gains or losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; IAS &lt;span&gt;23&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;Borrowing Cost&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;&#x201d;&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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;epreciation method is reviewed at each year end. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Depreciation&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is calculated using the straight-line method to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;depreciate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;, as follows:&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; height: 64px; width: 100%;" 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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&gt; No Depreciation &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&gt; 30-50 years &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&gt;Plant and production equipment&#160;&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%; height: 16px;"&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; line-height: inherit;"&gt; 10-40 years &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&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="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; assets&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#x2019;&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;residual values and useful lives of significant plant and &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;production &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;equipment are reviewed&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and adjusted&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; if appropriate, at each year-end&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;date. &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;An asset&#x2019;s carrying amount is written down to its recoverable amount if the asset&#x2019;s carrying amount is greater than its estimated recoverable amount.&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Management&#x2019;s re&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;estimation of asset&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; useful &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;lives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, performed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#x201c;Property&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, Plant and E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;quipment&#x201d;&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;resulted in additional depreciation expenses &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;approximately&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;25.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;did not materially affect depreciation expenses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in &lt;span&gt;2023&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and resulted in additional depreciation expenses of approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;39.1&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;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &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;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;for its different production facilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;Other operating income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other operating 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="font-size: 10pt; font-family: 'times new roman', times; 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;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;F&#160; &#160; &#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;Intangible assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;over the fair value of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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; line-height: inherit;"&gt;at least &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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; line-height: inherit;"&gt;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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; line-height: inherit;"&gt;Intangible assets, net.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;For the purpose of impairment testing, g&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;oodwill is allocated to a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;cash generating unit (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt; or group of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;CGUs&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt; that&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;are expected to benefit from the business combination which generated the goodwill being tested. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Information systems projects&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;&#x201c;Intangible Assets&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;classified as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Selling, general and administrative expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Consolidated&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;ncome &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;tatement.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;did not materially affect &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amortization expenses for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the years &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;4&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;&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;&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;.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Licenses, patents, trademarks and proprietary technology &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Licenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the acquisition date in case of a business combination.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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; line-height: inherit;"&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; line-height: inherit;"&gt;which are in the range between 3 and 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;years.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Amortization charges are mainly classified as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Cost of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ales&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 balance of acquired t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rademarks&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that have indefinite useful lives according to external appraisal&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;s&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;86.7&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; at December 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;4&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;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;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;included in Hydril CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Main factors considered in the determination of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; indefinite useful lives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; include the years that &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;they have&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; been in service and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;their &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;recognition among customers in the industry.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; did no&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;t materially affect amortization&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; expenses for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the years &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;24&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;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="font-size: 10pt; 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="line-height: 1.2;"&gt;
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 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(&lt;span&gt;4&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Research and development&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;Research expenditures as well as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Cost of sales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Cost of sales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; for the years &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;4&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;&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; totaled &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;74.2&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;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;60.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;50.7&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;, respectively.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; 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;4&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;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="font-size: 10pt; font-family: 'times new roman', times; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;(&lt;span&gt;5&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;Customer relationship&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&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; line-height: inherit;"&gt; Tube Corpora&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;tion (&#x201c;Maverick&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; and Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; Company (&#x201c;Hydril&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; groups, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;Saudi Steel Pipe Co. (&#x201c;&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;SPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#x201d;)&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; Ipsco Tubulars Inc. (&#x201c;IPSCO&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;the more recent acquisition of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&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; line-height: inherit;"&gt;v&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;e&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;which were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;ears for Hydril&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; 9 years for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;SSP&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;C&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;3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; year&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; for IPSCO&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;, and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;4 months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; for Mattr&#x2019;s pipe coating business unit.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Management&#x2019;s re-estimation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;customer relationships&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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; line-height: inherit;"&gt;the years &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;4&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;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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;it&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;4.1&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;Selling, general and administrative expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; for the year ended December 31, 2022.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;As o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;f 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;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; the net book&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;SSP&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#x2019;s customer relationship amoun&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;11.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; million, with a residual useful life of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;9 months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;, w&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;hile &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;the other&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; customer relationships &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; fully amortized.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; font-family: 'times new roman', times; 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;G&#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;Right-of-use assets and lease liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;principal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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; line-height: inherit;"&gt; term on a straight-line basis.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&gt;h similar terms and conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; or early termination&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, or not &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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Payments associated with short-term leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, variable leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and leases of low&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;
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&lt;div style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;H&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Impairment of non-financial assets&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;, or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;CGU. 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; are tested&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;situations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;events and circumstances &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in the current period&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-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;For purposes of assessing key assumptions, the Company uses external sources of information and management judgment based on past experience and expectations. 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, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; font-family: 'times new roman', times; 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;Management has determined the value of each of the key assumptions as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;- 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; 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; line-height: inherit;"&gt;-&#160;&lt;/span&gt;Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&#x2019;s expected market penetration.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;- 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; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;management&#x2019;s expectations of market development.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;- Rig count: based on information published by Baker Hughes and management&#x2019;s expectations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;- Raw material costs: based on industry analysts&#x2019; reports and management&#x2019;s expectations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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.&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; &lt;span style="font-style: italic;"&gt;and&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Value &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;use is calculated by discounting the estimated cash flows over a &lt;span style="-sec-ix-hidden:Tag3440"&gt;&lt;span style="border-right: none; border-left: none;"&gt;five&#160;&lt;/span&gt;year&lt;/span&gt; period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the &lt;span&gt;five&lt;/span&gt;-year 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;5&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;/p&gt;  &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;
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&lt;div style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;I&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Other &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;nvestments&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ther investments consist primarily of investments in financial instruments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and time deposits with a maturity of more than &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;three&lt;/span&gt; months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; at the date of purchase&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;Certain non-derivative financ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ial assets that the Company held not for trading&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; have been categorized as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial assets &lt;/span&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;fair value through other comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;FV&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;OCI&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;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;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; line-height: inherit;"&gt;. They are carried at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;fair value&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;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; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;tatement of &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;omprehensive &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Income and transferred to the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;ncome &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;tatement when the financial asset is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;disposed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;ncome &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;tatement. F&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;OCI&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;re included in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; non-current 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;ategorized as financial assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;at fair value through profit or loss &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(&#x201c;FVPL&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;because such investments are held for trading and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;their&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; performance is evaluated on a fair value basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;ir&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;settlement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; date&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-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; 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;ee s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ectio&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;n III Financial Risk Management&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;  &lt;/div&gt; &lt;/div&gt;
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&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;J&#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;Inventories&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;, freights&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;The a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;llocation of fixed production costs&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, including depreciation and amortization charges,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is based on&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; normal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; level of production capacity. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Inventories&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; cost is mainly based on &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;FIFO method. Tenaris estimates &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;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; line-height: inherit;"&gt;G&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;oods in transit &lt;/span&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; year-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;end are valued based on &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;supplier&#x2019;s invoice cost.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, 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;
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&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;K&#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;Trade &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;and other &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;receivables&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt; fair value that corresponds to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;omponents. The Company holds&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;res them subsequently at amortiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;Due to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;Tenaris applies the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt; &#x201c;Financial Instruments&#x201d;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;simplified approach to measure&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; expected credit losses&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; 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="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;three years&lt;/span&gt;&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;&#160;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; line-height: inherit;"&gt;erienced within this period. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;The expected loss allowance also reflects current and forward-looking information on macroeconomic factors affecting the ability of each customer to settle the receivables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;A credit account is typically considered in default when the customer has failed to make the required minimum payments for an extended period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; of time&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;. Management considerations, including customer-specific analyses, are carried out to determine if an allowance has to be allocated to the credit. Following impairment, collection is monitored and reversed in case of receipt of the payment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;div style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;L&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Cash and cash equivalents&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;Cash and cash equi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&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&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;which are subject to an insignificant risk of changes in value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;. 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; line-height: inherit;"&gt;approximates fair market value.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;Borrowings&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; in current liabilities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;For the purposes of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;Consolidated Statement of C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ash &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;low&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;, &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;C&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;ash and cash equivalents&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;overdrafts&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;  &lt;/div&gt; &lt;/div&gt;
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&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;M&#160; &#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;E&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;quity&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Equity&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; components&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 &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;onsolidated &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;tatement of &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;hanges in &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;quity include&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;/p&gt;
&lt;ul style="font-size: 10pt;"&gt;
&lt;li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; text-indent: 0pt;"&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 value of share capital, legal reserve&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;share premium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and other distributable reserve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;calculated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in accordance with Luxembourg l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;aw;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; text-indent: 0pt;"&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 currency translation adjustment&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;treasury shares, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;other reserves,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; retained earnings&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;non-controlling&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; interest&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;calculated 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;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;"&gt;(&lt;span&gt;2&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Share cap&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;it&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;al&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Company has an authorized share capital of a single &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.00 per share. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Total ordinary shares issued as of &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;4&lt;/span&gt; were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,162,757,528&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Total ordinary shares issued as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of December 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;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,180,536,830&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Total ordinary shares outstanding 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;4&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;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,084,272,191&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;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;were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,167,888,739&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;as of December 31, &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;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,180,536,830&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Outstanding shares do not include treasury shares. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;All issued shares are fully paid.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;"&gt;(&lt;span&gt;3&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Treasury Shares&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; or cancellation&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;Any potential&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; gains &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; losses on disposal of treasury shares &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; recognized in 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;onsolidated &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;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Changes in 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; Treasury shares 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;4&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;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;78,485,337&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and as of December 31, 2023 were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;12,648,091&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-size: 10pt; 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;&#160;&lt;/span&gt;&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; line-height: inherit;"&gt;(&lt;span&gt;4&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Dividends distribution by the Company to shareholders &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; 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;27&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (iii)&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="font-size: 10pt; font-family: 'times new roman', times; 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;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;N&#160; &#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;Borrowings&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;O&#160; &#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;Current and d&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;eferred income tax&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&gt; or recoverable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Both c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;urrent and deferred t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ax &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; recognized in the Consolidated Income Statement&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;Income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ax&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, except &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to the extent that it relates to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;items recognized in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 current income tax charge is calculated &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 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="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;e&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;mainly &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;from &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;net operating loss carry-forwards&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;post-employment benefits and other long-term employee benefits&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;fair value adjustments of assets acquired in business combinations. &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Deferred tax assets and liabilities are measured at the tax rates that are expected to apply &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;to the&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;by the end of the &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;reporting &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;period&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Deferred tax assets are recognized to the extent&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; it is probable that 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; will be available&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; against which the te&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mporary differences &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and losses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;can be utiliz&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;At the end of each reporting period, &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; reassesses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;unrecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; deferred tax assets. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enaris&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;recognizes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; a previously &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;unrecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; will allow the deferred tax asset to be recovered.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Deferred tax &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;assets&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;liabilities&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are not recognized for temporary differences &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;arising from the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;carrying amount and t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ax basi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s of investments in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;subsidiaries, branches and associates, and interests in joint ventures, &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; 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 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Deferred tax assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and liabilities are re-measured&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; if tax rates change. These amounts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ther co&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;mprehensive income &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 C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Comprehensive I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncome, depending on the account to which the original &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amount was charged or credited.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;On December 20, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Pillar &lt;span&gt;Two&lt;/span&gt; legislation was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;adopted in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Luxembourg&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;nd &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ca&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;me into effect &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;from &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;January 1, 2024&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 group&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;within the scope of these rules&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;herefore, is required to calculate its GloBe effective tax rate for each jurisdiction &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in which it is present&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and is liable to pay a top-up tax for the difference between its Globe effective tax rate per jurisdiction and the 15% minimum rate.&#160;The group applies the IAS 12 exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; font-family: 'times new roman', times; 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;P&#160; &#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;Employee benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&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; line-height: inherit;"&gt;Short-term obligations&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 22.5pt; break-after: avoid; 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; line-height: inherit;"&gt;(&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Post&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;employment benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;Other comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;For defined benefit &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;funded &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;plans, net interest income&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;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="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&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;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 benefits based on years of service and final average salary&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;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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the outstanding liabil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ity for this plan amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;59.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Employees&#x2019; service rescission indemnity&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;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="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;crued for employees at &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; 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="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; 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 limited to the contributions of &lt;span&gt;2007&lt;/span&gt; onwards.&#160;&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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the outstanding &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;liabil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ity for this plan amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;10.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Funded retirement benefit plan held in the 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; for the benefit of some employees hir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ed prior a certain date,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;funds. Additionally, an unfunded post&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;retirement health and life plan&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; in place&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that offers limited medical and life insurance benefits to the retirees, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;frozen to new participants&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;s 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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the outstanding&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;liabil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ity for these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; plan&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; amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;3.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 primarily of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;annuities purchased from an insurance company for the benefit of current and future retiree&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; as well as investments in debt instruments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In &lt;span&gt;2022&lt;/span&gt;, the plant at which all members of the hourly plan were employed was decommissioned and all members ceased to accrue benefits under the plan. &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 style="border-left: none; border-right: none;"&gt;4&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the plan&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&#160;&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; overfunded and the net assets related to th&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ese&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; plan&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; amounted to $&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;9.0&#160;&lt;/span&gt;&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;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;By their design, the defined benefit plans expose the Company to the typical risks faced by defined benefit plans such as investment performance, changes to discount rates used to value the obligations, rate of compensation increase (including inflation rates) and longevity of plan members . Pension and benefit risks are managed by regular monitoring of the plans, applicable regulations and other factors that may impact the Company&#x2019;s expenses and cash flows. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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 unfunded defined benefit plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are met as they fall due and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are managed directly by the Company, which is entirely responsible for the plans. The funded defined benefit pension plans are governed and administered in accordance with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The defined benefit plans are monitored on an ongoing basis to assess the funding and investment policies, financial status, and funding requirements. Significant changes to a plan or policy would be subject to approval by the board of directors of each subsidiary of the Company. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -21.3pt;"&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;3&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;ther long-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;term benefits &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;employee retention and long&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;term incentive program&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;&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;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; line-height: inherit;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nits is based 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; shareholders&#x2019; equity (excluding non-cont&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rolling interest). &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Until &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the end of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2017&lt;/span&gt;&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; u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nits &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;vest&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; ratably over&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; a period of &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;four years&lt;/span&gt;&lt;/span&gt;&#160;and were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mandatorily&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; redeemed by the Company &lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;ten years&lt;/span&gt;&lt;/span&gt;&#160;after grant date, with the option of an early redemption at &lt;span style="border-right: none; border-left: none;"&gt;seven years&lt;/span&gt;&#160;after&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; grant date.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Since&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2018&lt;/span&gt;&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;units &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;vest&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; ratably over the same period and &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;mandatorily redeemed by the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Company &lt;span style="border-right: none; border-left: none;"&gt;seven years&lt;/span&gt;&#160;after grant date.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;he beneficiaries of the Program are&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Tenaris valued this long-term incentive program as a long&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;-&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;term benefit plan as classified in IAS &lt;span&gt;19&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; &#x201c;Employee Benefits&#x201d;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;4&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;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the outstanding liability corresponding to the Program &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;148.0&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;119.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, respectively. The total value of the units granted &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(vested and unvested) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;er share 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;4&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;3&lt;/span&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;175.0&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;144.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;(&lt;span&gt;4&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; line-height: inherit;"&gt;Termination benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;recognizes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;"&gt;(&lt;span&gt;5&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; line-height: inherit;"&gt;Other compensation obligations&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Employ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ee entitlements to annual leave, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;long-service leave&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, sick leave and other bonuses and compensations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; obligations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are accrued as earned.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;Q&#160; &#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;Provisions &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; 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; 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; line-height: inherit;"&gt;, as a result of past events, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;reliably&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; estimated, a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;provision &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; 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; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;cash flows.&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;This note should be read in conjunction with &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;27&lt;/span&gt;&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; these 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="font-size: 10pt; font-family: 'times new roman', times; 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;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;R&#160; &#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;Trade and other payables &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;subsequently measured at amortiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ed cost. They are presented as current liabilities unl&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; months after the reporting period.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Due to 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; short-term nature &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;heir carrying amount&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; considered to be the same as their fair value.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;S&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Revenue recognition&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; rendering of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Revenue is recognized at a point in time or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;over&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;The control &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; transfer&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;red&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;upon&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; delivery.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;These conditions are determined and ana&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;lyzed on a contract by contract&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; basis to ensure that all performance obligations are fulfilled&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;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="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&gt;For bill and hold transactions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;does not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;) the usual payment terms apply.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Company&#x2019;s contracts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; with customers&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of return&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are based o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;n expected value considering past experience&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and contract conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris provides services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; primarily&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;include:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Pipe &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;anagement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ervices&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;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="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Field &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ervices&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;Comprises&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;field technical support and running assistance.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;These services&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;rendered in connection to the sales of goods and&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; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he following in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;puts and outputs methods are applied&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to recognize revenue&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; considering the nature&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of service&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Storage services&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; the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; to be invoiced. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;his fe&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Freights&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;the revenue &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is recognized &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;on a pro rata basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; considering the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;units delivered and time&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; elapsed.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Field services&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; the revenue i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s recognized considering output&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; method&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;, in particular surveys of service comple&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;tion provided by the customer.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;he Company &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;also &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;provide&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;s&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;other services, such as &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;hydraulic fracturing&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; coiled tubing &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and coating &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;services&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. Regarding these services, the &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;inputs and outputs methods&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; to recognize the revenue are the following:&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Coating services:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the Company provides coating &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;services &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;on third-party tubes which &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are performed under specific contracts and recognized by reference to the stage of completion. Stage of completion is determined based on surveys of work performed as measured by units of production to date multiplied by contractually agreed-upon rates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Hydraulic fracturing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt; services&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; the revenue is recognized considering output methods, in particular surveys of service completion provided by the customer.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Revenue from providing services is recognized over time in the accounting period in which the services are rendered.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Other revenues earned by Tenaris are recognized on the following basis:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Net income from other sales: when control is transferred to the customer.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;  &lt;/div&gt; &lt;/div&gt;

&lt;h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;T&#160; &#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;Cost of sales and &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;other selling expenses&lt;/span&gt;&lt;/h4&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Cost of sales and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;other selling&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;expenses are recognized in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Consolidated I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncome &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;tatement on the accrual basis of accounting.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Commissions, freight&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;and other selling expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, including shipping and handling costs, &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;recorded&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;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;elling, general and administrative expense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Consolidated I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncome &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;tatement&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-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

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

&lt;h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;V&#160; &#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;F&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;inancial instruments&lt;/span&gt; &lt;/h4&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Non&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;derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;contract assets, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;trade and other receivables, cash and cash equivalents, borrowing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s and trade and other payables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Company classifies its financial instruments according to the following measurement categories:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -6.15pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -6.15pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;those to be measured at amortised cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; 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 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="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none; text-align: justify;"&gt;
 &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&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. Th&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;span&gt;re are &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;three&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&gt; measurement categories into which the Company classifies its debt instruments:&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Amortized Cost&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; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;tatement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Fair value through oth&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;er comprehensive income&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; 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. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Fai&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;r value through profit and loss&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; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;quity instruments are subsequently measured at fair value.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Accounting for derivative financial instruments and hedging act&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ivities is included within the s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ection III, Financial Risk Management.&lt;/span&gt;&lt;/p&gt;  </ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory>
    <ts:DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock contextRef="D20241231" id="Tag16">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Basis of presentation&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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 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; line-height: inherit;"&gt;"&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; or &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;IFRS Accounting Standards&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; in accordance with IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; as adopted by the European Union,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;certain &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial assets&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Whenever necessary, c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ertain comparative amounts&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;have been reclassified to conform to changes in presentation in the current year.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&gt; The&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; main&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; areas involving &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; estimates or judgements are: &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;mpairment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;testing &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;long-lived assets (not&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;s &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;H&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;impairment in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; investments in associates (note II.B)&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;ncome &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;axes &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;including recoverability of deferred tax assets&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;(note 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;); &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;obsolescence of inventory (note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;II.J&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;); contingencies (note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Q&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;allowance for trade receivables (note II.K)&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;post-employment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and other long-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;benefits&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;P&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;business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(notes II.B); u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;seful lives of property, plant and equipment&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; other long-lived assets (notes II.E, II.F&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;H&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 value estimation of certain financial instruments (note III.B)&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;property title ownership &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;restriction&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;IV&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;28&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;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; there were no &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;significant&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; changes in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; accounting estimates&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and judgements&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;"&gt;(&lt;span&gt;1&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&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; 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: italic; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ccounting pronouncements that became effective during &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; have no material effect on the Company&#x2019;s financial condition or results of operations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 following amendments became effective as at 1 January 2024:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 7.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants - Amendments to IAS &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;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Lease Liability in a Sale and Leaseback&#160;&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;-&lt;/span&gt; Amendments to IFRS &lt;span&gt;16&lt;/span&gt;.&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Disclosures: Supplier Finance Arrangements -&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Amendments to IAS &lt;span&gt;7&lt;/span&gt; and IFRS &lt;span&gt;7&lt;/span&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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; line-height: inherit;"&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; line-height: inherit;"&gt;New ac&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;counting pronouncements &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;not &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;applicable as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;of December 3&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;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; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Amendments to IAS &lt;span&gt;21&lt;/span&gt; &#x2013; Lack of Exchangeability&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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;In&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; August, 2023, the IASB published &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;Lack of Exchangeability (Amendments to IAS &lt;span&gt;21&lt;/span&gt;)&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;with new&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; guidance to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;determine&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; when a currency is exchangeable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; or not,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and how to determine the exchange rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to apply &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;when &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a currency &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; exchangeable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. The amendments also require the disclosure of additional information when a currency is not exchangeable.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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 amendments are effective for annual periods beginning on or after January 1, 2025 with early adoption permitted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and without &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;retrospective&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; application&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;does not expect these amendments to have a material impact on its operations or&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial statements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;IFRS &lt;span&gt;18&lt;/span&gt; - Presentation and Disclosures in Financial Statements&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;In April 202&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;, the IASB published &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;IFRS &lt;span&gt;18&lt;/span&gt;&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;will replace IAS &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;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;P&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;resentation of financial statements&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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; IFRS &lt;span&gt;18&lt;/span&gt; introduces&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; new requirements&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that will help to achieve comparability of the financial performance of similar entities and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;provide more relevant information and transparency to users. Even though IFRS &lt;span&gt;18&lt;/span&gt; will not&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;impact the recognition or measurement of items in the financial statements, its impacts on&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;presentation and disclosure are expected to be &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;extensive&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, in particular those related to the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;income statement, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;statement of financial &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;position, statement of cash flows &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 inclusion of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; management-defined performance measures&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;within the financial statements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: Arial; font-size: 9pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;Management is currently assessing the detailed implications of applying the new standard on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;inancial &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;tatements. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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 group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31, 2026 and December 31, 2025 will be restated in accordance with IFRS &lt;span&gt;18&lt;/span&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The&#160;European Union has still not endorsed this standard.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Other &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;new&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ly published&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; 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>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory contextRef="D20241231" id="Tag3368">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Group accounting&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;s&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&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; line-height: inherit;"&gt;Subsidiaries are fully consolidated from the date on which control is &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; by the Company and are no longer consolidated from the date control ceases.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;transferred&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;exchange&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Acquisition-related costs are expensed as incurred.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Identifiable assets acquired&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; liabilities and contingent liabilities assumed in a business combination 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;measured initially at their fair values at the acquisition date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;identifiable &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;assets. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The excess of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; aggregate of the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;consideration transferred&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 amount of any non-controlling interest in the acquiree&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;this&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; Consolidated&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;ncome &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;tatement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; as bargain purchase&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Contingent consideration is classified either as equity or a&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;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial liability. Amounts classified as a financial liability are subsequently remeasured &lt;/span&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; fair value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;through &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;profit or loss.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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;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; line-height: inherit;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; font-family: 'times new roman', times; 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ransactions with non-controlling interests &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that do not result in a loss of control&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are accounted&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value&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 change in carrying amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, net of consideration received (if any),&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Material intercompany transactions&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;balances &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and unrealized gains (losses) on transactions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;between Tenaris subsidiaries have been eliminated in consolidation. However, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;since&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the functional currency of some subsidiaries &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;i&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 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; line-height: inherit;"&gt; are generated. These&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are included in 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;onsolidated &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;ncome &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;tatement under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;inancial results&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Non-consolidated companies&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Investments in non-consolidated companies (associates and joint ventures), which generally involve a shareholding of between 20% and 50% of the voting rights, are accounted for by the equity method and are initially recognized at cost (as defined by IAS &lt;span&gt;28&lt;/span&gt;, &#x201c;Investments in Associates and Joint Ventures&#x201d;). The Company&#x2019;s investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Associated companies are those entities in which Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;exerts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; significant influence&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in accordance with IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, but &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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;have &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;control.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Joint arrangements are combinations in which there are contractual agreements by virtue of which &lt;span&gt;two&lt;/span&gt; or more &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;partner &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;companies hold an interest in &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; or more &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;companies that undertake operations or hold assets in such a way that any financial or operating decision is subject to the unanimous consent of the partners&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (as defined by IFRS &lt;span&gt;11&lt;/span&gt; &#x201c;Joint Arrangements&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. A joint arrangement is classed as a joint operation if the parties hold rights to its assets and have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's net assets.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Under the equity method&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of accounting&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; adjusted where necessary to ensure consistency with IFRS.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&gt;Equity in earnings&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;of non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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="font-size: 10pt; 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-size: 10pt; 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; font-style: normal; line-height: inherit;"&gt;The main investments in non-consolidated companies are:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;a)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Ternium&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 7.1pt; 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;At December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; 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; 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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;, Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;h&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;ld &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;11.46&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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; share capital &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;Ternium S.A&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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; representing 11.70% of its outstanding shares&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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; line-height: inherit;"&gt;over Ternium&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;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&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;our out of&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;eight&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; members of Ternium&#x2019;s &lt;/span&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;oard of &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;irectors (including Ternium&#x2019;s &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;hairman) are also members of t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he Company&#x2019;s &lt;/span&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;oard of &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;irectors&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; font-style: italic; line-height: inherit;"&gt;and&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 1.2; margin: 0pt 0pt 0pt -12.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;both the Company and Ternium are under the indirect common control of San Faustin S.A. (&#x201c;San Faustin&#x201d;)&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;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nder the shareholders&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2019;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; agreement by and between &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the Company and Techint Holdings S.&#xe0;r.l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ("Techint")&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, a wholly owned subsidiary of San Faustin &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;controlling&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shareholder, dated January 9, 2006&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Techint&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 required to take actions within its power to cause&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;oard of &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;irectors to be nominated by &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; and (b) any director nominated by &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; to be removed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;from Ternium&#x2019;s &lt;/span&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;oard of &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;irectors &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;only &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;pursuant to previous written instructions of &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;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;

&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;b)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;At December 31, 202&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;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris he&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ld, through its Brazilian subsidiary Confab Industrial S.A. (&#x201c;Confab&#x201d;), &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;47.5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;million ordinary shares and 1.3 million preferred shares of Usinas Sider&#xfa;rgicas de Minas Gerais S.A. - Usiminas (&#x201c;Usiminas&#x201d;), representing 6.76&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;% of its shares with voting rights and 3.96&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;% of its total share capital.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Confab&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;participation in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Usiminas share&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#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;/p&gt;
&lt;p style="font-size: 10pt; 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;On&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; March 30, 2023, Confab, together with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Ternium (through its subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Ternium Investments and Ternium Argentina&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;agreed to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquire an additional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;68.7 million ordinary shares of Usiminas at a price of BRL10 per ordinary share. The transaction closed on July 3, 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; 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; line-height: inherit;"&gt;approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;11 million ordinary shares, increasing its participation in the Usiminas control group to 9.8%.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; text-align: justify; margin: 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Usiminas control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne; and Usiminas&#x2019; employee pension fund, Previd&#xea;ncia Usiminas. At December 31, 202&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;, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of Usiminas&#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; line-height: inherit;"&gt;% corresponding to Confab); the NSC Group and Previd&#xea;ncia Usiminas held 31.7% and 7%, respectively, in the control group.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Upon &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;closing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of the July 3, 2023 acquisition&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;then &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;existing Usiminas shareholders agreement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;governing the relationship between the T/T Group, the NSC Group and Previd&#xea;ncia Usiminas &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;was replaced by a new shareholders agreement setting forth a new governance structure for Usiminas. The T/T Group is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;now &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;entitled to nominate a majority of the Usiminas board of directors, the chief executive officer and four other members of the Usiminas board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the Usiminas board of directors and one member of the Usiminas board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas&#x2019; control group shares. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;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 Usiminas&#x2019; control group (153.1 million ordinary shares) at the higher of $2.0584 per share and the equivalent in U.S. dollars of 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&#160;&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;equivalent in U.S. dollars of the&lt;/span&gt; 40-trading day average price per share immediately prior to the NSC group&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;&#x2019;&lt;/span&gt;s notice of withdrawal, 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 $2.0584 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="font-size: 10pt; font-family: 'times new roman', times; 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;Confab and the Ternium entities party to the Usiminas 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; line-height: inherit;"&gt;Under s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;uch separate agreement&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;Confab enjoys certain rights with respect to the governance of Usiminas, including, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;among others, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the ability to nominate certain Usiminas&#x2019; officers and directors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Those circumstances evidence that Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;continues having &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;sign&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ificant influence over Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and, as a result, continues accounting for its investment under the equity method.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;c)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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; &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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;Techgen S.A. de C.V. (&#x201c;Techgen&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, which operates an electric power plant in Mexico,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is a joint venture company owned 48% by Ternium, 30% by Tecpetrol International S.A.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;Tecpetrol&#x201d;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and 22%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; by Tenaris. &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;, Ternium and Tecpetrol 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; line-height: inherit;"&gt;nce of Techgen and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are under the indirect com&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mon control of San Faustin&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;Based on the facts stated above, the Company has determined&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that it has significant influence over this entity.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
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&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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&#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;Segment information&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&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; line-height: inherit;"&gt;disclosed in the Other segment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The Tubes segment includes the production and sale of 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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; worldwide&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Other segment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; includ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;es&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;all business activities related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;plumbing and construction&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;applications, oilfield / hydraulic fracturing services&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and others as&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; energy and raw materials that exceed internal requirements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;During &lt;span&gt;2024&lt;/span&gt; and following the acquisition of Mattr&#x2019;s pipe coating business unit on November 30, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the management&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; performed a review of the new business structure to decide on the allocation of resources and the assessment of performance, and decided to integrate the coating activities to its Tubes segment&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Chief Operating Decision Maker &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;CODM&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;reviews &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;operating and financial performance information &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;with senior management on a monthly basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. This &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;information differ&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; from IFRS principally as follows:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -18.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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 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 -18.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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 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; line-height: inherit;"&gt;, mainly on a FIFO basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -18.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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;ny currency translation adjustment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;classification&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;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 -18.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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 timing differences, if any.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; presents&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; its geographical information in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;four&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; areas:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; North America,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; South America, Europe&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;Asia Pacific&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;Middle East and Afri&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ca&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. For purposes of reporting geographical information, net sales are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;allocated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to geographical areas based on the customer&#x2019;s location;&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; allocation of assets &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; based 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;geographical&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; location&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:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
    <ts:NumberOfMajorBusinessSegments
      contextRef="I20241231"
      decimals="0"
      id="Tag2409"
      unitRef="Pure">1</ts:NumberOfMajorBusinessSegments>
    <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="D20241231" id="Tag4">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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&#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;Foreign &lt;/span&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;urrency &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;t&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;ranslation&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#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;Functional&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 presentation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;IAS &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;21&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;The effects of changes in foreign exchange rates&#x201d; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;an &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;entity operates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 functional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and presentation &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;curren&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;y of &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;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;. The U.S. &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;ollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; global operations. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;xcept f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the Italian subsid&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;iaries whose functional currency&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;the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Euro&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and two subsidiaries wh&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ose&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris determined that the functional currency of its&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; other subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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;ales are mainly negotiated, denominated 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;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; settled in 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;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;sales &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;price &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;may consider&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; exposure to fluctuation in the exchange rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;against&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the U.S. dollar;&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 -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rices of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;their &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;critical raw materials and inputs are priced 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;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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;ransaction&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and operational&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; environment and the cash flow &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of these &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;operations ha&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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; 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 -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;there is a s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ignificant level of integration of the l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ocal operations within &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;international &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;global distribution network&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; font-style: italic; line-height: inherit;"&gt;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 -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&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;et financial assets and liabilities are mainly received and maintained in U.S. dollars&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;div style="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Transactions in currencies other than the functional currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;on where items are re-measured.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt; the fair value was determined.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;Other financial results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;alifying net investment hedges.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Translation of financial information in currencies other than the functional currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;-end exchange rates. Translation differences are recognized in a separate component of equity as &lt;/span&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;urrency &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ranslation &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;djustment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. 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; line-height: inherit;"&gt;the Consolidated Income Statement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; as a gain or loss from the sale&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; or disposal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; following IAS &lt;span&gt;21&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;exchange &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rate.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
    <ts:NumberOfSubsidiariesAcquired
      contextRef="I20241231"
      decimals="0"
      id="Tag3245"
      unitRef="Subsidiaries">2</ts:NumberOfSubsidiariesAcquired>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="D20241231" id="Tag7">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;E&#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;Property, plant and equipment&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; less accumulated depreciation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and impairment losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. H&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Property&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;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;lant&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;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;quipment acquired through&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquisitions accounted for as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;business &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;combination&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;have been valued &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;initially &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;at the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;fair &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;value of the assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquired.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;any&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; replaced part&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; 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="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Cost may also include transfers fro&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;m equity of any gains or losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; IAS &lt;span&gt;23&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;Borrowing Cost&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;&#x201d;&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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;epreciation method is reviewed at each year end. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Depreciation&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is calculated using the straight-line method to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;depreciate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;, as follows:&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; height: 64px; width: 100%;" 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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&gt; No Depreciation &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&gt; 30-50 years &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&gt;Plant and production equipment&#160;&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%; height: 16px;"&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; line-height: inherit;"&gt; 10-40 years &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&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="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; assets&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#x2019;&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;residual values and useful lives of significant plant and &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;production &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;equipment are reviewed&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and adjusted&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; if appropriate, at each year-end&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;date. &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;An asset&#x2019;s carrying amount is written down to its recoverable amount if the asset&#x2019;s carrying amount is greater than its estimated recoverable amount.&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Management&#x2019;s re&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;estimation of asset&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; useful &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;lives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, performed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#x201c;Property&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, Plant and E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;quipment&#x201d;&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;resulted in additional depreciation expenses &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;approximately&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;25.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;did not materially affect depreciation expenses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in &lt;span&gt;2023&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and resulted in additional depreciation expenses of approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;39.1&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;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &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;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;for its different production facilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;Other operating income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other operating 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; </ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <ts:DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock contextRef="D20241231" id="Tag3406">
&lt;table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; height: 64px; width: 100%;" 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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&gt; No Depreciation &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&gt; 30-50 years &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&gt;Plant and production equipment&#160;&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%; height: 16px;"&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; line-height: inherit;"&gt; 10-40 years &lt;/span&gt;&lt;/p&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: top; width: 4.92%; height: 16px;"&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; 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; width: 54.22%; height: 16px;"&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; line-height: inherit;"&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%; height: 16px;"&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; line-height: inherit;"&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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      contextRef="D20241231_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_BottomOfRangeMember"
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    <ts:AdditionalDepreciationExpenses
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    <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory contextRef="D20241231" id="Tag8">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;F&#160; &#160; &#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;Intangible assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;over the fair value of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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; line-height: inherit;"&gt;at least &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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; line-height: inherit;"&gt;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&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; line-height: inherit;"&gt;Intangible assets, net.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;For the purpose of impairment testing, g&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;oodwill is allocated to a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;cash generating unit (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt; or group of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;CGUs&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt; that&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;are expected to benefit from the business combination which generated the goodwill being tested. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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; font-style: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Information systems projects&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;&#x201c;Intangible Assets&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;classified as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Selling, general and administrative expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Consolidated&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;ncome &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;tatement.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;did not materially affect &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amortization expenses for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the years &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;4&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;&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;&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;.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Licenses, patents, trademarks and proprietary technology &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Licenses, patents, trademarks, and proprietary technology are initially recognized at cost, or at fair value at the acquisition date in case of a business combination.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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; line-height: inherit;"&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; line-height: inherit;"&gt;which are in the range between 3 and 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;years.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Amortization charges are mainly classified as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Cost of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ales&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 balance of acquired t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rademarks&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that have indefinite useful lives according to external appraisal&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;s&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;86.7&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; at December 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;4&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;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;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;included in Hydril CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Main factors considered in the determination of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; indefinite useful lives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; include the years that &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;they have&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; been in service and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;their &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;recognition among customers in the industry.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; did no&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;t materially affect amortization&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; expenses for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the years &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;24&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;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="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(&lt;span&gt;4&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Research and development&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;Research expenditures as well as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Cost of sales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Cost of sales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; for the years &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;4&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;&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; totaled &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;74.2&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;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;60.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;50.7&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;, respectively.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; 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;4&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;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="font-size: 10pt; font-family: 'times new roman', times; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;(&lt;span&gt;5&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;Customer relationship&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&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; line-height: inherit;"&gt; Tube Corpora&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;tion (&#x201c;Maverick&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; and Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; Company (&#x201c;Hydril&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; groups, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;Saudi Steel Pipe Co. (&#x201c;&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;SPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#x201d;)&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; Ipsco Tubulars Inc. (&#x201c;IPSCO&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;the more recent acquisition of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&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; line-height: inherit;"&gt;v&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;e&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;which were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;ears for Hydril&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; 9 years for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;SSP&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;C&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;3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; year&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; for IPSCO&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;, and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;4 months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; for Mattr&#x2019;s pipe coating business unit.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Management&#x2019;s re-estimation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;customer relationships&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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; line-height: inherit;"&gt;the years &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;4&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;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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;it&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;4.1&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;Selling, general and administrative expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; for the year ended December 31, 2022.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;As o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;f 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;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; the net book&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;SSP&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#x2019;s customer relationship amoun&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;11.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; million, with a residual useful life of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;9 months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;, w&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;hile &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;the other&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; customer relationships &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; fully amortized.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory>
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&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;G&#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;Right-of-use assets and lease liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;principal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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; line-height: inherit;"&gt; term on a straight-line basis.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&gt;h similar terms and conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; or early termination&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, or not &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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Payments associated with short-term leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, variable leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and leases of low&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="D20241231" id="Tag2543">P12M</ts:MaximumPeriodOfLeaseTermOfShortTermLeases>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="D20241231" id="Tag19">
&lt;div style="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;H&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Impairment of non-financial assets&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;, or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;CGU. 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; are tested&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;situations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;events and circumstances &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in the current period&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-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;For purposes of assessing key assumptions, the Company uses external sources of information and management judgment based on past experience and expectations. 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, economic and regulatory factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; font-family: 'times new roman', times; 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;Management has determined the value of each of the key assumptions as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;- 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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; 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; line-height: inherit;"&gt;-&#160;&lt;/span&gt;Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&#x2019;s expected market penetration.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;- 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; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;management&#x2019;s expectations of market development.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;- Rig count: based on information published by Baker Hughes and management&#x2019;s expectations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;- Raw material costs: based on industry analysts&#x2019; reports and management&#x2019;s expectations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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.&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; &lt;span style="font-style: italic;"&gt;and&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Value &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;use is calculated by discounting the estimated cash flows over a &lt;span style="-sec-ix-hidden:Tag3440"&gt;&lt;span style="border-right: none; border-left: none;"&gt;five&#160;&lt;/span&gt;year&lt;/span&gt; period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the &lt;span&gt;five&lt;/span&gt;-year 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;5&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;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
    <ts:DescriptionOfGrowthRateUsedToExtrapolateTerminalValue
      contextRef="I20241231"
      decimals="2"
      id="Tag2482"
      unitRef="Pure">0.02</ts:DescriptionOfGrowthRateUsedToExtrapolateTerminalValue>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory contextRef="D20241231" id="Tag3266">
&lt;div style="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;I&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Other &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;nvestments&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ther investments consist primarily of investments in financial instruments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and time deposits with a maturity of more than &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;three&lt;/span&gt; months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; at the date of purchase&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;Certain non-derivative financ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ial assets that the Company held not for trading&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; have been categorized as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial assets &lt;/span&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;fair value through other comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;FV&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;OCI&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;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;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; line-height: inherit;"&gt;. They are carried at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;fair value&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;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; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;tatement of &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;omprehensive &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Income and transferred to the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;ncome &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;tatement when the financial asset is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;disposed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;ncome &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;tatement. F&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;OCI&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;re included in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; non-current 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;ategorized as financial assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;at fair value through profit or loss &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(&#x201c;FVPL&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;because such investments are held for trading and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;their&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; performance is evaluated on a fair value basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;ir&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;settlement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; date&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-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; 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;ee s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ectio&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;n III Financial Risk Management&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:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory>
    <ts:MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature contextRef="D20241231" id="Tag2536">P12M</ts:MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="D20241231" id="Tag89">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;J&#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;Inventories&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;, freights&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;The a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;llocation of fixed production costs&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, including depreciation and amortization charges,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is based on&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; normal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; level of production capacity. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Inventories&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; cost is mainly based on &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;FIFO method. Tenaris estimates &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;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; line-height: inherit;"&gt;G&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;oods in transit &lt;/span&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; year-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;end are valued based on &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;supplier&#x2019;s invoice cost.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, 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="D20241231" id="Tag293">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;K&#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;Trade &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;and other &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;receivables&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt; fair value that corresponds to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;omponents. The Company holds&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;res them subsequently at amortiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;Due to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;Tenaris applies the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt; &#x201c;Financial Instruments&#x201d;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;simplified approach to measure&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; expected credit losses&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; 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="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;three years&lt;/span&gt;&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;&#160;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; line-height: inherit;"&gt;erienced within this period. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;The expected loss allowance also reflects current and forward-looking information on macroeconomic factors affecting the ability of each customer to settle the receivables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;A credit account is typically considered in default when the customer has failed to make the required minimum payments for an extended period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; of time&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;. Management considerations, including customer-specific analyses, are carried out to determine if an allowance has to be allocated to the credit. Following impairment, collection is monitored and reversed in case of receipt of the payment.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
    <ts:ForecastPeriodOfRevenueProjections contextRef="D20241231" id="Tag97">P3Y</ts:ForecastPeriodOfRevenueProjections>
    <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents contextRef="D20241231" id="Tag3289">
&lt;div style="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;L&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Cash and cash equivalents&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;Cash and cash equi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&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&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;which are subject to an insignificant risk of changes in value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;. 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; line-height: inherit;"&gt;approximates fair market value.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&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; line-height: inherit;"&gt;Borrowings&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; in current liabilities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;For the purposes of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;Consolidated Statement of C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ash &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;low&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;, &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;C&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;ash and cash equivalents&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;overdrafts&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:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
    <ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory contextRef="D20241231" id="Tag66">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;M&#160; &#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;E&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;quity&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&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; line-height: inherit;"&gt;Equity&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; components&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 &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;onsolidated &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;tatement of &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;hanges in &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;quity include&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;/p&gt;
&lt;ul style="font-size: 10pt;"&gt;
&lt;li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; text-indent: 0pt;"&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 value of share capital, legal reserve&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;share premium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and other distributable reserve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;calculated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in accordance with Luxembourg l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;aw;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 5.42pt; text-align: justify; text-indent: 0pt;"&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 currency translation adjustment&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;treasury shares, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;other reserves,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; retained earnings&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;non-controlling&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; interest&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;calculated 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;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;"&gt;(&lt;span&gt;2&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Share cap&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;it&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;al&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Company has an authorized share capital of a single &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.00 per share. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Total ordinary shares issued as of &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;4&lt;/span&gt; were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,162,757,528&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Total ordinary shares issued as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of December 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;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,180,536,830&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Total ordinary shares outstanding 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;4&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;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,084,272,191&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;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;were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,167,888,739&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;as of December 31, &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;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,180,536,830&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Outstanding shares do not include treasury shares. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;All issued shares are fully paid.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;"&gt;(&lt;span&gt;3&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Treasury Shares&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; or cancellation&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;Any potential&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; gains &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; losses on disposal of treasury shares &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; recognized in 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;onsolidated &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;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Changes in 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; Treasury shares 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;4&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;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;78,485,337&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and as of December 31, 2023 were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;12,648,091&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-size: 10pt; 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;&#160;&lt;/span&gt;&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; line-height: inherit;"&gt;(&lt;span&gt;4&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Dividends distribution by the Company to shareholders &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
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&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;N&#160; &#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;Borrowings&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="D20241231" id="Tag9">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;O&#160; &#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;Current and d&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;eferred income tax&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&gt; or recoverable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;Both c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;urrent and deferred t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ax &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; recognized in the Consolidated Income Statement&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;Income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ax&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, except &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to the extent that it relates to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;items recognized in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 current income tax charge is calculated &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 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="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;e&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;mainly &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;from &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;net operating loss carry-forwards&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;post-employment benefits and other long-term employee benefits&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;fair value adjustments of assets acquired in business combinations. &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Deferred tax assets and liabilities are measured at the tax rates that are expected to apply &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;to the&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;by the end of the &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;reporting &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;period&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Deferred tax assets are recognized to the extent&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; it is probable that 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; will be available&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; against which the te&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mporary differences &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and losses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;can be utiliz&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;At the end of each reporting period, &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; reassesses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;unrecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; deferred tax assets. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enaris&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;recognizes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; a previously &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;unrecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; will allow the deferred tax asset to be recovered.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Deferred tax &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;assets&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;liabilities&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are not recognized for temporary differences &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;arising from the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;carrying amount and t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ax basi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s of investments in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;subsidiaries, branches and associates, and interests in joint ventures, &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; 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 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Deferred tax assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and liabilities are re-measured&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; if tax rates change. These amounts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ther co&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;mprehensive income &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 C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsolidated &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;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Comprehensive I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncome, depending on the account to which the original &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amount was charged or credited.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;On December 20, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Pillar &lt;span&gt;Two&lt;/span&gt; legislation was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;adopted in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Luxembourg&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;nd &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ca&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;me into effect &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;from &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;January 1, 2024&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 group&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;within the scope of these rules&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;herefore, is required to calculate its GloBe effective tax rate for each jurisdiction &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in which it is present&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and is liable to pay a top-up tax for the difference between its Globe effective tax rate per jurisdiction and the 15% minimum rate.&#160;The group applies the IAS 12 exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
    <ts:MinimumApplicableTaxRate
      contextRef="D20241231"
      decimals="2"
      id="Tag2517"
      unitRef="Pure">0.15</ts:MinimumApplicableTaxRate>
    <ifrs-full:StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes contextRef="D20241231" id="Tag22">The group applies the IAS 12 exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes.</ifrs-full:StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes>
    <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="D20241231" id="Tag2498">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;P&#160; &#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;Employee benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&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; line-height: inherit;"&gt;Short-term obligations&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 22.5pt; break-after: avoid; 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; line-height: inherit;"&gt;(&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Post&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;employment benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;Other comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;For defined benefit &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;funded &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;plans, net interest income&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;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="font-size: 10pt; 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="line-height: 1.2;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&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;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 benefits based on years of service and final average salary&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;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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the outstanding liabil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ity for this plan amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;59.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Employees&#x2019; service rescission indemnity&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;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="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;crued for employees at &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; 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="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; 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 limited to the contributions of &lt;span&gt;2007&lt;/span&gt; onwards.&#160;&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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the outstanding &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;liabil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ity for this plan amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;10.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Funded retirement benefit plan held in the 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; for the benefit of some employees hir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ed prior a certain date,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;funds. Additionally, an unfunded post&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;retirement health and life plan&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; in place&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that offers limited medical and life insurance benefits to the retirees, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;frozen to new participants&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;s 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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the outstanding&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;liabil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ity for these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; plan&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; amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;3.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times; margin-left: 1px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -19.42pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 primarily of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;annuities purchased from an insurance company for the benefit of current and future retiree&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; as well as investments in debt instruments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In &lt;span&gt;2022&lt;/span&gt;, the plant at which all members of the hourly plan were employed was decommissioned and all members ceased to accrue benefits under the plan. &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 style="border-left: none; border-right: none;"&gt;4&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the plan&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&#160;&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; overfunded and the net assets related to th&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ese&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; plan&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; amounted to $&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;9.0&#160;&lt;/span&gt;&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;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;By their design, the defined benefit plans expose the Company to the typical risks faced by defined benefit plans such as investment performance, changes to discount rates used to value the obligations, rate of compensation increase (including inflation rates) and longevity of plan members . Pension and benefit risks are managed by regular monitoring of the plans, applicable regulations and other factors that may impact the Company&#x2019;s expenses and cash flows. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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-size: 10pt; 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 unfunded defined benefit plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are met as they fall due and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are managed directly by the Company, which is entirely responsible for the plans. The funded defined benefit pension plans are governed and administered in accordance with applicable pension legislation in each jurisdiction. Each plan has an overseeing committee. The defined benefit plans are monitored on an ongoing basis to assess the funding and investment policies, financial status, and funding requirements. Significant changes to a plan or policy would be subject to approval by the board of directors of each subsidiary of the Company. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: italic; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -21.3pt;"&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;3&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;ther long-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;term benefits &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;employee retention and long&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;term incentive program&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;&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;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; line-height: inherit;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nits is based 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; shareholders&#x2019; equity (excluding non-cont&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rolling interest). &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Until &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the end of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2017&lt;/span&gt;&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; u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nits &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;vest&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; ratably over&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; a period of &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;four years&lt;/span&gt;&lt;/span&gt;&#160;and were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mandatorily&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; redeemed by the Company &lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;ten years&lt;/span&gt;&lt;/span&gt;&#160;after grant date, with the option of an early redemption at &lt;span style="border-right: none; border-left: none;"&gt;seven years&lt;/span&gt;&#160;after&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; grant date.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Since&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2018&lt;/span&gt;&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;units &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;vest&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; ratably over the same period and &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;mandatorily redeemed by the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Company &lt;span style="border-right: none; border-left: none;"&gt;seven years&lt;/span&gt;&#160;after grant date.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;he beneficiaries of the Program are&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&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-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Tenaris valued this long-term incentive program as a long&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;-&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;term benefit plan as classified in IAS &lt;span&gt;19&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; &#x201c;Employee Benefits&#x201d;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;4&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;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the outstanding liability corresponding to the Program &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;148.0&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;119.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, respectively. The total value of the units granted &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(vested and unvested) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;er share 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;4&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;3&lt;/span&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;175.0&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;144.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; 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; line-height: inherit;"&gt;(&lt;span&gt;4&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; line-height: inherit;"&gt;Termination benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;recognizes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; break-after: avoid; 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; line-height: inherit;"&gt;(&lt;span&gt;5&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; line-height: inherit;"&gt;Other compensation obligations&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Employ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ee entitlements to annual leave, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;long-service leave&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, sick leave and other bonuses and compensations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; obligations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are accrued as earned.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
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    <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="D20241231" id="Tag3294">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;Q&#160; &#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;Provisions &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; 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; 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; line-height: inherit;"&gt;, as a result of past events, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;reliably&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; estimated, a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;provision &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; 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; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;cash flows.&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;This note should be read in conjunction with &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;27&lt;/span&gt;&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; these 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; </ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory contextRef="D20241231" id="Tag3253">
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; 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;R&#160; &#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;Trade and other payables &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;subsequently measured at amortiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ed cost. They are presented as current liabilities unl&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; months after the reporting period.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Due to 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; short-term nature &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;heir carrying amount&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; considered to be the same as their fair value.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="D20241231" id="Tag3290">
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;S&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Revenue recognition&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt; rendering of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Revenue is recognized at a point in time or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;over&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;The control &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; transfer&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;red&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;upon&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; delivery.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;These conditions are determined and ana&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;lyzed on a contract by contract&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; basis to ensure that all performance obligations are fulfilled&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;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="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&gt;For bill and hold transactions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;does not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&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; line-height: inherit;"&gt;) the usual payment terms apply.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Company&#x2019;s contracts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; with customers&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of return&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are based o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;n expected value considering past experience&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and contract conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-weight: normal; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Tenaris provides services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; primarily&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;include:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Pipe &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;anagement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ervices&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;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="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Field &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ervices&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;Comprises&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;field technical support and running assistance.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;These services&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;rendered in connection to the sales of goods and&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; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he following in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;puts and outputs methods are applied&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to recognize revenue&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; considering the nature&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of service&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Storage services&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; the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; to be invoiced. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;his fe&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Freights&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;the revenue &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is recognized &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;on a pro rata basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; considering the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;units delivered and time&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; elapsed.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Field services&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; the revenue i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s recognized considering output&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; method&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;, in particular surveys of service comple&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;tion provided by the customer.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
 &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;he Company &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;also &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;provide&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;s&lt;/span&gt; &lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;other services, such as &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;hydraulic fracturing&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; coiled tubing &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and coating &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;services&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. Regarding these services, the &lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;inputs and outputs methods&lt;/span&gt;&lt;span style="font-size: 10pt; text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; to recognize the revenue are the following:&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Coating services:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the Company provides coating &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;services &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;on third-party tubes which &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are performed under specific contracts and recognized by reference to the stage of completion. Stage of completion is determined based on surveys of work performed as measured by units of production to date multiplied by contractually agreed-upon rates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Hydraulic fracturing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt; services&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; the revenue is recognized considering output methods, in particular surveys of service completion provided by the customer.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Revenue from providing services is recognized over time in the accounting period in which the services are rendered.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 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; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Other revenues earned by Tenaris are recognized on the following basis:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -19.15pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Net income from other sales: when control is transferred to the customer.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt; </ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory contextRef="D20241231" id="Tag3407">
&lt;h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;T&#160; &#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;Cost of sales and &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;other selling expenses&lt;/span&gt;&lt;/h4&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Cost of sales and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;other selling&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;expenses are recognized in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Consolidated I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncome &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;tatement on the accrual basis of accounting.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Commissions, freight&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;and other selling expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, including shipping and handling costs, &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;recorded&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;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;elling, general and administrative expense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Consolidated I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncome &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;tatement&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:DescriptionOfAccountingPolicyForExpensesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="D20241231" id="Tag3254">
&lt;h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;U&#160; &#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;Earnings per share&lt;/span&gt;&lt;/h4&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;the shareholders&#x2019; equity&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;by the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;monthly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;weighted average number of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;common&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;outstanding&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;period&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-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;There are no dilutive potential ordinary shares.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
    <ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares
      contextRef="D20241231"
      decimals="0"
      id="Tag2525"
      unitRef="Shares">0</ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="D20241231" id="Tag5">
&lt;h4 style="font-size: 10pt; font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;V&#160; &#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;F&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;inancial instruments&lt;/span&gt; &lt;/h4&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Non&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;derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;contract assets, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;trade and other receivables, cash and cash equivalents, borrowing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s and trade and other payables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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 Company classifies its financial instruments according to the following measurement categories:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-size: 10pt; font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -6.15pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 -6.15pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;those to be measured at amortised cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; 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 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="font-size: 10pt; 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: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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="font-size: 10pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none; text-align: justify;"&gt;
 &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&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. Th&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;span&gt;re are &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;three&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&gt; measurement categories into which the Company classifies its debt instruments:&lt;/span&gt;&lt;/div&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Amortized Cost&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; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;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; line-height: inherit;"&gt;tatement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Fair value through oth&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;er comprehensive income&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; 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. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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; font-style: italic; line-height: inherit;"&gt;Fai&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;r value through profit and loss&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; 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="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;quity instruments are subsequently measured at fair value.&lt;/span&gt; &lt;/p&gt;
&lt;p style="font-size: 10pt; 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; 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;Accounting for derivative financial instruments and hedging act&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ivities is included within the s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ection III, Financial Risk Management.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
    <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="D20241231" id="Tag3351">
&lt;div style="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'; color: #cc0066; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"&gt;iii&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; color: #cc0066; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"&gt;. Financial risk management&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; 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;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="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="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="font-family: 'times new roman', times; 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="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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="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;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;4&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;3&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="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; 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="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;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="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;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="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;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="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;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="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;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;4&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;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="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 102px; 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: 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: 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; 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; 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; 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: 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; 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; 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: 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;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; 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-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: 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; 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; 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; line-height: inherit;"&gt; (183,985 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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; 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; width: 1%; 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (173,233 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; (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; 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; 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; 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; (40,565 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; (134,716 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; Brazilian Real / U.S. dollar &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (41,591 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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; (25,680 &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;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&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"&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 main relevant exposures correspond to:&lt;/span&gt;&lt;/p&gt;
&lt;ul style="padding-inline-start: 13px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 1.2; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Euro / U.S. dollar&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt 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;4&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;3&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;1.8&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;2.0&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;4&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;3&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="padding-inline-start: 13px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Saudi Arabian Riyal / U. S. d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ollar&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt 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;4&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;3&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;ul style="padding-inline-start: 13px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"&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;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt 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, 2024 and &lt;span&gt;2023&lt;/span&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;0.4&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;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, 2024 and &lt;span&gt;2023&lt;/span&gt; respectively.&lt;/span&gt;&lt;/p&gt;
&lt;ul style="padding-inline-start: 13px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 8.42pt; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Brazilian Real / U.S. dollar&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt 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, 2024 and &lt;span&gt;2023&lt;/span&gt; consisting primarily of Brazilian Real-denominated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;liabilities&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;at certain Brazilian subsidiaries whose functional currency is the U.S. dollar. A change of &lt;span&gt;1&lt;/span&gt;% in the BRL/USD exchange rate would have generated a pre&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;-tax gain / loss of $&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 and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million as of December 31, 2024 and &lt;span&gt;2023&lt;/span&gt; respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Considering the balances held as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous &lt;span&gt;1&lt;/span&gt;% &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;favorable / unfavorable movement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;d be a pre-tax gain / loss of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5.8&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;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million due to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;foreign exchange derivative contracts), &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;which would be partially offset by changes to Tenaris&#x2019;s net equity position of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.4&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;.&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;3&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;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;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 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;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;/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; 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;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: top;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&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; 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; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; 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;2024&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;"&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-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: top; 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-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: middle;"&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;&lt;br/&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;"&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; 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; 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; 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; 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;&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;"&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-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; 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; 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; 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; 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; 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;&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;"&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: top; width: 53%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Fixed rate&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: 0px; padding-right: 0px; vertical-align: bottom; width: 15%; 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; 172,018 &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; 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; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; 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; 39% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; 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: top; width: 1%; 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; width: 15%; 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; 294,946 &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; 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; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; 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; 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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; Variable rate &lt;/span&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; 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; 265,380 &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;"&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: top; 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; line-height: inherit;"&gt; 61% &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; 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; 288,491 &lt;/span&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: top; 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; 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; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; 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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 437,398 &lt;/span&gt;&lt;/p&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; 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; font-weight: bold; line-height: inherit;"&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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; 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; font-weight: bold; line-height: inherit;"&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; 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;/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: 0px; text-align: justify; text-indent: 0px;"&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;span style="font-size: 9pt; line-height: inherit;"&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;172.0&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;162.1&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;/span&gt;&lt;/p&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: 0px; text-align: justify; text-indent: 0px;"&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: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt; b&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;een &lt;span&gt;&lt;span&gt;100&lt;/span&gt; basis points higher&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; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;then t&lt;/span&gt;he 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 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;5.5&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;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;4&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;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;.&lt;/span&gt; &lt;/p&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: 0px; text-align: justify; text-indent: 0px;"&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; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;basis &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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: 0px; text-align: justify; text-indent: 0px;"&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-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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;from&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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: 0px; text-align: justify; text-indent: 0px;"&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-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;There is no concentration of credit risk and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="-sec-ix-hidden:Tag3435"&gt;no&lt;/span&gt; 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;4&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;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: 0px; text-align: justify; text-indent: 0px;"&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-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 Petr&#xf3;leos 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 its 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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;approximately 17&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, 202&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;,&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;approximately 20% of the Company&#x2019;s overall credit exposure as of 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;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 December 2024, Pemex issued senior guaranteed floating rate notes due in &lt;span&gt;2025&lt;/span&gt; that a financial institution purchased on the issue date, with Pemex agreeing to use a portion of the proceeds from the sale of such notes to pay off outstanding debt with &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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Company&#x2019;s Mexican subsidiar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; for approximately $200 million. The fee related to this transaction, amounting&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to approximately to $16 million, was borne by the Company and included in&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other financial results&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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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-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;4&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;1,907.5&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;208.5&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;79.8&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;395.5&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;33.6&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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;48.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; trade receivables amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2,480.9&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 &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;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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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;91.4%&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;4&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;90.8%&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;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;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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-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;4&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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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-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) were &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; and &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; 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;4&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;3&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: 0px; text-align: justify; text-indent: 0px;"&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-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: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;maturity of l&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ess than&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;three months&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;at the&lt;/span&gt; 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;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-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&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;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: 0px; text-align: justify; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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;4&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;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;, 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;93%&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;94%&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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0px;"&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&#160;one year, 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;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: 0px; text-align: justify; text-indent: 0px;"&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="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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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-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;/span&gt;&lt;/p&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: 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;4&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;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: 0px; text-align: justify; text-indent: 0px;"&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: 553px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 20px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 23.9291%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle"&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: 8pt; font-weight: bold; line-height: inherit;"&gt; Carrying amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"&gt; Measurement Categories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; 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; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !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: 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: 0px; padding-right: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 23.9291%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"&gt; Amortized Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"&gt; FVOCI &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"&gt; FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 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: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; width: 23.9291%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.47275%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&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; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 675,256 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 320,212 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 355,044 &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 355,044 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,372,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 722,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,273,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 376,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,650,671 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 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; line-height: 1.1;"&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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"&gt; 722,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"&gt; 722,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 582,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 582,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 130,034 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 130,034 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 10,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 10,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 0px 0px 0px 7px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit; margin: 0pt 0pt 0pt 8.7pt;"&gt; Bonds and other fixed 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; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 1,273,673 &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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 1,273,673 &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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/span&gt;&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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 1,273,673 &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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/span&gt;&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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 645,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 645,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 645,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/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; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 31,383 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 31,383 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 31,383 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/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; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 586,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 586,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 586,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/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; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 10,220 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 10,220 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 10,220 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;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; width: 1.4771%;"&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: 0px 0px 0px 7px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&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; Mutual Fund &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 376,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 376,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 376,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/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; width: 1.4771%; border-bottom-color: #000000 !important;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,484 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,484 &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,484 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,005,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 140,292 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 857,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,049 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 857,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,049 &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; width: 1.4771%;"&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: top; height: 10px;"&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; Bonds and other fixed 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; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 857,959 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 857,959 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 857,959 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: top; height: 10px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 8.7pt; line-height: 1.1;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 140,292 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 140,292 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: top; height: 10px;"&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; Other investments &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; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 7,049 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 7,049 &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 7,049 &lt;/span&gt;&lt;/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: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,907,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,907,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 435,973 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 191,058 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: top; height: 10px;"&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; Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 191,058 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 191,058 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 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; Other receivables (non-financial) &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; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 244,915 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 3,281,397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 2,131,632 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 746,575 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.47275%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 2,863,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 7,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 7,049 &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;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; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 880,261 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 880,261 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 887,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 31,985 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 243,264 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 243,264 &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; width: 1.4771%;"&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: top; height: 10px;"&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;Other liabilities&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; 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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 275,249 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 31,985 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 243,264 &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 243,264 &lt;/span&gt;&lt;/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: 1.4771%;"&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: top; height: 10px;"&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; Other liabilities (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 612,277 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 144,926 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 144,926 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 8,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 8,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 8,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 1,494,570 &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 251,564 &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 8,300 &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 243,264 &lt;/span&gt;&lt;/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-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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;/div&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&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; font-size: 9pt;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Includes liability related to share buyback program. See note &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 Financial Statements.&lt;/span&gt;&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-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;Certain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.&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; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Due to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; (including contract assets)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, other financial liabilities and other investments are considered to be similar to their fair values.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
 &lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&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: 550px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 20px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 23.9291%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle"&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: 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: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; Measurement Categories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0488%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; Amortized Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; FVOCI &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; width: 23.9291%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; width: 1.47275%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&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: 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; line-height: 1.1;"&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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" 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: 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; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" 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; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&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; Mutual Fund &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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; Bonds and other fixed 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; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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; Other receivables &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; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 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; Other receivables (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other liabilties C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 693,913 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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;Other liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; 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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"&gt; 86,240 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"&gt; 86,240 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"&gt; 86,240 &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; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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; Other liabilities (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"&gt; 607,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 1.2; margin: 0px; text-indent: 0px;"&gt; &lt;br/&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;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Includes liability related to share buyback program. See note &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 Financial Statements.&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: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;Certain non-financial assets and liabilities were included in the above table to allow reconciliation with the Statements of Financial Position.&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; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Due to their short time nature, the carrying amounts of trade receivables, trade payables, other financial receivables&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; (including contract assets)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, other financial liabilities and other investments are considered to be similar to their fair values.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;

&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; 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: 0px; text-indent: 0px;"&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-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: 0px; text-indent: 0px;"&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-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;&#160;three months&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: 0px; text-indent: 0px;"&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-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 are not based on observable market data, the instruments are included in Level &lt;span&gt;3&lt;/span&gt;. The Company values its assets and liabilities in this level using 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 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;4&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;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, main balances in this level included a liability related to the shares to be settled under the share buyback program. Unobservable inputs related to this balance include assumptions regarding average purchase prices of previous periods, and management's past experience related to the conclusion of the share buy-back program itself. A reasonable change in the inputs used would not affect the fair value of the liability materially. &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;35&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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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: 104px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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: 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; 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; 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; 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-align: center; 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;br/&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; 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: 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; 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-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; width: 77%; 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; 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%; 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; 7,411 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 54,987 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Decrease &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: 0px; padding-right: 0px; vertical-align: bottom; 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; line-height: inherit;"&gt; (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: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; 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; 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; height: 19px;"&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; 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; (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; 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; 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; height: 17px;"&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; 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; 7,049 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;/tr&gt; &lt;/tbody&gt; &lt;/table&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: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="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 style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;sale of Venezuela awards. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;6&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;/p&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: 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 table presents the changes in Level &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;liabilities&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: 0px; text-align: justify; text-indent: 0px;"&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 style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 22.1566%;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;"&gt;
&lt;p style="margin: 0px; text-align: center; 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;br/&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; width: 10.0443%;"&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;2024&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; width: 1.03397%;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.03397%;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0443%;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; 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; 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%; 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; 86,240 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; 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; width: 1.03397%; 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; width: 10.0443%; 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; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;"&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; Settlement of share buy back program liability &lt;/span&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; (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; width: 1.03397%;"&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; 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; width: 76.9572%;"&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; Increase in share buyback program liability &lt;/span&gt;&lt;/p&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: 10.0443%;"&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; 243,264 &lt;/span&gt;&lt;/p&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: 1.03397%;"&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; 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; 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; 86,240 &lt;/span&gt;&lt;/p&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: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;"&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 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold; line-height: inherit;"&gt; 243,264 &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; border-top-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: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-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: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-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: 10.0443%;"&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; 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; border-top-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: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&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: 0px; text-align: justify; text-indent: 0px;"&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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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-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: 0px; text-align: justify; text-indent: 0px;"&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-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Borrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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; line-height: inherit;"&gt; of its main &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; 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;98.3%&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;99.8%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of its carrying amount (including interests accrued) in &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; 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;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; respectively. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting cash flows.&lt;/span&gt;&lt;/p&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: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The carrying amount of investments &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;recognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; at amortized cost approximates its fair value.&lt;/span&gt;&lt;/p&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: 0px; text-align: justify; text-indent: 0px;"&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: 0px; text-align: justify; text-indent: 0px;"&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-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; uses derivative financial instruments principally to manage its exposure to fluctuations in exchange rates&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; prices of raw materials. Derivative financial instruments are classified as current or non-current assets or liabilities based on their maturity dates. &lt;/span&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&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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enaris uses market prices or spec&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ific tools for calculation of each instrument&#x2019;s fair value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, these tools are tested &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Gains or losses arising from changes in fair value of derivatives are recognized &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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, except for derivatives that are designated and qualify for hedge accounting.&lt;/span&gt; &lt;br/&gt;&lt;/p&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: 0px; text-align: justify; text-indent: 0px;"&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="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: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For transactions designated and qualifying for hedge accounting, Tenaris 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 undertaking various hedge transactions. 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 the fair value or cash flow of hedged items. At December 31, 202&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; 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;3&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 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 amounted 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;0.6&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;debit&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;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; respectively.&lt;/span&gt;&lt;/p&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: 0px; text-align: justify; text-indent: 0px;"&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 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 are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;disclosed in note&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;/p&gt; &lt;/div&gt; </ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
    <ts:DebtToEquityRatio
      contextRef="I20231231"
      decimals="2"
      id="Tag3437"
      unitRef="Pure">0.03</ts:DebtToEquityRatio>
    <ts:DebtToEquityRatio
      contextRef="I20241231"
      decimals="2"
      id="Tag345"
      unitRef="Pure">0.03</ts:DebtToEquityRatio>
    <ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory contextRef="D20241231" id="Tag3263">
&lt;table cellpadding="0" cellspacing="0" style="height: 102px; 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: 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: 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; 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; 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; 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: 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; 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; 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: 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;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; 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-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: 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; 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; 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; line-height: inherit;"&gt; (183,985 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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; 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; width: 1%; 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (173,233 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; (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; 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; 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; 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; (40,565 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; (134,716 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; Brazilian Real / U.S. dollar &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (41,591 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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; (25,680 &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;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_EuroUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag675"
      unitRef="USD">-183985000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_EuroUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag119"
      unitRef="USD">-203608000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_SaudiArabianRiyalUsDollarExchangeRiskMember"
      decimals="-3"
      id="Tag231"
      unitRef="USD">-173233000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_SaudiArabianRiyalUsDollarExchangeRiskMember"
      decimals="-3"
      id="Tag363"
      unitRef="USD">-181931000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_ArgentinePesoUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag391"
      unitRef="USD">-40565000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_ArgentinePesoUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag630"
      unitRef="USD">-134716000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_BrazilianRealUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag720"
      unitRef="USD">-41591000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_BrazilianRealUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag418"
      unitRef="USD">-25680000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_OnePercentChangeEuroUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag386"
      unitRef="USD">1800000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeEuroUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag385"
      unitRef="USD">2000000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag712"
      unitRef="USD">400000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag107"
      unitRef="USD">1300000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag239"
      unitRef="USD">400000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag574"
      unitRef="USD">300000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag495"
      unitRef="USD">5800000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_ForeignExchangeDerivativesContractsMember"
      decimals="-5"
      id="Tag565"
      unitRef="USD">1500000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:CTAForeignExchangeRiskCurrencyExposure
      contextRef="D20241231"
      decimals="-5"
      id="Tag3232"
      unitRef="USD">1400000</ts:CTAForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag661"
      unitRef="USD">6700000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_ForeignExchangeDerivativesContractsMember"
      decimals="-5"
      id="Tag570"
      unitRef="USD">2300000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:CTAForeignExchangeRiskCurrencyExposure
      contextRef="D20231231"
      decimals="-5"
      id="Tag187"
      unitRef="USD">1100000</ts:CTAForeignExchangeRiskCurrencyExposure>
    <ts:PercentageOfVariance
      contextRef="D20241231_CurrencyRiskMember"
      decimals="2"
      id="Tag366"
      unitRef="Pure">0.01</ts:PercentageOfVariance>
    <ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory contextRef="D20241231" id="Tag70">
&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;" 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: top;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&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; 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; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; 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;2024&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;"&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-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: top; 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-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: middle;"&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;&lt;br/&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;"&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; 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; 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; 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; 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;&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;"&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-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; 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; 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; 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; 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; 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;&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;"&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: top; width: 53%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Fixed rate&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: 0px; padding-right: 0px; vertical-align: bottom; width: 15%; 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; 172,018 &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; 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; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; 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; 39% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; 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: top; width: 1%; 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; width: 15%; 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; 294,946 &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; 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; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 5%; 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; 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; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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; Variable rate &lt;/span&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; 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; 265,380 &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;"&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: top; 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; line-height: inherit;"&gt; 61% &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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; 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; 288,491 &lt;/span&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: top; 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; 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; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; 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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 437,398 &lt;/span&gt;&lt;/p&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; 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; font-weight: bold; line-height: inherit;"&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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; 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; font-weight: bold; line-height: inherit;"&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; 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;/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: 0px; text-align: justify; text-indent: 0px;"&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;span style="font-size: 9pt; line-height: inherit;"&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;172.0&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;162.1&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;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory>
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    <ifrs-full:Borrowings
      contextRef="I20241231_FloatingInterestRateMember"
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      contextRef="I20241231_FloatingInterestRateMember"
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      id="Tag721"
      unitRef="Pure">0.61</ts:ConcentrationRiskPercentage>
    <ifrs-full:Borrowings
      contextRef="I20231231_FloatingInterestRateMember"
      decimals="-3"
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    <ts:ConcentrationRiskPercentage
      contextRef="I20231231_FloatingInterestRateMember"
      decimals="2"
      id="Tag638"
      unitRef="Pure">0.49</ts:ConcentrationRiskPercentage>
    <ifrs-full:Borrowings
      contextRef="I20241231"
      decimals="-3"
      id="Tag491"
      unitRef="USD">437398000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231"
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      id="Tag421"
      unitRef="USD">583437000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20241231_FixedInterestRateMember"
      decimals="-5"
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      unitRef="USD">172000000</ifrs-full:Borrowings>
    <ifrs-full:ShorttermBorrowings
      contextRef="I20241231_FixedInterestRateMember"
      decimals="-5"
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      unitRef="USD">162100000</ifrs-full:ShorttermBorrowings>
    <ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher
      contextRef="D20241231"
      decimals="-5"
      id="Tag3233"
      unitRef="USD">5500000</ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher>
    <ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher
      contextRef="D20231231"
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      id="Tag3255"
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      id="Tag3477"
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      contextRef="D20231231"
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      id="Tag3438"
      unitRef="Pure">0.10</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20241231"
      decimals="2"
      id="Tag3210"
      unitRef="Pure">0.10</ifrs-full:PercentageOfEntitysRevenue>
    <ts:ConcentrationRiskPercentage
      contextRef="I20241231_CounterpartyRiskMember_PetroleosMexicanosMember"
      decimals="2"
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    <ts:ConcentrationRiskPercentage
      contextRef="I20231231_CounterpartyRiskMember_PetroleosMexicanosMember"
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    <ts:CollectionFromThirdParty
      contextRef="D20241231_PetroleosMexicanosMember"
      decimals="-6"
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    <ts:CollectionTransactionFee
      contextRef="D20241231_PetroleosMexicanosMember"
      decimals="-6"
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      unitRef="USD">16000000</ts:CollectionTransactionFee>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20241231"
      decimals="-5"
      id="Tag165"
      unitRef="USD">1907500000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20241231_GuaranteesUnderCreditInsuranceMember"
      decimals="-5"
      id="Tag487"
      unitRef="USD">208500000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20241231_LetterOfCreditAndOtherBankGuaranteesMember"
      decimals="-5"
      id="Tag577"
      unitRef="USD">79800000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20241231_PastDueMember"
      decimals="-5"
      id="Tag644"
      unitRef="USD">395500000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20241231_FinancialGuaranteeContractsMember_PastDueMember"
      decimals="-5"
      id="Tag672"
      unitRef="USD">33600000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20241231_AllowanceForDoubtfulAccountsTradeReceivablesMember"
      decimals="-5"
      id="Tag118"
      unitRef="USD">48100000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231"
      decimals="-5"
      id="Tag236"
      unitRef="USD">2480900000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_GuaranteesUnderCreditInsuranceMember"
      decimals="-5"
      id="Tag237"
      unitRef="USD">212700000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_LetterOfCreditAndOtherBankGuaranteesMember"
      decimals="-5"
      id="Tag460"
      unitRef="USD">48400000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_PastDueMember"
      decimals="-5"
      id="Tag627"
      unitRef="USD">679600000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_FinancialGuaranteeContractsMember_PastDueMember"
      decimals="-5"
      id="Tag398"
      unitRef="USD">24400000</ifrs-full:CurrentTradeReceivables>
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      contextRef="I20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember"
      decimals="-5"
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      unitRef="USD">49000000</ifrs-full:CurrentTradeReceivables>
    <ts:ExposureInvestmentGradeRatedInstruments
      contextRef="I20241231"
      decimals="3"
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      unitRef="Pure">0.914</ts:ExposureInvestmentGradeRatedInstruments>
    <ts:ExposureInvestmentGradeRatedInstruments
      contextRef="I20231231"
      decimals="3"
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    <ts:LiquidFinancialAssetsPercentage
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      id="Tag659"
      unitRef="Pure">0.20</ts:LiquidFinancialAssetsPercentage>
    <ts:LiquidFinancialAssetsPercentage
      contextRef="I20231231"
      decimals="2"
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      unitRef="Pure">0.19</ts:LiquidFinancialAssetsPercentage>
    <ts:MaximumMaturityPeriodOfCashAndCashEquivalents contextRef="D20241231_LiquidityRiskMember" id="Tag714">P3M</ts:MaximumMaturityPeriodOfCashAndCashEquivalents>
    <ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency
      contextRef="I20241231_OtherCurrenciesHedgedToUSDollarMember"
      decimals="2"
      id="Tag618"
      unitRef="Pure">0.93</ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency>
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      contextRef="I20231231_OtherCurrenciesHedgedToUSDollarMember"
      decimals="2"
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      unitRef="Pure">0.94</ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency>
    <ts:MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature
      contextRef="D20241231_CommodityPriceRiskMember"
      id="Tag3243">P1Y</ts:MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature>
    <ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory contextRef="D20241231" id="Tag3349">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 553px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 20px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 23.9291%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle"&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: 8pt; font-weight: bold; line-height: inherit;"&gt; Carrying amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"&gt; Measurement Categories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; 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; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !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: 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: 0px; padding-right: 0px; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 23.9291%;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"&gt; Amortized Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"&gt; FVOCI &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 8pt; font-weight: bold; line-height: inherit;"&gt; FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !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: 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: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; width: 23.9291%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.47275%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; background-color: #cceeff; 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: 8pt; line-height: inherit;"&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; height: 17px; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 675,256 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 320,212 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 355,044 &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 355,044 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,372,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 722,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,273,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 376,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,650,671 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 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; line-height: 1.1;"&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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"&gt; 722,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 8pt; font-style: italic; line-height: inherit;"&gt; 722,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; vertical-align: bottom; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; vertical-align: bottom; 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 582,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 582,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 130,034 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 130,034 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 10,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 10,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 0px 0px 0px 7px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit; margin: 0pt 0pt 0pt 8.7pt;"&gt; Bonds and other fixed 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; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 1,273,673 &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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 1,273,673 &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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/span&gt;&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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 1,273,673 &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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/span&gt;&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; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 645,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 645,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 645,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/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; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 31,383 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 31,383 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 31,383 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/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; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 586,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 586,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 586,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;/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; width: 1.4771%;"&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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 10,220 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 10,220 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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; 10,220 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;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; width: 1.4771%;"&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: 0px 0px 0px 7px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&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; Mutual Fund &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 376,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 376,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 376,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/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; width: 1.4771%; border-bottom-color: #000000 !important;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,484 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,484 &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,484 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,005,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 140,292 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 857,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,049 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 857,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,049 &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; width: 1.4771%;"&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: top; height: 10px;"&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; Bonds and other fixed 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; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 857,959 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 857,959 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 857,959 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: top; height: 10px;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 8.7pt; line-height: 1.1;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 140,292 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 140,292 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: top; height: 10px;"&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; Other investments &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; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 7,049 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 7,049 &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 7,049 &lt;/span&gt;&lt;/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: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,907,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,907,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 435,973 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 191,058 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 10px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: top; height: 10px;"&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; Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 191,058 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 191,058 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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: 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; Other receivables (non-financial) &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; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 244,915 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 3,281,397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 2,131,632 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 746,575 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.47275%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 2,863,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 7,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; 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; width: 1.4771%; border-top-color: #000000 !important; 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; 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; width: 1.03397%; border-top-color: #000000 !important; 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; 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; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 7,049 &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;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; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 880,261 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 880,261 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 887,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 31,985 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 243,264 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 243,264 &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; width: 1.4771%;"&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: top; height: 10px;"&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;Other liabilities&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; 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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 275,249 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 31,985 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 243,264 &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 243,264 &lt;/span&gt;&lt;/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: 1.4771%;"&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: top; height: 10px;"&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; Other liabilities (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; 612,277 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 144,926 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 144,926 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 8,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 8,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 8,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 1,494,570 &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 251,564 &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 8,300 &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; 243,264 &lt;/span&gt;&lt;/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-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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;/div&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&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; font-size: 9pt;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Includes liability related to share buyback program. See note &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 Financial Statements.&lt;/span&gt;&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;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 550px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 20px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; margin: 0px; text-indent: 0px; width: 23.9291%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: #000000 !important; width: 9.01034%;" valign="middle"&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: 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: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 30px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03397%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0532%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; Measurement Categories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; height: 20px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 32.0488%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 0px; padding-right: 0px; vertical-align: middle; height: 20px; 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; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; Amortized Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; FVOCI &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; width: 23.9291%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; height: 17px; width: 1.4771%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 1.03397%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; width: 1.47275%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1.03397%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 9.01034%; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 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; width: 1.4771%; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&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: 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; line-height: 1.1;"&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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" 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: 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; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 0px 0px 0px 29px; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; line-height: inherit;"&gt; - &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; width: 1.4771%; vertical-align: bottom;" 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; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&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; Mutual Fund &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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; Bonds and other fixed 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; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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; Other receivables &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; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: 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; Other receivables (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.47275%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; 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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other liabilties C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 693,913 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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;Other liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-style: italic; 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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"&gt; 86,240 &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; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"&gt; 86,240 &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; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"&gt; 86,240 &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; width: 1.4771%; vertical-align: bottom;" 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: top; height: 10px;"&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; Other liabilities (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 8pt; font-style: italic; line-height: inherit;"&gt; 607,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; margin: 0px; text-indent: 0px; width: 23.9291%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.47275%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.03397%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.01034%; vertical-align: bottom;" 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: 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; height: 17px; margin: 0px; text-indent: 0px; width: 1.4771%; vertical-align: bottom;" 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 23.9291%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4771%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; 97,390 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.03397%; border-top-color: #000000 !important; 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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 9.01034%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 8pt; font-weight: bold; line-height: inherit;"&gt; 86,240 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
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&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
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&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;2024&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; 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-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; width: 77%; 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; 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%; 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; 7,411 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 54,987 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Decrease &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: 0px; padding-right: 0px; vertical-align: bottom; 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; line-height: inherit;"&gt; (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: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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; 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; 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; height: 19px;"&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; 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; (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; 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; 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; height: 17px;"&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; 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; 7,049 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;/tr&gt; &lt;/tbody&gt; &lt;/table&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: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="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 style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;sale of Venezuela awards. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;6&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;/p&gt; </ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory>
    <ifrs-full:FinancialAssets
      contextRef="I20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag95"
      unitRef="USD">7411000</ifrs-full:FinancialAssets>
    <ifrs-full:FinancialAssets
      contextRef="I20221231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag400"
      unitRef="USD">54987000</ifrs-full:FinancialAssets>
    <ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets
      contextRef="D20241231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag215"
      unitRef="USD">-185000</ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets>
    <ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets
      contextRef="D20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag189"
      unitRef="USD">-47467000</ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets>
    <ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets
      contextRef="D20241231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag387"
      unitRef="USD">-177000</ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets>
    <ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets
      contextRef="D20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag161"
      unitRef="USD">-109000</ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets>
    <ifrs-full:FinancialAssets
      contextRef="I20241231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag429"
      unitRef="USD">7049000</ifrs-full:FinancialAssets>
    <ifrs-full:FinancialAssets
      contextRef="I20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag433"
      unitRef="USD">7411000</ifrs-full:FinancialAssets>
    <ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory contextRef="D20241231" id="Tag3265">
&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 style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 22.1566%;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;"&gt;
&lt;p style="margin: 0px; text-align: center; 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;br/&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; width: 10.0443%;"&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;2024&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; width: 1.03397%;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.03397%;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0443%;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; 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; 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%; 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; 86,240 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; 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; width: 1.03397%; 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; width: 10.0443%; 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; width: 1.4771%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;"&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; Settlement of share buy back program liability &lt;/span&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; (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; width: 1.03397%;"&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; 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; width: 76.9572%;"&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; Increase in share buyback program liability &lt;/span&gt;&lt;/p&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: 10.0443%;"&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; 243,264 &lt;/span&gt;&lt;/p&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: 1.03397%;"&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; 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; 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; 86,240 &lt;/span&gt;&lt;/p&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: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 76.9572%;"&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 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold; line-height: inherit;"&gt; 243,264 &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; border-top-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: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-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: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-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: 10.0443%;"&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; 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; border-top-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: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory>
    <ifrs-full:FinancialLiabilities
      contextRef="I20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag405"
      unitRef="USD">86240000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="I20221231_Level3OfFairValueHierarchyMember"
      id="Tag160"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:SettlementOfShareBuyBackProgramLiability
      contextRef="D20241231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag700"
      unitRef="USD">86240000</ts:SettlementOfShareBuyBackProgramLiability>
    <ts:SettlementOfShareBuyBackProgramLiability
      contextRef="D20231231_Level3OfFairValueHierarchyMember"
      id="Tag344"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:IncreaseDecreaseInShareBuybackProgramLiability
      contextRef="D20241231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag469"
      unitRef="USD">243264000</ts:IncreaseDecreaseInShareBuybackProgramLiability>
    <ts:IncreaseDecreaseInShareBuybackProgramLiability
      contextRef="D20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag106"
      unitRef="USD">86240000</ts:IncreaseDecreaseInShareBuybackProgramLiability>
    <ifrs-full:FinancialLiabilities
      contextRef="I20241231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag374"
      unitRef="USD">243264000</ifrs-full:FinancialLiabilities>
    <ifrs-full:FinancialLiabilities
      contextRef="I20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag99"
      unitRef="USD">86240000</ifrs-full:FinancialLiabilities>
    <ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue
      contextRef="I20241231"
      decimals="3"
      id="Tag193"
      unitRef="Pure">0.983</ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue>
    <ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue
      contextRef="I20231231"
      decimals="3"
      id="Tag411"
      unitRef="Pure">0.998</ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue>
    <ifrs-full:ReserveOfCashFlowHedges
      contextRef="I20241231"
      decimals="-5"
      id="Tag699"
      unitRef="USD">-600000</ifrs-full:ReserveOfCashFlowHedges>
    <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges
      contextRef="I20231231"
      decimals="-5"
      id="Tag123"
      unitRef="USD">8100000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
    <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory contextRef="D20241231" id="Tag3256">
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;I&lt;/span&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;V. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS&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 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&gt;1&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;&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;&#160; &#160; &#160;&lt;/span&gt;Segment information&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: 1.2; margin: 0pt; text-align: justify;"&gt;As mentione&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d in sectio&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;n II.&lt;/span&gt;&lt;span&gt;C&lt;/span&gt;&lt;span&gt;, the &lt;/span&gt;&lt;span&gt;S&lt;/span&gt;&lt;span&gt;egment &lt;/span&gt;&lt;span&gt;I&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; 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;nformation is disclo&lt;/span&gt;sed as follow&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;/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;Reportable operating segments&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: 8pt; line-height: inherit;"&gt;(All amounts in millions of U.S. dollars&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; 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: 8pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-right: none; border-left: none;"&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: 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; Year ended December 31, 2024 &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; 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 &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-bottom-width: 1px; border-bottom-style: 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: 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: middle; 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; Other &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-bottom-width: 1px; border-bottom-style: 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: 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: middle; 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; 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: 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: 65%; 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: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; height: 10px; width: 10%; 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; 2,391 &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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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: 1%; 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; width: 10%; 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; 143 &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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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: 1%; 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; width: 10%; 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; 2,534 &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; border-top-width: 1px; border-top-style: solid; border-top-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: 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; 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: 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;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;"&gt;&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;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;"&gt;&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; (115 &lt;/span&gt;&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;/td&gt; &lt;/tr&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; 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; 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;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; 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; 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;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; 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; 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; (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; background-color: #cceeff; 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; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;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;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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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-top-width: 1px; border-top-style: 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; line-height: inherit;"&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; 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; &lt;/span&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; 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; 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; &lt;/span&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; 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; 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; 2,419 &lt;/span&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;tr style="height: 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; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;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;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;br/&gt;&lt;/td&gt; &lt;/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; line-height: inherit;"&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; 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; line-height: inherit;"&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; 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; 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; line-height: inherit;"&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; 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; 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; line-height: inherit;"&gt; 2,548 &lt;/span&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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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; 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-top-width: 1px; border-top-style: 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; 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; 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; &lt;/span&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; 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; 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; &lt;/span&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; 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; 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; 2,557 &lt;/span&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;tr style="height: 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; 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; line-height: inherit;"&gt; 11,907 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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-style: italic; line-height: inherit;"&gt; 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; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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-style: italic; font-weight: bold; line-height: inherit;"&gt; 12,524 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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-style: italic; line-height: inherit;"&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: 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; font-style: italic; line-height: inherit;"&gt; 580 &lt;/span&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;"&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;"&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; font-style: italic; line-height: inherit;"&gt; 53 &lt;/span&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;"&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;"&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 633 &lt;/span&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;"&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; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_ZRZXZXZIVK00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 200px; width: 100.04%; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 64.881%;"&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; 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: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;"&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 &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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"&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: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;"&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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"&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: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;"&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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.881%; 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; background-color: rgb(204, 238, 255);"&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; 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; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,337 &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; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"&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: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"&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; width: 9.97024%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; 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; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"&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: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"&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; width: 9.97024%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,466 &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; width: 1.4881%; height: 10px; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; width: 9.97024%;"&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; &lt;/span&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: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt; &lt;/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: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; width: 9.97024%;"&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; &lt;/span&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: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&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-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&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; IFRS - operating income &lt;/span&gt;&lt;/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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,316 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; width: 9.97024%;"&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; &lt;/span&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: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);"&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; 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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);"&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; font-weight: bold; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,537 &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; width: 1.4881%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 64.881%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;"&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; &lt;/span&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: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&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-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&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 &lt;/span&gt;&lt;/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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,633 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&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: 64.881%;"&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; Net Sales &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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&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: 10px; width: 1.04167%;"&gt;&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: 1.04167%;"&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; width: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&gt; 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; height: 10px; width: 1.04167%;"&gt;&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: 1.04167%;"&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; width: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&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: 10px; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);"&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; 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; width: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&gt; 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; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&gt; 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: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&gt; 549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"&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; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_8XIR2VUGS000000000000000000000b"&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; margin-left: 0.1px;" 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; 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; vertical-align: middle; 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; Tubes &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: 0px; padding-right: 0px; vertical-align: middle; 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; Other &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: 0px; padding-right: 0px; vertical-align: middle; 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; 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: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; 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; background-color: rgb(204, 238, 255);"&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; 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; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,772 &lt;/span&gt;&lt;/p&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%; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&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%; 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; background-color: rgb(204, 238, 255);"&gt;&lt;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%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&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%; 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; background-color: rgb(204, 238, 255);"&gt;&lt;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%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,847 &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; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"&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; 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: 10px; 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; &lt;/span&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;"&gt;&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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; 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; 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: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; 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; &lt;/span&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;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 74 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,963 &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-top-width: 1px; border-top-style: solid; border-top-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: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/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; line-height: inherit;"&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; 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; font-weight: bold; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; line-height: inherit;"&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: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,166 &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: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&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; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; line-height: inherit;"&gt; 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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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-style: italic; line-height: inherit;"&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; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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; line-height: inherit;"&gt; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/div&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
 &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&gt;There are no material differences between IFRS and management view in total revenues.&lt;/span&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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The differences between operating income under IFRS and the management view&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 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; line-height: inherit;"&gt; minor&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; timing differences.&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 main difference in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other operating income (expenses)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;, net&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 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; ended &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;2022&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is attributable to t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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: 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he main differences in net income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;under the IFRS and management views &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;arise from the impact of functional currencies on financial result, deferred income taxes as well as the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;equity in earnings &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of non-consolidated companies.&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="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;Following the integration of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;coating&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; activities into its Tubes segment, the Company re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;presented&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;year-to-date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; segment information amounts accordingly.&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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Geographical information&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_23VT8ZAKK000000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 343px; 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: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 40.9684%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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; North America &lt;/span&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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; South America &lt;/span&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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; Europe &lt;/span&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;Asia Pacific, Middle East and Africa &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; 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; width: 0.979325%;"&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;Unallocated &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; 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; width: 0.979325%;"&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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; margin: 0px; text-indent: 0px; 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; width: 0.979325%;"&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: 40.9684%; 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; Year ended December 31, 2024 &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; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; &lt;/span&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; &lt;/span&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: 0.979325%; height: 10px; 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: 40.9684%;"&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; 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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,558,769 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,621,581 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,262,458 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,081,126 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,523,934 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&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, 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,578,293 &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; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,257,345 &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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 832,443 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 453,390 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,121,471 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Intangible Assets, 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; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,117,314 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 177,934 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,602 &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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,357,749 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Right of Use Assets, 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 65,105 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,255 &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; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 28,242 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,266 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 148,868 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Investments 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; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,543,657 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,543,657 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&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; 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: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;"&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; &lt;/span&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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&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; 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,765,130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,382,495 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,175,581 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,545,654 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14,868,860 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&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, 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; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,676,352 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,143,752 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 794,242 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 463,833 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,078,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Intangible Assets, 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,126,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 166,450 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,580 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 61,306 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,377,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Right of Use Assets, 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; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 50,128 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,241 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 24,832 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,937 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 132,138 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Investments 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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,608,804 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,608,804 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&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; 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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;"&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; &lt;/span&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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&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; 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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,902,787 &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; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,550,402 &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: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,000,833 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,308,504 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,762,526 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&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, 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,548,844 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,031,423 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 706,539 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 269,457 &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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,556,263 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Intangible Assets, 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; width: 7.99782%; text-align: right;"&gt;
&lt;p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,102,265 &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: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 147,102 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,598 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 75,543 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%; text-align: right;"&gt;
&lt;p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Right of Use Assets, 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; background-color: #cceeff; width: 7.99782%; text-align: right;"&gt;
&lt;p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 37,022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,141 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 15,208 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,370 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%; text-align: right;"&gt;
&lt;p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 111,741 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Investments 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; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&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;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Starting on January 1, 2023, Asia Pacific&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; Middle East and Africa &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;areas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; were merged in a single geographical &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;area&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="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;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;"&gt;(*&lt;/span&gt;&lt;/sup&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;"&gt;*&lt;/span&gt;&lt;/sup&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;"&gt;) &lt;/span&gt;&lt;/sup&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the years &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;202&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;4&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 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 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; includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;Investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;s in non-consolidated companies&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;See 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;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;o these Consolidated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Financial Statements&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="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;There are no revenues from external customers attributable to the Company&#x2019;s country of incorporation (Luxembourg).&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The principal countries from which the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ompany derives its &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;revenues are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USA&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;32%&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;Argentina&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;12%&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;Saudi Arabia, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Canada, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Mexico &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;Brazil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (each less than 10%)&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&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
 &lt;span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;As of December 31, 2024, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; and &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; non-current assets comprising property, plant and equipment, intangible assets and right of use assets attributable to the Company&#x2019;s country of incorporation (Luxembourg) amounted to $&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;15.6&lt;/span&gt; &lt;span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;million, $&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;10.7&lt;/span&gt; &lt;span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;million and $&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;2.9&lt;/span&gt;&lt;span style="text-align: justify; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million, respectively.&lt;/span&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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;30%&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;26%&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;22%&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; &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;, &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;/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;Tubes segment revenues by market:&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="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;(All amounts in millions of U.S. dollars)&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;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; margin-left: 0.1px;" 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; Revenues Tubes &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: 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;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; 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;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: 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; border-top-width: 1px; border-top-style: solid; border-top-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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; border-top-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;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: 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"&gt; 10,689 &lt;/span&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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"&gt; 12,488 &lt;/span&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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"&gt; 9,543 &lt;/span&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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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: 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; line-height: inherit;"&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; 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; 670 &lt;/span&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; line-height: inherit;"&gt; 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; 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; line-height: inherit;"&gt; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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 &lt;/span&gt;&lt;/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; 11,907 &lt;/span&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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 14,185 &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; border-top-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-top-width: 1px; border-top-style: solid; border-top-color: #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; 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; border-top-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: 1.2; margin: 0pt; text-align: justify;"&gt; &lt;br/&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;The table above i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nclude&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; revenues from services performed on third party tubes of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;483.5&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;164.8&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;108.3&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;the years &lt;/span&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;2023&lt;/span&gt; and &lt;span&gt;2022&lt;/span&gt;, respectively.&lt;/span&gt;&lt;br/&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;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s 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;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;4&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;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the Company recognized contract liabilities related to customer&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; advances in the amount 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;206.2&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; 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;263.7&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;, respectively. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Contract liabilities represent obligations to perform services or deliver products in the future for cash considerations that have been received from customers.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Each of 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;se&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; amounts &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 rec&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ognized as&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; revenues during the subsequent 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;. In these periods, no significant adjustment&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; in revenues were performed related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;previously satisfied &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;performance obligations.&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="margin: 0pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 2024&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;2023&lt;/span&gt;, the Company recognized contract assets related to unbilled revenues in the amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;50.8&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;including $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;14.2&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 related parties)&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;47.5&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;Contract assets arise from revenue earned for goods or services that is not yet billable to &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; customer&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;/p&gt; </ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
    <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="D20241231" id="Tag2">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-right: none; border-left: none;"&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: 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; Year ended December 31, 2024 &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; 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 &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-bottom-width: 1px; border-bottom-style: 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: 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: middle; 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; Other &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-bottom-width: 1px; border-bottom-style: 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: 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: middle; 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; 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: 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: 65%; 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: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; height: 10px; width: 10%; 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; 2,391 &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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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: 1%; 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; width: 10%; 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; 143 &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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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: 1%; 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; width: 10%; 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; 2,534 &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; border-top-width: 1px; border-top-style: solid; border-top-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: 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; 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: 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;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;"&gt;&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;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;"&gt;&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; (115 &lt;/span&gt;&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;/td&gt; &lt;/tr&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; 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; 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;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; 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; 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;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; 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; 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; (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; background-color: #cceeff; 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; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;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;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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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-top-width: 1px; border-top-style: 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; line-height: inherit;"&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; 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; &lt;/span&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; 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; 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; &lt;/span&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; 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; 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; 2,419 &lt;/span&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;tr style="height: 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; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;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;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;br/&gt;&lt;/td&gt; &lt;/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; line-height: inherit;"&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; 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; line-height: inherit;"&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; 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; 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; line-height: inherit;"&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; 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; 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; line-height: inherit;"&gt; 2,548 &lt;/span&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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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; 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-top-width: 1px; border-top-style: 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; 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; 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; &lt;/span&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; 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; 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; &lt;/span&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; 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; 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; 2,557 &lt;/span&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;tr style="height: 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; 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; line-height: inherit;"&gt; 11,907 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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-style: italic; line-height: inherit;"&gt; 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; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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-style: italic; font-weight: bold; line-height: inherit;"&gt; 12,524 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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-style: italic; line-height: inherit;"&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: 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; font-style: italic; line-height: inherit;"&gt; 580 &lt;/span&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;"&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;"&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; font-style: italic; line-height: inherit;"&gt; 53 &lt;/span&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;"&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;"&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 633 &lt;/span&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;"&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; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_ZRZXZXZIVK00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 200px; width: 100.04%; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 64.881%;"&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; 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: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;"&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 &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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"&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: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;"&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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"&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: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.04167%;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.97024%;"&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; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.881%; 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; background-color: rgb(204, 238, 255);"&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; 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; height: 10px; margin: 0px; text-indent: 0px; width: 9.97024%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,337 &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; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"&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: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"&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; width: 9.97024%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; 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; width: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"&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: 1.04167%; height: 10px; 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; background-color: rgb(204, 238, 255);"&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; width: 9.97024%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,466 &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; width: 1.4881%; height: 10px; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; width: 9.97024%;"&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; &lt;/span&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: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt; &lt;/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: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; width: 9.97024%;"&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; &lt;/span&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: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&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-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&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; IFRS - operating income &lt;/span&gt;&lt;/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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,316 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 64.881%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; width: 9.97024%;"&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; &lt;/span&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: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);"&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; 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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%; background-color: rgb(204, 238, 255);"&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; font-weight: bold; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,537 &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; width: 1.4881%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 64.881%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 9.97024%;"&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; &lt;/span&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: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%;"&gt;&lt;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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&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-bottom-width: 1px; border-bottom-style: solid; width: 64.881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&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 &lt;/span&gt;&lt;/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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.04167%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; width: 9.97024%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,633 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; width: 1.4881%; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&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: 64.881%;"&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; Net Sales &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: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&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: 10px; width: 1.04167%;"&gt;&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: 1.04167%;"&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; width: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&gt; 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; height: 10px; width: 1.04167%;"&gt;&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: 1.04167%;"&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; width: 9.97024%;"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&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: 10px; width: 1.4881%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.881%; background-color: rgb(204, 238, 255);"&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; 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; width: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&gt; 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; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&gt; 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: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04167%; background-color: rgb(204, 238, 255);"&gt;&lt;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: 9.97024%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&gt; 549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4881%; background-color: rgb(204, 238, 255);"&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; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_8XIR2VUGS000000000000000000000b"&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; margin-left: 0.1px;" 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; 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; vertical-align: middle; 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; Tubes &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: 0px; padding-right: 0px; vertical-align: middle; 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; Other &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: 0px; padding-right: 0px; vertical-align: middle; 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; 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: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; 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; background-color: rgb(204, 238, 255);"&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; 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; height: 17px; margin: 0px; text-indent: 0px; width: 10%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,772 &lt;/span&gt;&lt;/p&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%; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&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%; 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; background-color: rgb(204, 238, 255);"&gt;&lt;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%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; 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; margin: 0px; text-indent: 0px; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&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%; 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; background-color: rgb(204, 238, 255);"&gt;&lt;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%; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,847 &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; height: 17px; width: 1%; 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; background-color: rgb(204, 238, 255);"&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; 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: 10px; 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; &lt;/span&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;"&gt;&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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; 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; 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: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; 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; &lt;/span&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;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 74 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,963 &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-top-width: 1px; border-top-style: solid; border-top-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: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/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; line-height: inherit;"&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; 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; font-weight: bold; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; line-height: inherit;"&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: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&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; &lt;/span&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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;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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,166 &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: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&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; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; line-height: inherit;"&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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
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&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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;Unallocated &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; 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; width: 0.979325%;"&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; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.979325%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 7.99782%;" 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; margin: 0px; text-indent: 0px; 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; width: 0.979325%;"&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: 40.9684%; 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; Year ended December 31, 2024 &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; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; &lt;/span&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: 0.979325%; height: 10px; background-color: #cceeff;"&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: 0.979325%; height: 10px; background-color: #cceeff;"&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; width: 7.99782%; 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; &lt;/span&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: 0.979325%; height: 10px; 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: 40.9684%;"&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; 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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,558,769 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,621,581 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,262,458 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,081,126 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,523,934 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&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, 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,578,293 &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; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,257,345 &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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 832,443 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 453,390 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,121,471 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Intangible Assets, 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; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,117,314 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 177,934 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,602 &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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,357,749 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Right of Use Assets, 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 65,105 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,255 &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; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 28,242 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,266 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 148,868 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Investments 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; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,543,657 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,543,657 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&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; 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: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;"&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; &lt;/span&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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&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; 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,765,130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,382,495 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,175,581 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,545,654 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14,868,860 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&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, 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; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,676,352 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,143,752 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 794,242 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 463,833 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,078,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Intangible Assets, 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,126,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 166,450 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,580 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 61,306 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,377,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Right of Use Assets, 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; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 50,128 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,241 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 24,832 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,937 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 132,138 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Investments 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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,608,804 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,608,804 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&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; 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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.99782%;"&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; &lt;/span&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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&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; 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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,902,787 &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; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,550,402 &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: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,000,833 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,308,504 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,762,526 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&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, 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; background-color: #cceeff; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,548,844 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,031,423 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 706,539 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 269,457 &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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,556,263 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Intangible Assets, 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; width: 7.99782%; text-align: right;"&gt;
&lt;p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,102,265 &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: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 147,102 &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; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,598 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 75,543 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%; text-align: right;"&gt;
&lt;p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Right of Use Assets, 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; background-color: #cceeff; width: 7.99782%; text-align: right;"&gt;
&lt;p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; height: 17px; line-height: 1.2; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 37,022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,141 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 15,208 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,370 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 0.979325%;"&gt;&lt;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: 7.99782%; text-align: right;"&gt;
&lt;p style="margin: 0pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 111,741 &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; background-color: #cceeff; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9684%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Investments 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; height: 17px; margin: 0px; text-indent: 0px; width: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&gt;&lt;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: 7.99782%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px; width: 0.979325%;"&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;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Starting on January 1, 2023, Asia Pacific&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; Middle East and Africa &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;areas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; were merged in a single geographical &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;area&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="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;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;"&gt;(*&lt;/span&gt;&lt;/sup&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;"&gt;*&lt;/span&gt;&lt;/sup&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; line-height: inherit;"&gt;) &lt;/span&gt;&lt;/sup&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the years &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;202&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;4&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 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 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; includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;Investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;s in non-consolidated companies&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;See 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;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;o these Consolidated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Financial Statements&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:DisclosureOfGeographicalAreasExplanatory>
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      unitRef="Pure">0.10</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20241231_LessThan10PercentMember_CA"
      decimals="2"
      id="Tag3457"
      unitRef="Pure">0.10</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20241231_SA_LessThan10PercentMember"
      decimals="2"
      id="Tag1688"
      unitRef="Pure">0.10</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:NoncurrentAssets
      contextRef="I20241231_LU"
      decimals="-5"
      id="Tag519"
      unitRef="USD">15600000</ifrs-full:NoncurrentAssets>
    <ifrs-full:NoncurrentAssets
      contextRef="I20231231_LU"
      decimals="-5"
      id="Tag518"
      unitRef="USD">10700000</ifrs-full:NoncurrentAssets>
    <ifrs-full:NoncurrentAssets
      contextRef="I20221231_LU"
      decimals="-5"
      id="Tag517"
      unitRef="USD">2900000</ifrs-full:NoncurrentAssets>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20241231_TenarisMember_GovernmentCustomersMember"
      decimals="2"
      id="Tag1698"
      unitRef="Pure">0.30</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20231231_TenarisMember_GovernmentCustomersMember"
      decimals="2"
      id="Tag1697"
      unitRef="Pure">0.26</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20221231_TenarisMember_GovernmentCustomersMember"
      decimals="2"
      id="Tag1696"
      unitRef="Pure">0.22</ifrs-full:PercentageOfEntitysRevenue>
    <ts:SegmentRevenuesByMarketExplanatory contextRef="D20241231_TubesMember" id="Tag3343">
&lt;div style="border-left: none; border-right: none;"&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; margin-left: 0.1px;" 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; Revenues Tubes &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: 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;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; 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;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: 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; border-top-width: 1px; border-top-style: solid; border-top-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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; border-top-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;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: 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"&gt; 10,689 &lt;/span&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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"&gt; 12,488 &lt;/span&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; height: 17px; margin: 0px; text-indent: 0px; 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; line-height: inherit;"&gt; 9,543 &lt;/span&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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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: 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; line-height: inherit;"&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; 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; 670 &lt;/span&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; line-height: inherit;"&gt; 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; 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; line-height: inherit;"&gt; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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 &lt;/span&gt;&lt;/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; 11,907 &lt;/span&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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 14,185 &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; border-top-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-top-width: 1px; border-top-style: solid; border-top-color: #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; 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; border-top-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; </ts:SegmentRevenuesByMarketExplanatory>
    <ifrs-full:Revenue
      contextRef="D20241231_TubesMember_OilAndNaturalGasMember"
      decimals="-6"
      id="Tag57"
      unitRef="USD">10689000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20231231_TubesMember_OilAndNaturalGasMember"
      decimals="-6"
      id="Tag56"
      unitRef="USD">12488000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember_OilAndNaturalGasMember"
      decimals="-6"
      id="Tag55"
      unitRef="USD">9543000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20241231_TubesMember_OilAndGasProcessingPlantsMember"
      decimals="-6"
      id="Tag557"
      unitRef="USD">548000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20231231_OilAndGasProcessingPlantsMember_TubesMember"
      decimals="-6"
      id="Tag556"
      unitRef="USD">818000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember_OilAndGasProcessingPlantsMember"
      decimals="-6"
      id="Tag555"
      unitRef="USD">738000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20241231_TubesMember_IndustrialAndOtherMember"
      decimals="-6"
      id="Tag554"
      unitRef="USD">670000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20231231_TubesMember_IndustrialAndOtherMember"
      decimals="-6"
      id="Tag553"
      unitRef="USD">879000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember_IndustrialAndOtherMember"
      decimals="-6"
      id="Tag2831"
      unitRef="USD">852000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20241231_TubesMember"
      decimals="-6"
      id="Tag551"
      unitRef="USD">11907000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20231231_TubesMember"
      decimals="-6"
      id="Tag550"
      unitRef="USD">14185000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember"
      decimals="-6"
      id="Tag2825"
      unitRef="USD">11133000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20241231_TubesMember_ServicesToThirdPartiesMember"
      decimals="-5"
      id="Tag508"
      unitRef="USD">483500000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20231231_TubesMember_ServicesToThirdPartiesMember"
      decimals="-5"
      id="Tag507"
      unitRef="USD">164800000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember_ServicesToThirdPartiesMember"
      decimals="-5"
      id="Tag515"
      unitRef="USD">108300000</ifrs-full:Revenue>
    <ifrs-full:ContractLiabilities
      contextRef="I20241231"
      decimals="-5"
      id="Tag1695"
      unitRef="USD">206200000</ifrs-full:ContractLiabilities>
    <ifrs-full:ContractLiabilities
      contextRef="I20231231"
      decimals="-5"
      id="Tag1694"
      unitRef="USD">263700000</ifrs-full:ContractLiabilities>
    <ifrs-full:ContractAssets
      contextRef="I20241231"
      decimals="-5"
      id="Tag1680"
      unitRef="USD">50800000</ifrs-full:ContractAssets>
    <ifrs-full:ContractAssets
      contextRef="I20241231_RelatedPartiesMember"
      decimals="-5"
      id="Tag1685"
      unitRef="USD">14200000</ifrs-full:ContractAssets>
    <ifrs-full:ContractAssets
      contextRef="I20231231"
      decimals="-5"
      id="Tag1681"
      unitRef="USD">47500000</ifrs-full:ContractAssets>
    <ifrs-full:DisclosureOfCostOfSalesExplanatory contextRef="D20241231" id="Tag3319">
&lt;p style="line-height: 1.2; 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; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;&#160; &#160; &#160;&lt;/span&gt;&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;Cost of sales&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2; text-indent: 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: 271px; 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;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&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: 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; 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: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;2024&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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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%; 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; font-weight: bold; line-height: inherit;"&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: 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; font-weight: bold; line-height: inherit;"&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: 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; font-weight: bold; line-height: inherit;"&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: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super; height: 10px; padding: 0px 7px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Change 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;/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; 52,792 &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; line-height: inherit;"&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; line-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: 10px; 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; font-weight: bold; line-height: inherit;"&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; 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; &lt;/span&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;"&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; &lt;/span&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;"&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; line-height: inherit;"&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; height: 17px; 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; line-height: inherit;"&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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,638,681 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,277,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,772,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; line-height: inherit;"&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; 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; 408,478 &lt;/span&gt;&lt;/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; 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; 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; 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; 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: top; 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; 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; line-height: inherit;"&gt; 1,454,924 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,403,546 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,160,085 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; line-height: inherit;"&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; 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; 483,535 &lt;/span&gt;&lt;/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; 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; 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; 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; 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: top; 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; 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; line-height: inherit;"&gt; 12,193 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,582 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,754 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; line-height: inherit;"&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; 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; 34,332 &lt;/span&gt;&lt;/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; 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; 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; 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; 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: top; 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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 443,498 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 408,410 &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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 267,294 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; line-height: inherit;"&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; 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; 41,240 &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; 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; 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; 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; 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; 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: top; 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; Taxes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 124,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 272,120 &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; line-height: inherit;"&gt; 194,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; 230,161 &lt;/span&gt;&lt;/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; 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; 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; 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; background-color: #cceeff; 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: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 10px; 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; line-height: inherit;"&gt; 7,924,334 &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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,603,083 &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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,402,075 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; margin: 0px; text-indent: 0px; border-top-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;"&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; 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; 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; (3,709,942 &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;span style="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; 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; (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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="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; 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; (3,986,929 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&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; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,135,489 &lt;/span&gt;&lt;/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; 8,668,915 &lt;/span&gt;&lt;/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; 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; 7,087,739 &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;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;div id="t_ft_MD6X74VEW000000000000000000000b"&gt;
&lt;table style="height: 27px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 10px; text-align: center; width: 1%;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&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-indent: 0px; text-transform: none; widows: 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;/sup&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 10px; width: 99%;"&gt;&lt;span style="width: 98%; text-align: justify;"&gt;&lt;sup&gt; &lt;/sup&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year &lt;span&gt;2024&lt;/span&gt;, related &lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#x2019;s pipe coating business unit acquisition. &lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 more information see note &lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;34&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 17px;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year &lt;span&gt;2023&lt;/span&gt;, r&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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;elated &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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;GPC, Isoplus anticorrosion coating division&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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#x2019;s pipe coating business unit acquisitions&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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;  &lt;/div&gt; </ifrs-full:DisclosureOfCostOfSalesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutCostOfSalesTextBlock contextRef="D20241231" id="Tag3320">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 271px; 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;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&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: 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; 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: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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;2024&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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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%; 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; font-weight: bold; line-height: inherit;"&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: 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; font-weight: bold; line-height: inherit;"&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: 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; font-weight: bold; line-height: inherit;"&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: 17px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super; height: 10px; padding: 0px 7px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 4.67pt; vertical-align: super;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Change 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;/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; 52,792 &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; line-height: inherit;"&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; line-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: 10px; 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; font-weight: bold; line-height: inherit;"&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; 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; &lt;/span&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;"&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; &lt;/span&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;"&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; line-height: inherit;"&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; height: 17px; 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; line-height: inherit;"&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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,638,681 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,277,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,772,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; line-height: inherit;"&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; 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; 408,478 &lt;/span&gt;&lt;/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; 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; 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; 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; 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: top; 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; 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; line-height: inherit;"&gt; 1,454,924 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,403,546 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,160,085 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; line-height: inherit;"&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; 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; 483,535 &lt;/span&gt;&lt;/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; 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; 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; 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; 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: top; 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; 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; line-height: inherit;"&gt; 12,193 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,582 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,754 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; line-height: inherit;"&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; 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; 34,332 &lt;/span&gt;&lt;/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; 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; 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; 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; 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: top; 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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 443,498 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 408,410 &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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 267,294 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; line-height: inherit;"&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; 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; 41,240 &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; 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; 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; 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; 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; 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: top; 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; Taxes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 124,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 272,120 &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; line-height: inherit;"&gt; 194,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; 230,161 &lt;/span&gt;&lt;/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; 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; 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; 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; background-color: #cceeff; 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: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 10px; 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; line-height: inherit;"&gt; 7,924,334 &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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,603,083 &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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,402,075 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; margin: 0px; text-indent: 0px; border-top-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;"&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; 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; 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; (3,709,942 &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;span style="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; 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; (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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="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; 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; (3,986,929 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt; font-weight: bold;"&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; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,135,489 &lt;/span&gt;&lt;/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; 8,668,915 &lt;/span&gt;&lt;/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; 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; 7,087,739 &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;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;div id="t_ft_MD6X74VEW000000000000000000000b"&gt;
&lt;table style="height: 27px; width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 10px; text-align: center; width: 1%;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&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-indent: 0px; text-transform: none; widows: 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;/sup&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 10px; width: 99%;"&gt;&lt;span style="width: 98%; text-align: justify;"&gt;&lt;sup&gt; &lt;/sup&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year &lt;span&gt;2024&lt;/span&gt;, related &lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#x2019;s pipe coating business unit acquisition. &lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 more information see note &lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;34&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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&gt;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 17px;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year &lt;span&gt;2023&lt;/span&gt;, r&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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;elated &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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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;GPC, Isoplus anticorrosion coating division&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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#x2019;s pipe coating business unit acquisitions&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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; </ts:DisclosureOfDetailedInformationAboutCostOfSalesTextBlock>
    <ts:InventoriesIncludingDiscontinuedOperations
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      unitRef="USD">293490000</ts:CostOfSalesServicesAndFees>
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    <ts:CostOfSalesDepreciationOfRightOfUseAssets
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      id="Tag3168"
      unitRef="USD">34332000</ts:CostOfSalesDepreciationOfRightOfUseAssets>
    <ts:CostOfSalesDepreciationOfRightOfUseAssets
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      id="Tag3189"
      unitRef="USD">30352000</ts:CostOfSalesDepreciationOfRightOfUseAssets>
    <ts:CostOfSalesDepreciationOfRightOfUseAssets
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      unitRef="USD">33244000</ts:CostOfSalesDepreciationOfRightOfUseAssets>
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      id="Tag3218"
      unitRef="USD">443498000</ts:CostOfSalesMaintenanceExpenses>
    <ts:CostOfSalesMaintenanceExpenses
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      id="Tag3186"
      unitRef="USD">408410000</ts:CostOfSalesMaintenanceExpenses>
    <ts:CostOfSalesMaintenanceExpenses
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      unitRef="USD">267294000</ts:CostOfSalesMaintenanceExpenses>
    <ts:CostOfSalesAllowanceForObsolescence
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      unitRef="USD">41240000</ts:CostOfSalesAllowanceForObsolescence>
    <ts:CostOfSalesAllowanceForObsolescence
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      unitRef="USD">13581000</ts:CostOfSalesAllowanceForObsolescence>
    <ts:CostOfSalesAllowanceForObsolescence
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      decimals="-3"
      id="Tag3179"
      unitRef="USD">24901000</ts:CostOfSalesAllowanceForObsolescence>
    <ts:CostOfSalesTaxes
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      id="Tag3174"
      unitRef="USD">124500000</ts:CostOfSalesTaxes>
    <ts:CostOfSalesTaxes
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      decimals="-3"
      id="Tag3180"
      unitRef="USD">272120000</ts:CostOfSalesTaxes>
    <ts:CostOfSalesTaxes
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      decimals="-3"
      id="Tag3188"
      unitRef="USD">194736000</ts:CostOfSalesTaxes>
    <ts:CostOfSalesOther
      contextRef="D20241231"
      decimals="-3"
      id="Tag3212"
      unitRef="USD">230161000</ts:CostOfSalesOther>
    <ts:CostOfSalesOther
      contextRef="D20231231"
      decimals="-3"
      id="Tag3178"
      unitRef="USD">216220000</ts:CostOfSalesOther>
    <ts:CostOfSalesOther
      contextRef="D20221231"
      decimals="-3"
      id="Tag2700"
      unitRef="USD">178691000</ts:CostOfSalesOther>
    <ts:CostOfSalesIncludingDiscontinuedOperations
      contextRef="D20241231"
      decimals="-3"
      id="Tag3185"
      unitRef="USD">7924334000</ts:CostOfSalesIncludingDiscontinuedOperations>
    <ts:CostOfSalesIncludingDiscontinuedOperations
      contextRef="D20231231"
      decimals="-3"
      id="Tag3175"
      unitRef="USD">8603083000</ts:CostOfSalesIncludingDiscontinuedOperations>
    <ts:CostOfSalesIncludingDiscontinuedOperations
      contextRef="D20221231"
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      id="Tag3177"
      unitRef="USD">8402075000</ts:CostOfSalesIncludingDiscontinuedOperations>
    <ts:InventoriesIncludingDiscontinuedOperations
      contextRef="I20241231"
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      id="Tag2683"
      unitRef="USD">3709942000</ts:InventoriesIncludingDiscontinuedOperations>
    <ts:InventoriesIncludingDiscontinuedOperations
      contextRef="I20231231"
      decimals="-3"
      id="Tag3173"
      unitRef="USD">3921097000</ts:InventoriesIncludingDiscontinuedOperations>
    <ts:InventoriesIncludingDiscontinuedOperations
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      unitRef="USD">3986929000</ts:InventoriesIncludingDiscontinuedOperations>
    <ifrs-full:CostOfSales
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      unitRef="USD">8135489000</ifrs-full:CostOfSales>
    <ifrs-full:CostOfSales
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      id="Tag3167"
      unitRef="USD">8668915000</ifrs-full:CostOfSales>
    <ifrs-full:CostOfSales
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      unitRef="USD">7087739000</ifrs-full:CostOfSales>
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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;&lt;span style="border-left: none; border-right: none;"&gt;3&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;&#160; &#160; &#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&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: 193px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; &lt;/span&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; margin: 0px; text-indent: 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;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: 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;2024&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-bottom-width: 1px; border-bottom-style: 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-bottom-width: 1px; border-bottom-style: 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;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-bottom-width: 1px; border-bottom-style: 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-bottom-width: 1px; border-bottom-style: 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; 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: 65%; 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; 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; margin: 0px; text-indent: 0px; 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; 183,659 &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: 10px; 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: 10px; width: 1%; background-color: #cceeff;"&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; 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; 163,723 &lt;/span&gt;&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%; background-color: #cceeff;"&gt;&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: 1%; background-color: #cceeff;"&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; 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; 148,331 &lt;/span&gt;&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%; 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-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; 705,849 &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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;518,500&lt;/span&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;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 25,668 &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; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 21,517 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 21,883 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 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; 41,557 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 40,761 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;/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; 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; 35,569 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 19,925 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 15,975 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 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; 624,113 &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: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 696,705 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;/tr&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; 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; 30,356 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 38,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 20,606 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,095 &lt;/span&gt;&lt;/p&gt; &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; 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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;/tr&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; 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; 152,388 &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; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 170,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 121,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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: 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; 106,764 &lt;/span&gt;&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; 110,883 &lt;/span&gt;&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; 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: 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; height: 10px; 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; &lt;/span&gt;&lt;br/&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; 1,904,828 &lt;/span&gt;&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; 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; margin: 0px; text-indent: 0px; height: 10px; 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: 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; 1,919,307 &lt;/span&gt;&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; 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; margin: 0px; text-indent: 0px; height: 10px; 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: 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; 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; 1,634,575 &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; height: 10px; 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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory>
    <ts:DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock contextRef="D20241231" id="Tag76">
&lt;table cellpadding="0" cellspacing="0" style="height: 193px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; &lt;/span&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; margin: 0px; text-indent: 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;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: 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;2024&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-bottom-width: 1px; border-bottom-style: 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-bottom-width: 1px; border-bottom-style: 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;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-bottom-width: 1px; border-bottom-style: 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-bottom-width: 1px; border-bottom-style: 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; 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: 65%; 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; 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; margin: 0px; text-indent: 0px; 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; 183,659 &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: 10px; 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: 10px; width: 1%; background-color: #cceeff;"&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; 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; 163,723 &lt;/span&gt;&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%; background-color: #cceeff;"&gt;&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: 1%; background-color: #cceeff;"&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; 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; 148,331 &lt;/span&gt;&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%; 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-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; 705,849 &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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;518,500&lt;/span&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;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 25,668 &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; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 21,517 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 21,883 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 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; 41,557 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 40,761 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;/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; 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; 35,569 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 19,925 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 15,975 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 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; 624,113 &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: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 696,705 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;/tr&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; 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; 30,356 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 38,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 20,606 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,095 &lt;/span&gt;&lt;/p&gt; &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; 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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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;/tr&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; 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; 152,388 &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; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 170,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 121,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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: 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; 106,764 &lt;/span&gt;&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; 110,883 &lt;/span&gt;&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; 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: 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; height: 10px; 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; &lt;/span&gt;&lt;br/&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; 1,904,828 &lt;/span&gt;&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; 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; margin: 0px; text-indent: 0px; height: 10px; 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: 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; 1,919,307 &lt;/span&gt;&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; 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; margin: 0px; text-indent: 0px; height: 10px; 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: 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; 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; 1,634,575 &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; height: 10px; 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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock>
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    <ts:SellingGeneralAndAdministrativeExpensesServicesAndFees
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    <ts:SellingGeneralAndAdministrativeExpensesLaborCost
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    <ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment
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      id="Tag2647"
      unitRef="USD">59018000</ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets>
    <ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets
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    <ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets
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      id="Tag2646"
      unitRef="USD">15975000</ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets>
    <ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses
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      unitRef="USD">624113000</ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses>
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      id="Tag2661"
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    <ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies
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    <ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies
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    <ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies
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      id="Tag2654"
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    <ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts
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      id="Tag2351"
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    <ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts
      contextRef="D20231231"
      decimals="-3"
      id="Tag2659"
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    <ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts
      contextRef="D20221231"
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      id="Tag2653"
      unitRef="USD">-223000</ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts>
    <ts:SellingGeneralAndAdministrativeExpensesTaxes
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      id="Tag2349"
      unitRef="USD">152388000</ts:SellingGeneralAndAdministrativeExpensesTaxes>
    <ts:SellingGeneralAndAdministrativeExpensesTaxes
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      id="Tag2658"
      unitRef="USD">170484000</ts:SellingGeneralAndAdministrativeExpensesTaxes>
    <ts:SellingGeneralAndAdministrativeExpensesTaxes
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      id="Tag2652"
      unitRef="USD">121410000</ts:SellingGeneralAndAdministrativeExpensesTaxes>
    <ts:SellingGeneralAndAdministrativeExpensesOther
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      unitRef="USD">106764000</ts:SellingGeneralAndAdministrativeExpensesOther>
    <ts:SellingGeneralAndAdministrativeExpensesOther
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      id="Tag2657"
      unitRef="USD">110883000</ts:SellingGeneralAndAdministrativeExpensesOther>
    <ts:SellingGeneralAndAdministrativeExpensesOther
      contextRef="D20221231"
      decimals="-3"
      id="Tag2651"
      unitRef="USD">87263000</ts:SellingGeneralAndAdministrativeExpensesOther>
    <ifrs-full:SellingGeneralAndAdministrativeExpense
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    <ifrs-full:SellingGeneralAndAdministrativeExpense
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    <ifrs-full:SellingGeneralAndAdministrativeExpense
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      id="Tag2650"
      unitRef="USD">1634575000</ifrs-full:SellingGeneralAndAdministrativeExpense>
    <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="D20241231" id="Tag3261">
&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&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;&#160; &#160; &#160;&lt;/span&gt;&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;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 136px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; &lt;/span&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; 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;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: 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;2024&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;"&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-bottom-width: 1px; border-bottom-style: 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;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-bottom-width: 1px; border-bottom-style: 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-bottom-width: 1px; border-bottom-style: 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; 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; width: 65%;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 2,033,067 &lt;/span&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%;"&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%;"&gt;&lt;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: 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; 1,943,825 &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; background-color: #cceeff; 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; 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: 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; 1,594,200 &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; 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: 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,608 &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;"&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; 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;"&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 16,014 &lt;/span&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;"&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;"&gt;&lt;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; 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; background-color: #cceeff;"&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;"&gt;&lt;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; 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; 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,259 &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;"&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; 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;"&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 51,825 &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; 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; 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: 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; 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; 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; 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: 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; 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; 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;tr style="height: 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; &lt;/span&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,160,773 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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-bottom-width: 1px; border-bottom-style: solid; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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-bottom-width: 1px; border-bottom-style: solid; 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; 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; 1,678,585 &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; 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;"&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;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; width: 100.001%;" 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;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: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-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;2024&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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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-top-width: 1px; border-top-style: solid; border-top-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;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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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-top-width: 1px; border-top-style: solid; border-top-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;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; border-top-width: 1px; border-top-style: solid; border-top-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: 65%;"&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; background-color: #cceeff; 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; 6,042 &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; background-color: #cceeff; 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; 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; 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; 7,500 &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; background-color: #cceeff; 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; 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; 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; 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; background-color: #cceeff; width: 1%;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,811 &lt;/span&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; 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;"&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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,583 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,140 &lt;/span&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; 2,187 &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;"&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; 2,136 &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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,885 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,406 &lt;/span&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; 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;"&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; 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;"&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; 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; 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; 1,197 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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; 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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 911 &lt;/span&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; 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;"&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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 893 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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;"&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; 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;"&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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,247 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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-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; 25,874 &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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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; 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; 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; border-top-width: 1px; border-top-style: solid; border-top-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="D20241231" id="Tag3140">
&lt;table cellpadding="0" cellspacing="0" style="height: 136px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; &lt;/span&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; 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;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: 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;2024&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;"&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-bottom-width: 1px; border-bottom-style: 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;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-bottom-width: 1px; border-bottom-style: 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-bottom-width: 1px; border-bottom-style: 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; 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; width: 65%;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 2,033,067 &lt;/span&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%;"&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%;"&gt;&lt;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: 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; 1,943,825 &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; background-color: #cceeff; 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; 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: 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; 1,594,200 &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; 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: 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,608 &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;"&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; 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;"&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 16,014 &lt;/span&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;"&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;"&gt;&lt;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; 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; background-color: #cceeff;"&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;"&gt;&lt;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; 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; 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,259 &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;"&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; 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;"&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 51,825 &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; 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; 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: 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; 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; 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; 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: 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; 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; 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;tr style="height: 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; &lt;/span&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,160,773 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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-bottom-width: 1px; border-bottom-style: solid; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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-bottom-width: 1px; border-bottom-style: solid; 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; 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; 1,678,585 &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; 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:DisclosureOfDetailedInformationAboutLaborCostsTextBlock>
    <ifrs-full:ShorttermEmployeeBenefitsExpense
      contextRef="D20241231"
      decimals="-3"
      id="Tag1860"
      unitRef="USD">2033067000</ifrs-full:ShorttermEmployeeBenefitsExpense>
    <ifrs-full:ShorttermEmployeeBenefitsExpense
      contextRef="D20231231"
      decimals="-3"
      id="Tag2634"
      unitRef="USD">1943825000</ifrs-full:ShorttermEmployeeBenefitsExpense>
    <ifrs-full:ShorttermEmployeeBenefitsExpense
      contextRef="D20221231"
      decimals="-3"
      id="Tag2626"
      unitRef="USD">1594200000</ifrs-full:ShorttermEmployeeBenefitsExpense>
    <ifrs-full:TerminationBenefitsExpense
      contextRef="D20241231"
      decimals="-3"
      id="Tag1803"
      unitRef="USD">35608000</ifrs-full:TerminationBenefitsExpense>
    <ifrs-full:TerminationBenefitsExpense
      contextRef="D20231231"
      decimals="-3"
      id="Tag2633"
      unitRef="USD">26470000</ifrs-full:TerminationBenefitsExpense>
    <ifrs-full:TerminationBenefitsExpense
      contextRef="D20221231"
      decimals="-3"
      id="Tag2625"
      unitRef="USD">29070000</ifrs-full:TerminationBenefitsExpense>
    <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans
      contextRef="D20241231"
      decimals="-3"
      id="Tag1792"
      unitRef="USD">16014000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans
      contextRef="D20231231"
      decimals="-3"
      id="Tag2632"
      unitRef="USD">15055000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans
      contextRef="D20221231"
      decimals="-3"
      id="Tag2624"
      unitRef="USD">13256000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans
      contextRef="D20241231"
      decimals="-3"
      id="Tag1791"
      unitRef="USD">24259000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans
      contextRef="D20231231"
      decimals="-3"
      id="Tag2631"
      unitRef="USD">19452000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans
      contextRef="D20221231"
      decimals="-3"
      id="Tag2623"
      unitRef="USD">16320000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
    <ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses
      contextRef="D20241231"
      decimals="-3"
      id="Tag1788"
      unitRef="USD">51825000</ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses>
    <ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses
      contextRef="D20231231"
      decimals="-3"
      id="Tag2630"
      unitRef="USD">51564000</ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses>
    <ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses
      contextRef="D20221231"
      decimals="-3"
      id="Tag2622"
      unitRef="USD">25739000</ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20241231"
      decimals="-3"
      id="Tag1756"
      unitRef="USD">2160773000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20231231"
      decimals="-3"
      id="Tag2629"
      unitRef="USD">2056366000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20221231"
      decimals="-3"
      id="Tag2621"
      unitRef="USD">1678585000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory contextRef="D20241231" id="Tag78">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100.001%;" 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;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: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-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;2024&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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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-top-width: 1px; border-top-style: solid; border-top-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;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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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-top-width: 1px; border-top-style: solid; border-top-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;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; border-top-width: 1px; border-top-style: solid; border-top-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: 65%;"&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; background-color: #cceeff; 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; 6,042 &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; background-color: #cceeff; 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; 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; 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; 7,500 &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; background-color: #cceeff; 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; 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; 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; 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; background-color: #cceeff; width: 1%;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,811 &lt;/span&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; 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;"&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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,583 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,140 &lt;/span&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; 2,187 &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;"&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; 2,136 &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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,885 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,406 &lt;/span&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; 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;"&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; 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;"&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; 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; 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; 1,197 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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; 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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 911 &lt;/span&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; 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;"&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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 893 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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;"&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; 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;"&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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,247 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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-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; 25,874 &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-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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; 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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; 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; 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; border-top-width: 1px; border-top-style: solid; border-top-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
      contextRef="I20241231_MX"
      decimals="0"
      id="Tag2617"
      unitRef="Employees">6042</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_MX"
      decimals="0"
      id="Tag2605"
      unitRef="Employees">7500</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_MX"
      decimals="0"
      id="Tag2593"
      unitRef="Employees">5919</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_AR"
      decimals="0"
      id="Tag2616"
      unitRef="Employees">5811</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_AR"
      decimals="0"
      id="Tag2604"
      unitRef="Employees">6267</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_AR"
      decimals="0"
      id="Tag2592"
      unitRef="Employees">6444</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_US"
      decimals="0"
      id="Tag2615"
      unitRef="Employees">3583</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_US"
      decimals="0"
      id="Tag2603"
      unitRef="Employees">3882</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_US"
      decimals="0"
      id="Tag2591"
      unitRef="Employees">3509</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_IT"
      decimals="0"
      id="Tag2614"
      unitRef="Employees">2140</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_IT"
      decimals="0"
      id="Tag2602"
      unitRef="Employees">2187</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_IT"
      decimals="0"
      id="Tag2590"
      unitRef="Employees">2136</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_RO"
      decimals="0"
      id="Tag2613"
      unitRef="Employees">1885</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_RO"
      decimals="0"
      id="Tag2601"
      unitRef="Employees">1884</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_RO"
      decimals="0"
      id="Tag2589"
      unitRef="Employees">1847</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_BR"
      decimals="0"
      id="Tag2612"
      unitRef="Employees">1406</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_BR"
      decimals="0"
      id="Tag2600"
      unitRef="Employees">1492</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_BR"
      decimals="0"
      id="Tag2588"
      unitRef="Employees">1460</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_CA"
      decimals="0"
      id="Tag2611"
      unitRef="Employees">1197</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_CA"
      decimals="0"
      id="Tag2599"
      unitRef="Employees">1195</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_CA"
      decimals="0"
      id="Tag2587"
      unitRef="Employees">944</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_ID"
      decimals="0"
      id="Tag2610"
      unitRef="Employees">911</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_ID"
      decimals="0"
      id="Tag2598"
      unitRef="Employees">1573</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_ID"
      decimals="0"
      id="Tag2586"
      unitRef="Employees">495</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_CO"
      decimals="0"
      id="Tag2609"
      unitRef="Employees">893</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_CO"
      decimals="0"
      id="Tag2597"
      unitRef="Employees">1112</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_CO"
      decimals="0"
      id="Tag2585"
      unitRef="Employees">1183</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_SA"
      decimals="0"
      id="Tag2608"
      unitRef="Employees">759</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_SA"
      decimals="0"
      id="Tag2596"
      unitRef="Employees">849</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_SA"
      decimals="0"
      id="Tag2584"
      unitRef="Employees">427</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231_OtherGeographicalAreasMember"
      decimals="0"
      id="Tag2607"
      unitRef="Employees">1247</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231_OtherGeographicalAreasMember"
      decimals="0"
      id="Tag2595"
      unitRef="Employees">1193</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231_OtherGeographicalAreasMember"
      decimals="0"
      id="Tag2583"
      unitRef="Employees">928</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20241231"
      decimals="0"
      id="Tag2606"
      unitRef="Employees">25874</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20231231"
      decimals="0"
      id="Tag2594"
      unitRef="Employees">29134</ifrs-full:NumberOfEmployees>
    <ifrs-full:NumberOfEmployees
      contextRef="I20221231"
      decimals="0"
      id="Tag2582"
      unitRef="Employees">25292</ifrs-full:NumberOfEmployees>
    <ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory contextRef="D20241231" id="Tag75">
&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;5&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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;&#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;Impairment charge&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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; conducts regular assessments of the carrying values of its assets. The recoverable value is based on the value in use. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive, economic and regulatory 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: 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;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;n December 2024, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;even&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;though the Company did not identify any &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;impairment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;indicators, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;it &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;conducted impairment tests &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;or the CGUs with goodwill in their carrying amounts&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and no impairment charges were recorded.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The main discount rates used were in a range between 13.4% and 18.2% and a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; nominal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; growth rate&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (which includes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; mainly the inflation impact on prices and costs&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; of 2% was considered.&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;or the CGUs carrying goodwill, a reasonably possible change in key assumptions would not cause the carrying amount to exceed &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;recoverable amount. &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 December 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; c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;onsidering 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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;CGU&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; 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 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; 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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;wer&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;e still&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; valid&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 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; 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;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In &lt;span&gt;2023&lt;/span&gt;, a nominal growth rate&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (which include&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; mainly the inflation impact on prices and costs&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; of 2% was considered.&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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;did not recognize any&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; impairment charge&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;for the year &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;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 December 2022, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in the presence of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;impairment indicator&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s, 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 conducted impairment tests&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and reviewed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the values &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;certain idle assets in its subsidiaries. The aforementioned analysis resulted &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in impairment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; charge&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; 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;76.7 &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;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;allocated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in $63.1.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million to the Tubes segment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and $13.6 million to the Other s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;egment&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 main discount rate&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; 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; line-height: inherit;"&gt; In &lt;span&gt;2022&lt;/span&gt;, a nominal growth rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(which include&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; mainly the inflation impact on prices and costs&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;of 2% was considered.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory>
    <ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse
      contextRef="I20241231_BottomOfRangeMember"
      decimals="3"
      id="Tag2638"
      unitRef="Pure">0.134</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse
      contextRef="I20241231_TopOfRangeMember"
      decimals="3"
      id="Tag2635"
      unitRef="Pure">0.182</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ts:GrowthRatesUsedInCurrentEstimateOfValueInUse
      contextRef="D20241231"
      decimals="2"
      id="Tag1672"
      unitRef="Pure">0.02</ts:GrowthRatesUsedInCurrentEstimateOfValueInUse>
    <ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse
      contextRef="I20231231_BottomOfRangeMember"
      decimals="3"
      id="Tag2637"
      unitRef="Pure">0.125</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse
      contextRef="I20231231_TopOfRangeMember"
      decimals="3"
      id="Tag2628"
      unitRef="Pure">0.214</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ts:GrowthRatesUsedInCurrentEstimateOfValueInUse
      contextRef="D20231231"
      decimals="2"
      id="Tag2619"
      unitRef="Pure">0.02</ts:GrowthRatesUsedInCurrentEstimateOfValueInUse>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss
      contextRef="D20221231"
      decimals="-5"
      id="Tag2581"
      unitRef="USD">76700000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss
      contextRef="D20221231_TubesMember"
      decimals="-5"
      id="Tag2579"
      unitRef="USD">63100000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss
      contextRef="D20221231_AllOtherSegmentsMember"
      decimals="-5"
      id="Tag2580"
      unitRef="USD">13600000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
    <ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse
      contextRef="I20221231_BottomOfRangeMember"
      decimals="3"
      id="Tag2636"
      unitRef="Pure">0.134</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse
      contextRef="I20221231_TopOfRangeMember"
      decimals="3"
      id="Tag2627"
      unitRef="Pure">0.202</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ts:GrowthRatesUsedInCurrentEstimateOfValueInUse
      contextRef="D20221231"
      decimals="2"
      id="Tag2618"
      unitRef="Pure">0.02</ts:GrowthRatesUsedInCurrentEstimateOfValueInUse>
    <ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory contextRef="D20241231" id="Tag17">
&lt;p style="line-height: 1.2; 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; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;6&lt;/span&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;Other operating income and expenses&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 309px; 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;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="7" 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; 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; 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: 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: 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;2024&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; 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 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; 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; width: 65%;"&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; Other operating income &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; padding-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; background-color: #cceeff; height: 17px; 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; height: 17px; 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; padding-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; background-color: #cceeff; height: 17px; 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; height: 17px; 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; padding-left: 0px; padding-right: 0px; 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 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: 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; Results from sundry 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 10,529 &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; line-height: inherit;"&gt; 10,960 &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;"&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; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Net rents &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; 4,417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; 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; height: 17px; margin: 0px; text-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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 878 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71,252 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Bargain purchase gain &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; 2,212 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; 3,162 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 33,341 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Other income &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; 43,492 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; 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-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; 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; 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-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; 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; 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; 60,650 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 53,043 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&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; 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; font-style: italic; line-height: inherit;"&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; height: 17px; background-color: #cceeff; 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; &#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; height: 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; background-color: #cceeff; height: 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; background-color: #cceeff; 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; &#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; height: 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; background-color: #cceeff; height: 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; background-color: #cceeff; 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: '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: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (17,657 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (15,538 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (13,668 &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;"&gt;)&lt;/td&gt; &lt;/tr&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; 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; 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; (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;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (78,100 &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;"&gt;)&lt;/td&gt; &lt;/tr&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; Provision for the ongoing litigation related to the acquisition of participation in Usiminas &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; (107,215 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&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; line-height: inherit;"&gt; Other expense &lt;/span&gt;&lt;/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; - &lt;/span&gt;&lt;/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; (1,628 &lt;/span&gt;&lt;/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;/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; (12,595 &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; 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; 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;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; (125,418 &lt;/span&gt;&lt;/p&gt; &lt;/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;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; 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; 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; (17,273 &lt;/span&gt;&lt;/p&gt; &lt;/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;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; 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; 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; (104,709 &lt;/span&gt;&lt;/p&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;"&gt;&lt;span style="font-weight: bold;"&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; 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; 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: '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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;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: 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; 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; line-height: inherit;"&gt; Other operating income and 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; 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; (64,768 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; 35,770 &lt;/span&gt;&lt;/p&gt; &lt;/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; line-height: inherit;"&gt; (212 &lt;/span&gt;&lt;/p&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;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 0pt 0pt 22.4pt; text-indent: -22.4pt;"&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;Other operating income&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;&#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; line-height: inherit;"&gt;Bargain purchase &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;gain:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2024&lt;/span&gt;, related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Mattr&#x2019;s pipe coating business unit 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="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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year &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;, related&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;Isoplus anticorrosion coating division acquisition. &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; line-height: inherit;"&gt;Result on sal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;e of Venezuela awards:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year &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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;related to the transfer of the awards obtained in connection with the nationalizations of the Company&#x2019;s interests in its majority-owned subsidiaries TAVSA &#x2013; Tubos de Acero de Venezuela S.A., Matesi Materiales Sider&#xfa;rgicos S.A. and Complejo Sider&#xfa;rgico de Guayana, C.A.&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;&#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; line-height: inherit;"&gt;Reclassification of currency translation adjustment reserve:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;During &lt;span&gt;2022&lt;/span&gt;, a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s result of NKKTubes&#x2019; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the 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; font-style: italic; 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; line-height: inherit;"&gt;Other income:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; For the year &lt;span&gt;2024&lt;/span&gt;, includes mainly $17.6 million related to the recovery of various legal proceedings in Brazil and $7 million related to an insurance recovery.&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;&#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;Other operating &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;expens&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;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;s&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;&#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; line-height: inherit;"&gt;Provision for the ongoing litigation related to the acquisition of participation in Usiminas&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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2024&lt;/span&gt;, related to the provision &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;described in 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;&#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; line-height: inherit;"&gt;Contingencies - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;CSN claims relating to the January 2012 acquisition of Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;, and does not include the net foreign exchange result.&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;&#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; line-height: inherit;"&gt;Securities Exchange Commission investigation settlement&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 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;27&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;Contingencies, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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; line-height: inherit;"&gt;Contingencies - Petrobras-related proceedings and claims&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:DisclosureOfOtherOperatingIncomeExpenseExplanatory>
    <ts:DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock contextRef="D20241231" id="Tag83">
&lt;table cellpadding="0" cellspacing="0" style="height: 309px; 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;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="7" 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; 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; 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: 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: 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;2024&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; 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 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; 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; width: 65%;"&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; Other operating income &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; padding-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; background-color: #cceeff; height: 17px; 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; height: 17px; 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; padding-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; background-color: #cceeff; height: 17px; 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; height: 17px; 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; padding-left: 0px; padding-right: 0px; 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 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: 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; Results from sundry 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 10,529 &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; line-height: inherit;"&gt; 10,960 &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;"&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; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Net rents &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; 4,417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; 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; height: 17px; margin: 0px; text-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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 878 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71,252 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Bargain purchase gain &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; 2,212 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; 3,162 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 33,341 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Other income &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; 43,492 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; 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-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; 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; 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-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; 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; 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; 60,650 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 53,043 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&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; 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; font-style: italic; line-height: inherit;"&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; height: 17px; background-color: #cceeff; 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; &#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; height: 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; background-color: #cceeff; height: 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; background-color: #cceeff; 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; &#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; height: 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; background-color: #cceeff; height: 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; background-color: #cceeff; 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: '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: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (17,657 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (15,538 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (13,668 &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;"&gt;)&lt;/td&gt; &lt;/tr&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; 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; 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; (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;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (78,100 &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;"&gt;)&lt;/td&gt; &lt;/tr&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; Provision for the ongoing litigation related to the acquisition of participation in Usiminas &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; (107,215 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&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; line-height: inherit;"&gt; Other expense &lt;/span&gt;&lt;/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; - &lt;/span&gt;&lt;/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; (1,628 &lt;/span&gt;&lt;/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;/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; (12,595 &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; 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; 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;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; (125,418 &lt;/span&gt;&lt;/p&gt; &lt;/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;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; 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; 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; (17,273 &lt;/span&gt;&lt;/p&gt; &lt;/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;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; 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; 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; (104,709 &lt;/span&gt;&lt;/p&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;"&gt;&lt;span style="font-weight: bold;"&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; 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; 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: '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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;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: 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; 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; line-height: inherit;"&gt; Other operating income and 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; 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; (64,768 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; 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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; 35,770 &lt;/span&gt;&lt;/p&gt; &lt;/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; line-height: inherit;"&gt; (212 &lt;/span&gt;&lt;/p&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;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock>
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      unitRef="USD">10529000</ts:OtherOperatingIncomeNetIncomeFromOtherSales>
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    <ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve
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    <ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve
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    <ifrs-full:GainRecognisedInBargainPurchaseTransaction
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      unitRef="USD">2212000</ifrs-full:GainRecognisedInBargainPurchaseTransaction>
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    <ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult
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    <ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult
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    <ifrs-full:MiscellaneousOtherOperatingIncome
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      unitRef="USD">53043000</ifrs-full:OtherIncome>
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    <ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations
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      contextRef="D20231231"
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    <ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations
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    <ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables
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    <ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables
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    <ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement
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    <ts:ProvisionForLitigationRelatedToAcquisition
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      xsi:nil="true"/>
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    <ifrs-full:MiscellaneousOtherOperatingExpense
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      id="Tag2558"
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    <ifrs-full:MiscellaneousOtherOperatingExpense
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      id="Tag2555"
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      decimals="-3"
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      decimals="-3"
      id="Tag2542"
      unitRef="USD">104709000</ifrs-full:OtherExpenseByFunction>
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      id="Tag1292"
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    <ts:MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings
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      decimals="-5"
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      unitRef="USD">17600000</ts:MiscellaneousOtherOperatingIncomeRecoveryOfLegalProceedings>
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      decimals="-6"
      id="Tag1349"
      unitRef="USD">7000000</ts:MiscellaneousOtherOperatingIncomeRecoveryOfInsurance>
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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-size: 10pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;7&lt;/span&gt;&lt;/span&gt;&lt;span style="font-variant: normal; font-size-adjust: none; 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';"&gt;&#160;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Financial results&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&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%; 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: top; 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="7" style="border-bottom: 0.5pt solid #000000; 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; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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;"&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; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; 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="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; 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="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; width: 65%; 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; &#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; 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 229,835 &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;"&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: 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 201,852 &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;"&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: 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 86,112 &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; 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; line-height: inherit;"&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="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,622 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (6,092 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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-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; line-height: inherit;"&gt; Finance income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 242,319 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-top: 0.5pt solid #000000; 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="border-top: 0.5pt solid #000000; 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="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 213,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-top: 0.5pt solid #000000; 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="border-top: 0.5pt solid #000000; 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="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 80,020 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-top: 0.5pt solid #000000; 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: 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; line-height: inherit;"&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; line-height: inherit;"&gt; (61,212 &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;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (45,940 &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-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; line-height: inherit;"&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; line-height: inherit;"&gt; 61,395 &lt;/span&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; 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;"&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; 15,654 &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: top; 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; &#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; line-height: inherit;"&gt; (12,727 &lt;/span&gt;&lt;/p&gt; &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; (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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (25,666 &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-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; line-height: inherit;"&gt; &#160;&#160;&#160;&#160; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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; (100,719 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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="border-bottom: 0.5pt solid #000000; 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; (95,044 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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="border-bottom: 0.5pt solid #000000; 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; (30,108 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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: 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; line-height: inherit;"&gt; Other financial results, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (52,051 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 114,365 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (40,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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: 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; line-height: inherit;"&gt; Net financial results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 129,056 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; 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="border-bottom: 1pt solid #000000; 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="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 220,977 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; 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="border-bottom: 1pt solid #000000; 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="border-bottom: 1pt solid #000000; 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; 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; (6,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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;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-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;Finance Income: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;In &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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &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; and &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;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; includes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;40.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;61.2&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; $33.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#160;million of interest related to instruments carried at FVPL, respectively. &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; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;In &lt;span&gt;2024&lt;/span&gt;, &lt;span&gt;2023&lt;/span&gt; and &lt;span&gt;2022&lt;/span&gt; includes $88.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#160;million, $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;30.9&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;million and $5.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#160;million of interest related to instruments carried at FV&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;OCI&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, respectively.&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: 9pt; line-height: inherit;"&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: 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-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;Net foreign exchange transactions results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;In &lt;span&gt;2024&lt;/span&gt; mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated net financial position at subsidiaries with functional currency U.S. dollar, the Brazilian real &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;de&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;preciation against the U.S. dollar on Brazilian denominated net financial position at subsidiaries with functional currency U.S. dollar, together with the result from Euro &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;de&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;preciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; changes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; in currency translation adjustment reserve from an Italian subsidiary.&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;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'; line-height: inherit;"&gt;net financial position&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&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'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;S. dollar on&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Brazilian denominated&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;net financial position&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;changes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; in currency translation adjustment reserve from an Italian subsidiary.&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;In &lt;span&gt;2022&lt;/span&gt; mainly includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&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'; line-height: inherit;"&gt;net financial position &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;changes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; in currency translation adjustment reserve from an Italian subsidiary&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;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-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;Net f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;oreign exchange derivatives contracts results:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;In &lt;span&gt;2024&lt;/span&gt; includes mainly losses on derivatives covering net &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;receivables, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;fiscal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and other&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; liabilities&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; in Brazilian real.&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: 9pt; line-height: inherit;"&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: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&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: 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: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;"&gt;Other:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;In &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;includes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;$84 million related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;result of U.S. dollar denominated Argentine bonds &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;used to cancel commercial debt&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&gt;29&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;/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;In &lt;span&gt;2024&lt;/span&gt; also includes a $16 million loss related to a fee pay&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;able&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; in connection with a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;collection&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; involving the Company&#x2019;s Mexican subsidiary.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; See note II&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;I.A.&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;iv&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&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;In &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;includes a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;net &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss of $94.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#160;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;$29.8&#160;million&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;related to the transfer of Argentine sovereign bonds paid as dividend in kind from Argentinian subsidiar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; to its&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; foreign&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; shareholders.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
    <ts:DisclosureOfDetailedInformationAboutFinancialIncomeCost contextRef="D20241231" id="Tag3211">
&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: top; 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="7" style="border-bottom: 0.5pt solid #000000; 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; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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;"&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; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; 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="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; 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="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: top; 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; width: 65%; 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; &#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; 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 229,835 &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;"&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: 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 201,852 &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;"&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: 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 86,112 &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; 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; line-height: inherit;"&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="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,622 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (6,092 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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-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; line-height: inherit;"&gt; Finance income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 242,319 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-top: 0.5pt solid #000000; 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="border-top: 0.5pt solid #000000; 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="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 213,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-top: 0.5pt solid #000000; 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="border-top: 0.5pt solid #000000; 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="border-top: 0.5pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 80,020 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-top: 0.5pt solid #000000; 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: 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; line-height: inherit;"&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; line-height: inherit;"&gt; (61,212 &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;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (45,940 &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-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; line-height: inherit;"&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; line-height: inherit;"&gt; 61,395 &lt;/span&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; 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;"&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; 15,654 &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: top; 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; &#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; line-height: inherit;"&gt; (12,727 &lt;/span&gt;&lt;/p&gt; &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; (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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (25,666 &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-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; line-height: inherit;"&gt; &#160;&#160;&#160;&#160; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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; (100,719 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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="border-bottom: 0.5pt solid #000000; 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; (95,044 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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="border-bottom: 0.5pt solid #000000; 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; (30,108 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; 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: 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; line-height: inherit;"&gt; Other financial results, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (52,051 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 114,365 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (40,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 0.5pt solid #000000; padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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: 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; line-height: inherit;"&gt; Net financial results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 129,056 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; 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="border-bottom: 1pt solid #000000; 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="border-bottom: 1pt solid #000000; 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; font-weight: bold; line-height: inherit;"&gt; 220,977 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; 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="border-bottom: 1pt solid #000000; 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="border-bottom: 1pt solid #000000; 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; 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; (6,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutFinancialIncomeCost>
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    <ifrs-full:RevenueFromInterest
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    <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss
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      unitRef="USD">61395000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss>
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    <ts:ForeignExchangeDerivativesContractsResults
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      id="Tag2519"
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    <ts:ForeignExchangeDerivativesContractsResults
      contextRef="D20231231"
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      id="Tag1040"
      unitRef="USD">-8974000</ts:ForeignExchangeDerivativesContractsResults>
    <ts:ForeignExchangeDerivativesContractsResults
      contextRef="D20221231"
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      unitRef="USD">-25666000</ts:ForeignExchangeDerivativesContractsResults>
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    <ifrs-full:OtherFinanceCost
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      id="Tag1033"
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    <ifrs-full:OtherFinanceCost
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      unitRef="USD">30108000</ifrs-full:OtherFinanceCost>
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    <ifrs-full:OtherFinanceIncomeCost
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    <ifrs-full:OtherFinanceIncomeCost
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      contextRef="D20241231"
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    <ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss
      contextRef="D20231231"
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      id="Tag2507"
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      contextRef="D20221231"
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      contextRef="D20241231"
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      contextRef="D20231231"
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      unitRef="USD">30900000</ifrs-full:InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome>
    <ifrs-full:InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome
      contextRef="D20221231"
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      id="Tag814"
      unitRef="USD">5100000</ifrs-full:InterestRevenueForFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome>
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      contextRef="D20221231"
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      id="Tag2523"
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      contextRef="D20241231_UsDollarDenominatedArgentineBondsMember"
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      contextRef="D20241231_PetroleosMexicanosMember"
      decimals="-6"
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      contextRef="D20231231_ArgentineSovereignBondsMember"
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      contextRef="D20221231_ArgentineSovereignBondsMember"
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      id="Tag2527"
      unitRef="USD">29800000</ts:LossArisingFromDividendPaidInKind>
    <ts:DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory contextRef="D20241231" id="Tag84">
&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;8&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;"&gt;&#160; &#160; &#160;&lt;/span&gt;&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;Equity in earnings of non-consolidated companies&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: 136px; 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; width: 64.6505%;"&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="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 33.871%; 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; 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; width: 1.34409%; 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; width: 64.6505%;"&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: 17px; width: 9.94624%; 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;2024&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; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.34409%; 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: 64.6505%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Earnings from 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; width: 9.94624%; 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; 8,548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; 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: 1.00806%; 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; height: 17px; width: 9.94624%; 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; 104,897 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; 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: 1.00806%; 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; height: 17px; width: 9.94624%; 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; 242,743 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.34409%; height: 17px; 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; width: 64.6505%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Remeasurement of previously held interest &lt;/span&gt;&lt;/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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 1.00806%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"&gt;&lt;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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,506 &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; width: 1.00806%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"&gt;&lt;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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 1.34409%; 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; width: 64.6505%; 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; Bargain purchase gain &lt;/span&gt;&lt;/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: 9.94624%; 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; height: 17px; width: 1.00806%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; 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; width: 9.94624%; 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; 11,487 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; 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; width: 9.94624%; 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; height: 17px; width: 1.34409%; 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; width: 64.6505%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Impairment loss on 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; width: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 1.00806%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"&gt;&lt;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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 1.00806%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"&gt;&lt;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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; 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; width: 64.6505%; 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; Net loss related to participation increase in Usiminas &lt;/span&gt;&lt;/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: 9.94624%; 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; height: 17px; width: 1.00806%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; 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; width: 9.94624%; 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; (25,486 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; 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; width: 9.94624%; 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; height: 17px; width: 1.34409%; 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; width: 64.6505%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 95,404 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 208,702 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-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: Arial; font-size: 10pt; 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; line-height: inherit;"&gt;Earnings f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;rom non-consolidated companies: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year ended December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2024&lt;/span&gt;, includes a loss of &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;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;43.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million related to a provision for the ongoing litigation related to the acquisition of participation in Usiminas.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Remeasurement of previously held interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt; and Bargain purchase gain&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For year ended December 31, 2023,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;include &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&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&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;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;/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;&#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; line-height: inherit;"&gt;Impairment loss on non-consolidated companies:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; For &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;year ended December 31, 2022, $19.1 million related to the investment in Usiminas and $14.9 million related to the joint venture with PAO Severstal (&#x201c;Severstal&#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; 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; line-height: inherit;"&gt;Net loss related to participation increase in Usiminas: &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;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#x201c;Investments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in non-consolidated companies - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Usiminas&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; </ts:DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock contextRef="D20241231" id="Tag72">
&lt;table cellpadding="0" cellspacing="0" style="height: 136px; 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; width: 64.6505%;"&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="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; width: 33.871%; 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; 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; width: 1.34409%; 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; width: 64.6505%;"&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: 17px; width: 9.94624%; 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;2024&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; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.00806%; 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; width: 1.00806%; 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; width: 9.94624%; 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; width: 1.34409%; 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: 64.6505%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Earnings from 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; width: 9.94624%; 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; 8,548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; 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: 1.00806%; 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; height: 17px; width: 9.94624%; 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; 104,897 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.00806%; 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: 1.00806%; 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; height: 17px; width: 9.94624%; 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; 242,743 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.34409%; height: 17px; 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; width: 64.6505%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Remeasurement of previously held interest &lt;/span&gt;&lt;/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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 1.00806%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"&gt;&lt;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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,506 &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; width: 1.00806%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"&gt;&lt;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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 1.34409%; 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; width: 64.6505%; 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; Bargain purchase gain &lt;/span&gt;&lt;/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: 9.94624%; 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; height: 17px; width: 1.00806%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; 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; width: 9.94624%; 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; 11,487 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; 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; width: 9.94624%; 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; height: 17px; width: 1.34409%; 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; width: 64.6505%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Impairment loss on 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; width: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 1.00806%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"&gt;&lt;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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 1.00806%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%;"&gt;&lt;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: 9.94624%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; 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; width: 64.6505%; 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; Net loss related to participation increase in Usiminas &lt;/span&gt;&lt;/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: 9.94624%; 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; height: 17px; width: 1.00806%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; 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; width: 9.94624%; 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; (25,486 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; 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; width: 9.94624%; 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; height: 17px; width: 1.34409%; 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; width: 64.6505%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 95,404 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.00806%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 9.94624%; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 208,702 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.34409%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-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:DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock>
    <ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies
      contextRef="D20241231_NetOfEffectParticipationIncreaseMember"
      decimals="-3"
      id="Tag2386"
      unitRef="USD">8548000</ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies>
    <ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies
      contextRef="D20231231_NetOfEffectParticipationIncreaseMember"
      decimals="-3"
      id="Tag2398"
      unitRef="USD">104897000</ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies>
    <ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies
      contextRef="D20221231_NetOfEffectParticipationIncreaseMember"
      decimals="-3"
      id="Tag2399"
      unitRef="USD">242743000</ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies>
    <ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination
      contextRef="D20241231_GlobalPipeCompanyMember"
      id="Tag2394"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination
      contextRef="D20231231_GlobalPipeCompanyMember_5"
      decimals="-3"
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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;9&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;"&gt;&#160; &#160; &#160;&lt;/span&gt;&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;Income tax&lt;/span&gt;&lt;/p&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;br/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 85px; 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; line-height: inherit;"&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; 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;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: 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;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: 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;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; 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; line-height: inherit;"&gt; Current tax &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; (651,769 &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;/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; (868,695 &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;/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; (589,706 &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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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-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; 172,089 &lt;/span&gt;&lt;/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; 193,739 &lt;/span&gt;&lt;/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; (27,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;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; Tax charge &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; 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; (479,680&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; 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: top; 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;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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; 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;span style="font-weight: bold;"&gt;)&lt;/span&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; border-bottom-width: 1px; border-bottom-style: 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; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&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; 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;/tr&gt; &lt;/tbody&gt; &lt;/table&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 group is within the scope of the OECD Pillar &lt;span&gt;Two&lt;/span&gt; model rules. Pillar &lt;span&gt;Two&lt;/span&gt; legislation was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;adopted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in Luxembourg, the jurisdiction in which 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 is incorporated, and came into effect &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;from January 1, 2024. &lt;span style="-sec-ix-hidden:Tag3450"&gt;The group applies the exception regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, as provided&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; for&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in the amendments to IAS &lt;span&gt;12&lt;/span&gt; issued in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;May 2023. &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;For the year &lt;span&gt;2024&lt;/span&gt;, Tenaris recognized an estimated current tax expense related to Pillar &lt;span&gt;Two&lt;/span&gt;, amounting to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;81.4&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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;br/&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;"&gt;The tax charge differs from the theoretical amount that would arise by applying the nominal tax rate valid in each jurisdiction to the group's pre-tax income in that jurisdiction 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: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 170px; 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&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; 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: 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; 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: 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 style="border-left: none; border-right: none;"&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: 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 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; 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 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; 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; 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; 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; line-height: inherit;"&gt; 2,556,453 &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%; 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; height: 17px; width: 1%; 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; 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; 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; height: 17px; width: 1%; 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; height: 17px; width: 1%; 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; 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; 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; width: 1%; height: 17px; 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 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; (599,944 &lt;/span&gt;&lt;/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;/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; (1,127,428 &lt;/span&gt;&lt;/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;/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; (705,727 &lt;/span&gt;&lt;/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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (340,094 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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;"&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; 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; (24,019 &lt;/span&gt;&lt;/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;/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; 1,535 &lt;/span&gt;&lt;/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; (3,422 &lt;/span&gt;&lt;/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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 588 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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; 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; 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; line-height: inherit;"&gt; 483,789 &lt;/span&gt;&lt;/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;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;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; 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; 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;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;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; 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; 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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; Tax charges &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;p style="margin: 0px; text-align: right; 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; (479,680&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;span style="font-weight: bold;"&gt;)&lt;/span&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: right; padding-left: 0px; padding-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; 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;"&gt;)&lt;/span&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: right; 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; (617,236&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;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;span style="font-family: 'Times New Roman'; 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; 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="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;&#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; 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;2024&lt;/span&gt;,&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;effect relates to the impact of the reduction in Luxembourg's corporate income tax rate that made the blended tax rate for a company registered in Luxembourg Ville decrease from 24.94% to 23.87%. The new blended tax rate is applicable for fiscal years beginning on or after January 1, 2025, but its effect over temporary differences is recognized in &lt;span&gt;2024&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; font-style: italic; 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; 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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; positive effect from inflationary &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;tax&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;adjustments in Argentina and Mexico&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;368.2&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;349.0&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;250.4&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;the years &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;4&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; 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. It also includes a charge of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;20.0&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;164.3&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;21.0&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;for the years &lt;span&gt;2024&lt;/span&gt;, &lt;span&gt;2023&lt;/span&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;,&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;. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he years &lt;span&gt;2024&lt;/span&gt; and &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;a positive effect&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;186.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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;, 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;arising from &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the recognition &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of previous year&#x2019;s tax losses carryforward &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;deferred tax asset&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s in the Luxembourg subsidiary. For the year &lt;span&gt;2024&lt;/span&gt;, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;consumption of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;such deferred tax assets for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;86.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is included in the line &#x201c;Tax calculated at the tax rate of each country&#x201d;. F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;or more information see note &lt;span&gt;22&lt;/span&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; The year &lt;span&gt;2024&lt;/span&gt; includes a charge of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;81.4&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; related to Pillar &lt;span&gt;Two&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; </ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <ts:DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock contextRef="D20241231" id="Tag3283">
&lt;table cellpadding="0" cellspacing="0" style="height: 85px; 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; line-height: inherit;"&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; 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;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: 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;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: 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;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; 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; line-height: inherit;"&gt; Current tax &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; (651,769 &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;/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; (868,695 &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;/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; (589,706 &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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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-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; 172,089 &lt;/span&gt;&lt;/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; 193,739 &lt;/span&gt;&lt;/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; (27,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;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; Tax charge &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; 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; (479,680&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; 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: top; 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;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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; 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;span style="font-weight: bold;"&gt;)&lt;/span&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; border-bottom-width: 1px; border-bottom-style: 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; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&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; 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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock>
    <ifrs-full:CurrentTaxExpenseIncome
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      contextRef="D20231231"
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    <ifrs-full:DeferredTaxExpenseIncome
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    <ifrs-full:IncomeTaxExpenseContinuingOperations
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    <ifrs-full:IncomeTaxExpenseContinuingOperations
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    <ifrs-full:IncomeTaxExpenseContinuingOperations
      contextRef="D20221231"
      decimals="-3"
      id="Tag2670"
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    <ifrs-full:CurrentTaxExpenseIncomeRelatedToPillarTwoIncomeTaxes
      contextRef="D20241231"
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      id="Tag998"
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    <ts:DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock contextRef="D20241231" id="Tag3303">
&lt;table cellpadding="0" cellspacing="0" style="height: 170px; 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: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&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; 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: 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; 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: 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 style="border-left: none; border-right: none;"&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: 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 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; 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 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; 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; 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; 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; line-height: inherit;"&gt; 2,556,453 &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%; 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; height: 17px; width: 1%; 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; 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; 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; height: 17px; width: 1%; 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; height: 17px; width: 1%; 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; 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; 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; width: 1%; height: 17px; 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 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; (599,944 &lt;/span&gt;&lt;/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;/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; (1,127,428 &lt;/span&gt;&lt;/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;/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; (705,727 &lt;/span&gt;&lt;/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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (340,094 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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;
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&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; (24,019 &lt;/span&gt;&lt;/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;/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;
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&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; (3,422 &lt;/span&gt;&lt;/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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 588 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
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&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;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
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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; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;10&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;"&gt;&#160; &#160; &#160;&lt;/span&gt;&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;Dividends distribution&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 November &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;6&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;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;"&gt;4&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 Directors approved an interim dividend of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.27&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;outstanding &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;share ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.54&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per ADS), or &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;299&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;20&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;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;"&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, with record date on November 19, 2024 and ex-dividend date of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;November 18, 2024 in Europe and November 19, 2024 in the United States and Mexico.&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 April 30, 2024, the Company&#x2019;s shareholders approved an annual dividend in the amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.60&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per outstanding share ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per ADS). The amount approved by the shareholders included the interim dividend previously paid in November 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; in the amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per outstanding share ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.40&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per ADS). The balance, amounting to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.40&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per outstanding share ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.80&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per ADS), was paid on May 22, 2024, for an amount of approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;459&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. In the aggregate, the interim dividend paid in November 2023 and the balance paid in May 2024 amounted to approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;694&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;On&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;May 3, 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; 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 &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;n 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; </ifrs-full:DisclosureOfDividendsExplanatory>
    <ifrs-full:DividendsPaidOrdinarySharesPerShare
      contextRef="D20241106"
      decimals="2"
      id="Tag2333"
      unitRef="USDPerShare">0.27</ifrs-full:DividendsPaidOrdinarySharesPerShare>
    <ts:DividendsPaidPerAmericanDepositarySecurity
      contextRef="D20241106"
      decimals="2"
      id="Tag2369"
      unitRef="USDPerShare">0.54</ts:DividendsPaidPerAmericanDepositarySecurity>
    <ts:PaymentsForDividendsApproved
      contextRef="D20241120"
      decimals="-6"
      id="Tag2331"
      unitRef="USD">299000000</ts:PaymentsForDividendsApproved>
    <ts:DividendsPayableAmountPerShareIncludingInterimDividend
      contextRef="I20240430"
      decimals="2"
      id="Tag2339"
      unitRef="USDPerShare">0.6</ts:DividendsPayableAmountPerShareIncludingInterimDividend>
    <ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend
      contextRef="I20240430"
      decimals="2"
      id="Tag2326"
      unitRef="USDPerShare">1.2</ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend>
    <ts:DividendsPaidAmountPerShareIncludingInterimDividend
      contextRef="I20231122"
      decimals="2"
      id="Tag2368"
      unitRef="USDPerShare">0.2</ts:DividendsPaidAmountPerShareIncludingInterimDividend>
    <ts:DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend
      contextRef="I20231122"
      decimals="2"
      id="Tag2321"
      unitRef="USDPerShare">0.4</ts:DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend>
    <ifrs-full:DividendsPaidOrdinarySharesPerShare
      contextRef="D20240522_3"
      decimals="2"
      id="Tag2334"
      unitRef="USDPerShare">0.4</ifrs-full:DividendsPaidOrdinarySharesPerShare>
    <ts:DividendsPaidPerAmericanDepositarySecurity
      contextRef="D20240522_3"
      decimals="2"
      id="Tag2322"
      unitRef="USDPerShare">0.8</ts:DividendsPaidPerAmericanDepositarySecurity>
    <ifrs-full:DividendsPaid
      contextRef="D20240522_3"
      decimals="-6"
      id="Tag2327"
      unitRef="USD">459000000</ifrs-full:DividendsPaid>
    <ifrs-full:DividendsPaid
      contextRef="D20240522"
      decimals="-6"
      id="Tag2323"
      unitRef="USD">694000000</ifrs-full:DividendsPaid>
    <ts:DividendsPayableAmountPerShareIncludingInterimDividend
      contextRef="I20230503"
      decimals="2"
      id="Tag2332"
      unitRef="USDPerShare">0.51</ts:DividendsPayableAmountPerShareIncludingInterimDividend>
    <ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend
      contextRef="I20230503"
      decimals="2"
      id="Tag2329"
      unitRef="USDPerShare">1.02</ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend>
    <ts:DividendsPaidAmountPerShareIncludingInterimDividend
      contextRef="I20221123"
      decimals="2"
      id="Tag2330"
      unitRef="USDPerShare">0.17</ts:DividendsPaidAmountPerShareIncludingInterimDividend>
    <ts:DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend
      contextRef="I20221123"
      decimals="2"
      id="Tag2328"
      unitRef="USDPerShare">0.34</ts:DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend>
    <ifrs-full:DividendsPaidOrdinarySharesPerShare
      contextRef="D20230524_3"
      decimals="2"
      id="Tag2320"
      unitRef="USDPerShare">0.34</ifrs-full:DividendsPaidOrdinarySharesPerShare>
    <ts:DividendsPaidPerAmericanDepositarySecurity
      contextRef="D20230524_3"
      decimals="2"
      id="Tag2325"
      unitRef="USDPerShare">0.68</ts:DividendsPaidPerAmericanDepositarySecurity>
    <ifrs-full:DividendsPaid
      contextRef="D20230524_3"
      decimals="-6"
      id="Tag2319"
      unitRef="USD">401000000</ifrs-full:DividendsPaid>
    <ifrs-full:DividendsPaid
      contextRef="D20230524"
      decimals="-6"
      id="Tag2324"
      unitRef="USD">602000000</ifrs-full:DividendsPaid>
    <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="D20241231" id="Tag3344">
&lt;p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; line-height: 1.2;"&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;11&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;"&gt;&#160; &#160; &#160;&lt;/span&gt;&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;Property, plant and equipment, net&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_N5REFYZS5S00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 302px; 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; height: 10px; width: 40.9836%; 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; line-height: inherit;"&gt; Year ended December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Land and civil buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Industrial buildings, plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Work in progress &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Spare parts and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; margin: 0px; text-indent: 0px; width: 0.983607%; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 40.9836%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; 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: 40.9836%;"&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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 889,957 &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; width: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,538,273 &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; width: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 416,913 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 396,103 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71,834 &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; width: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 15,313,080 &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; width: 0.983607%; 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; width: 40.9836%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,336 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (94,711 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,952 &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; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,391 &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; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (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; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (107,740 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 40.9836%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes due to business combinations &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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,949 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (24,063 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 653 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (10,461 &lt;/span&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: 0.983607%; 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; width: 40.9836%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,176 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,028 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 616,218 &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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 15,658 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 635,513 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 40.9836%;"&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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,989 &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; width: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 548,790 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31,275 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (633,440 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,386 &lt;/span&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: 0.983607%; 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; width: 40.9836%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Disposals / Consumptions &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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (12,031 &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; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (65,775 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (21,627 &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; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,153 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,704 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (107,290 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 40.9836%;"&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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 935,704 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 13,903,542 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 424,042 &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; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 372,990 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 81,438 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 15,717,716 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-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: 40.9836%;"&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; &lt;/span&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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; 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: 40.9836%;"&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; Depreciation 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; 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; width: 40.9836%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 164,894 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,696,044 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 351,309 &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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,654 &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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,234,901 &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; width: 0.983607%; 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: 40.9836%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (699 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (67,918 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,686 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (71,492 &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; width: 0.983607%; 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; width: 40.9836%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Depreciation charge &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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 16,266 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 457,264 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 20,707 &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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14,966 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 509,203 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 40.9836%;"&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: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (333 &lt;/span&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: 0.983607%; height: 20px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,101 &lt;/span&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: 0.983607%; height: 20px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,594 &lt;/span&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: 0.983607%; height: 20px;"&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: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 20px;"&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: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 20px;"&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: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"&gt;)&lt;/td&gt; &lt;/tr&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: 40.9836%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Disposals / Consumptions &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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,834 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (53,249 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (20,444 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (75,527 &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; width: 0.983607%; 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: 40.9836%;"&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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 178,294 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 9,030,040 &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; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 350,480 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 37,431 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 9,596,245 &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; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-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: 40.9836%;"&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, 2024 &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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 757,410 &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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,873,502 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 73,562 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 372,990 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 44,007 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; 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; 6,121,471 &lt;/span&gt;&lt;/p&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: 0.983607%; 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="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_AGTQULPL3400000000000000000000b"&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: 339px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 50px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 50px;" valign="bottom"&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; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Land and civil buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Industrial buildings, plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Work in progress &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Spare parts and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; 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; margin: 0px; text-indent: 0px; width: 8%; 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; font-weight: bold; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 815,763 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,857,494 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 402,485 &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; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 252,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 55,526 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14,383,647 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 53,282 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 1,675 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 1,462 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 58,481 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Increase due to business combinations &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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 64,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 256,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 831 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71,838 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 393,981 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 330 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 3,661 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 546,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 19,671 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 570,997 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 435,550 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (471,381 &lt;/span&gt;&lt;/p&gt; &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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,270 &lt;/span&gt;&lt;/p&gt; &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; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; (4,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (68,613 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (11,428 &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; 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; line-height: inherit;"&gt; (4,710 &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: 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; line-height: inherit;"&gt; (3,562 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (92,756 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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; 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; 889,957 &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; border-top-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; line-height: inherit;"&gt; 13,538,273 &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; border-top-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; line-height: inherit;"&gt; 416,913 &lt;/span&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; line-height: inherit;"&gt; 396,103 &lt;/span&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; line-height: inherit;"&gt; 71,834 &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: 17px;"&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; line-height: inherit;"&gt; 15,313,080 &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; border-top-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;tr style="height: 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: 10pt; font-weight: bold; line-height: inherit;"&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; 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;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; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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;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; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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;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; line-height: inherit;"&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; 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; Depreciation and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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; line-height: inherit;"&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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 152,272 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 8,313,971 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 340,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 20,615 &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; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 8,827,384 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 38,074 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 40,153 &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;/tr&gt;
&lt;tr style="height: 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,256 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 411,861 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 19,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 1,934 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 445,890 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &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; (391 &lt;/span&gt;&lt;/p&gt; &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; 27 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; (8 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (67,471 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (10,667 &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; 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; line-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; (78,146 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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; 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; 164,894 &lt;/span&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; line-height: inherit;"&gt; 8,696,044 &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; border-top-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; line-height: inherit;"&gt; 351,309 &lt;/span&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; line-height: inherit;"&gt; - &lt;/span&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; line-height: inherit;"&gt; 22,654 &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; border-top-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; line-height: inherit;"&gt; 9,234,901 &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; border-top-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;tr style="height: 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, 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; 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; 725,063 &lt;/span&gt;&lt;/p&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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,842,229 &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; 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; 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; 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; 65,604 &lt;/span&gt;&lt;/p&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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 396,103 &lt;/span&gt;&lt;/p&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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 49,180 &lt;/span&gt;&lt;/p&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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;elated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;to Mattr&#x2019;s pipe coating business unit acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; 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'; font-weight: normal; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;"&gt;(*&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;"&gt;*&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;"&gt;) &lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;elated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;GPC, Isoplus 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; line-height: inherit;"&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;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;Property, plant and equipment include capitalized interests for net amounts at December 31, 202&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; 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;3&lt;/span&gt;&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;27.2&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;28.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, respectively. There were no new interests capitalized during &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; 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;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;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;Government grants recognized as a reduction of property, plant and equipment were 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; 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; 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;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="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="color: #212121; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company&#x2019;s Brazilian subsidiary Confab Industrial S.A. (&#x201c;Confab&#x201d;) holds certain real estate assets, with a carrying value of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;32.1&lt;/span&gt;&lt;span style="color: #212121; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, that are subject to a judicial mortgage aimed at securing the indemnification potentially payable to Companhia Sider&#xfa;rgica Nacional (&#x201c;CSN") under a lawsuit brough by CSN against Confab and other related companies. The litigation is currently pending, and no amount is currently owed by Confab. See 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="color: #212121; 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;&#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; line-height: inherit;"&gt;Contingencies - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;CSN claims relating to the January 2012 acquisition of Usiminas&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;br/&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="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;See note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;28&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt;SSPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, in which Tenaris holds a 47.79%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; interest&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;For the year &lt;span&gt;2024&lt;/span&gt; and &lt;span&gt;2023&lt;/span&gt;, t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he carrying amount of assets pledged as security for current and non-current borrowings 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;147.9&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;89.6&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;, respective&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ly&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; held in Saudi Arabia by the Company&#xb4;s subsidiary GPC, in which SSPC holds a 57.3% interest&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:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory contextRef="D20241231" id="Tag3347">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_N5REFYZS5S00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 302px; 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; height: 10px; width: 40.9836%; 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; line-height: inherit;"&gt; Year ended December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Land and civil buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Industrial buildings, plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Work in progress &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; Spare parts and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.983607%; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8.03279%; border-top-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"&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; margin: 0px; text-indent: 0px; width: 0.983607%; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 40.9836%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&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; &lt;/span&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: 0.983607%; 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: 40.9836%;"&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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 889,957 &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; width: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,538,273 &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; width: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 416,913 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 396,103 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71,834 &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; width: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 15,313,080 &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; width: 0.983607%; 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; width: 40.9836%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,336 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (94,711 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,952 &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; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,391 &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; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (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; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (107,740 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 40.9836%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes due to business combinations &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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,949 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (24,063 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 653 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (10,461 &lt;/span&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: 0.983607%; 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; width: 40.9836%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,176 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,028 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 616,218 &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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 15,658 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 635,513 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 40.9836%;"&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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,989 &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; width: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 548,790 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31,275 &lt;/span&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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (633,440 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,386 &lt;/span&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: 0.983607%; 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; width: 40.9836%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Disposals / Consumptions &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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (12,031 &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; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (65,775 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (21,627 &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; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,153 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,704 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (107,290 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 40.9836%;"&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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 935,704 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 13,903,542 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 424,042 &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; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 372,990 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 81,438 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 15,717,716 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-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: 40.9836%;"&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; &lt;/span&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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; 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: 40.9836%;"&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; Depreciation 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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: 0.983607%; 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; width: 40.9836%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 164,894 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,696,044 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 351,309 &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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,654 &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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,234,901 &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; width: 0.983607%; 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: 40.9836%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (699 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (67,918 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,686 &lt;/span&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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 17px;"&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (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: 0.983607%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (71,492 &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; width: 0.983607%; 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; width: 40.9836%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Depreciation charge &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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 16,266 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 457,264 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 20,707 &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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14,966 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 509,203 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 40.9836%;"&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: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (333 &lt;/span&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: 0.983607%; height: 20px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,101 &lt;/span&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: 0.983607%; height: 20px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,594 &lt;/span&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: 0.983607%; height: 20px;"&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: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 20px;"&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: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0.983607%; height: 20px;"&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: 0.983607%; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; width: 0.983607%; height: 20px;"&gt;)&lt;/td&gt; &lt;/tr&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: 40.9836%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Disposals / Consumptions &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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,834 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (53,249 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (20,444 &lt;/span&gt;&lt;/p&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: 0.983607%; 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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 0.983607%; height: 17px;"&gt;&lt;br/&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: 0.983607%; 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; width: 8.03279%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (75,527 &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; width: 0.983607%; 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: 40.9836%;"&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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 178,294 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 9,030,040 &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; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 350,480 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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: bottom; margin: 0px; text-indent: 0px; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 37,431 &lt;/span&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 9,596,245 &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; width: 0.983607%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-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: 40.9836%;"&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, 2024 &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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 757,410 &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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,873,502 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 73,562 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 372,990 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 44,007 &lt;/span&gt;&lt;/p&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: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; width: 0.983607%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; 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; width: 8.03279%; 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; 6,121,471 &lt;/span&gt;&lt;/p&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: 0.983607%; 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="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_AGTQULPL3400000000000000000000b"&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: 339px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 50px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 50px;" valign="bottom"&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; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Land and civil buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Industrial buildings, plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Work in progress &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Spare parts and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 50px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; 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; margin: 0px; text-indent: 0px; width: 8%; 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; font-weight: bold; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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: 8%; 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; line-height: inherit;"&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; 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-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 815,763 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,857,494 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 402,485 &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; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 252,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 55,526 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14,383,647 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 53,282 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 1,675 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 1,462 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 58,481 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Increase due to business combinations &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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 64,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 256,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 831 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71,838 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 393,981 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 330 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 3,661 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 546,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 19,671 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 570,997 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 435,550 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (471,381 &lt;/span&gt;&lt;/p&gt; &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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,270 &lt;/span&gt;&lt;/p&gt; &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; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; (4,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (68,613 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (11,428 &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; 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; line-height: inherit;"&gt; (4,710 &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: 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; line-height: inherit;"&gt; (3,562 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (92,756 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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; 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; 889,957 &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; border-top-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; line-height: inherit;"&gt; 13,538,273 &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; border-top-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; line-height: inherit;"&gt; 416,913 &lt;/span&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; line-height: inherit;"&gt; 396,103 &lt;/span&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; line-height: inherit;"&gt; 71,834 &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: 17px;"&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; line-height: inherit;"&gt; 15,313,080 &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; border-top-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;tr style="height: 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: 10pt; font-weight: bold; line-height: inherit;"&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; 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;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; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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;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; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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;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; line-height: inherit;"&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; 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; Depreciation and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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; line-height: inherit;"&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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 152,272 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 8,313,971 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 340,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 20,615 &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; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 8,827,384 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 38,074 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 40,153 &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;/tr&gt;
&lt;tr style="height: 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,256 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 411,861 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 19,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 1,934 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 445,890 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &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; (391 &lt;/span&gt;&lt;/p&gt; &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; 27 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; (8 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (67,471 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (10,667 &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; 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; line-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; (78,146 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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; 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; 164,894 &lt;/span&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; line-height: inherit;"&gt; 8,696,044 &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; border-top-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; line-height: inherit;"&gt; 351,309 &lt;/span&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; line-height: inherit;"&gt; - &lt;/span&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; line-height: inherit;"&gt; 22,654 &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; border-top-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; line-height: inherit;"&gt; 9,234,901 &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; border-top-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;tr style="height: 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, 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; 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; 725,063 &lt;/span&gt;&lt;/p&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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,842,229 &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; 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; 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; 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; 65,604 &lt;/span&gt;&lt;/p&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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 396,103 &lt;/span&gt;&lt;/p&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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 49,180 &lt;/span&gt;&lt;/p&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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;elated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;to Mattr&#x2019;s pipe coating business unit acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; 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'; font-weight: normal; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;"&gt;(*&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;"&gt;*&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; vertical-align: super; line-height: inherit;"&gt;) &lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;elated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal; line-height: inherit;"&gt;GPC, Isoplus 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; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory>
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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;12&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;"&gt;&#160; &#160; &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Intangible assets, net&lt;/span&gt;&lt;/p&gt;
&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;br/&gt;&lt;/span&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_HRKP7XS18W00000000000000000000b"&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;"&gt; Year ended December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"&gt; Information system projects &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&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;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"&gt; Customer relationships &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; background-color: #cceeff; width: 40.9367%; 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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; 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: 40.9367%;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 648,887 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 560,549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,488,381 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,790,680 &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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,488,497 &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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,049 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,139 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Changes due to business combinations &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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (13,621 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (14,590 &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; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (28,211 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 43,445 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 58,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 70 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,654 &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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (31,262 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (31,302 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/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: 40.9367%;"&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; 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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 661,605 &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; border-top-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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 575,607 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,474,693 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,776,037 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,487,942 &lt;/span&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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 576,722 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 407,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,742,774 &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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,111,387 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,764 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,781 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 22,664 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,100 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,986 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 53,750 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (31,231 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (31,271 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/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: 40.9367%;"&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; border-top-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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 564,499 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 416,311 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,384,674 &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; border-top-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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,764,709 &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; border-top-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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,130,193 &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; border-top-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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&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, 2024 &lt;/span&gt;&lt;/p&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 97,106 &lt;/span&gt;&lt;/p&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; width: 1.04076%;"&gt;&lt;br/&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; width: 1.04076%;"&gt;&lt;br/&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 159,296 &lt;/span&gt;&lt;/p&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; width: 1.04076%;"&gt;&lt;br/&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; width: 1.04076%;"&gt;&lt;br/&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,090,019 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; width: 1.04076%;"&gt;&lt;br/&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; width: 1.04076%;"&gt;&lt;br/&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 11,328 &lt;/span&gt;&lt;/p&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; width: 1.04076%;"&gt;&lt;br/&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; width: 1.04076%;"&gt;&lt;br/&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; width: 9.97398%;"&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; 1,357,749 &lt;/span&gt;&lt;/p&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; width: 1.04076%;"&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; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;div id="t_ft_0YL07KIEXC00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 300px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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: 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; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"&gt; Information system projects &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&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;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"&gt; Customer relationships &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"&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; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 41%;"&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: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;"&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;"&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; 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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"&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; 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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"&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; 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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"&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; 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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"&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; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 2,469,726 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 1,762,042 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 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; 2,233 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 39 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 2,274 &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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&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;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 116 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 18,616 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 28,638 &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;"&gt; 47,475 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Additions &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; 39,375 &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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 9,073 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 48,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; 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;"&gt; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 367 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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;/tr&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; Disposals &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; (7,737 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; (7,737 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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;"&gt; 648,887 &lt;/span&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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 560,549 &lt;/span&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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,488,381 &lt;/span&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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,790,680 &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; border-top-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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,488,497 &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; border-top-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;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;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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; 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: 'Times New Roman'; font-size: 10pt;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; 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; 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;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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; &lt;/span&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;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; &lt;/span&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;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; 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; 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; 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; 561,119 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 398,417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 1,720,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 4,064,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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;"&gt; 2,140 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 2,141 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; Amortization charge &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; 21,285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 8,799 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 22,259 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 52,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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;"&gt; (86 &lt;/span&gt;&lt;/p&gt; &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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; (86 &lt;/span&gt;&lt;/p&gt; &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;"&gt; Disposals &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; (7,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; (7,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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;"&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; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 576,722 &lt;/span&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: 18px;"&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 407,217 &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; border-top-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: 18px;"&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,384,674 &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; border-top-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: 18px;"&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,742,774 &lt;/span&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: 18px;"&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,111,387 &lt;/span&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 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; 72,165 &lt;/span&gt;&lt;/p&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;br/&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;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; 153,332 &lt;/span&gt;&lt;/p&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;br/&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;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; 1,103,707 &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-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; 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; 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; 47,906 &lt;/span&gt;&lt;/p&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;br/&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;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; 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; 1,377,110 &lt;/span&gt;&lt;/p&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;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: 12pt; margin: 0pt; text-align: justify;"&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; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Includes Proprietary Technology.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&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;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;to 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;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;(*&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;*&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;*&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;) &lt;/span&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;to the GPC, Isoplus 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';"&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-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The geographical &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;allocation of goodwill &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;for the year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ended December 31, 20&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;2&lt;/span&gt;&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;4&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;was $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;944.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for North America&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;111.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for South America&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;33.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for&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;Middle East &amp;amp; Africa&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;1.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for Europe&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 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The geographical allocation of goodwill for the year ended December 31, 2023 was $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;944.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for North America, $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;111.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for South America, $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;33.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for Asia Pacific, Middle East &amp;amp; Africa and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;15.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for Europe.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The carrying amount of goodwill allocated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; by CGU, as of December 31, 20&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;2&lt;/span&gt;&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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, was as follows:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 115px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; width: 64.9408%;"&gt;
&lt;p style="margin: 0pt;"&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;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; &lt;/span&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: 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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&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; &lt;/span&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: 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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&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; &lt;/span&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: 1.0355%;"&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: 64.9408%;"&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: 0px;padding-right: 0px;vertical-align: bottom;height: 10px;border-bottom-width: 1px;border-bottom-style: solid;margin: 0px;text-indent: 0px;border-bottom-color: #000000 !important;width: 22.1893%;"&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; Tubes Segment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;"&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;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 64.9408%;" 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; CGU &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;"&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; Hydril Acquisition &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;"&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; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0592%;"&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; margin: 0px; text-indent: 0px; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 64.9408%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tamsa &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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; width: 1.0355%; height: 17px;"&gt;&lt;br/&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: 1.0355%; 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; width: 10.0592%; 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;"&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; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 10.0592%; 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;"&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; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 64.9408%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Siderca &lt;/span&gt;&lt;/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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; 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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; 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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 64.9408%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Hydril &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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; 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: 17px; width: 1.0355%;"&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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 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: 17px; width: 1.0355%;"&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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 64.9408%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 64.9408%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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; 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; 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; width: 1.0355%;"&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; border-top-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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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; 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; 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; width: 1.0355%;"&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; border-top-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: 10.0592%;"&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; 1,090&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
    <ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory contextRef="D20241231" id="Tag3335">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_HRKP7XS18W00000000000000000000b"&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: 323px;" 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: bottom; height: 34px; width: 40.9367%;"&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, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"&gt; Information system projects &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&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;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"&gt; Customer relationships &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; 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 0px 0px 0.1px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 9.97398%; border-top-color: #000000 !important; border-bottom-color: #000000 !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;"&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 34px; width: 1.04076%; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; background-color: #cceeff; width: 40.9367%; 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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 1.04076%; height: 17px;"&gt;&lt;br/&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: 9.97398%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;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: 1.04076%; 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: 40.9367%;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 648,887 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 560,549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,488,381 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,790,680 &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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,488,497 &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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,049 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,139 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Changes due to business combinations &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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (13,621 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (14,590 &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; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (28,211 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 43,445 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 58,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 70 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,654 &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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (31,262 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (31,302 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/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: 40.9367%;"&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; 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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 661,605 &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; border-top-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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 575,607 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,474,693 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,776,037 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,487,942 &lt;/span&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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&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: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&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; &lt;/span&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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 576,722 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 407,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,742,774 &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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,111,387 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,764 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,781 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 22,664 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,100 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,986 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 53,750 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 40.9367%;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&gt;
&lt;p style="margin: 0pt;"&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: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (31,231 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (31,271 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.04076%;"&gt;)&lt;/td&gt; &lt;/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: 40.9367%;"&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; border-top-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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 564,499 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 416,311 &lt;/span&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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,384,674 &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; border-top-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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,764,709 &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; border-top-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; width: 1.04076%;"&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; width: 1.04076%;"&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,130,193 &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; border-top-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; width: 1.04076%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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: 40.9367%;"&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, 2024 &lt;/span&gt;&lt;/p&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 97,106 &lt;/span&gt;&lt;/p&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; width: 1.04076%;"&gt;&lt;br/&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; width: 1.04076%;"&gt;&lt;br/&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 159,296 &lt;/span&gt;&lt;/p&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; width: 1.04076%;"&gt;&lt;br/&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; width: 1.04076%;"&gt;&lt;br/&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,090,019 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; width: 1.04076%;"&gt;&lt;br/&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; width: 1.04076%;"&gt;&lt;br/&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; width: 9.97398%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 11,328 &lt;/span&gt;&lt;/p&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; width: 1.04076%;"&gt;&lt;br/&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; width: 1.04076%;"&gt;&lt;br/&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; width: 9.97398%;"&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; 1,357,749 &lt;/span&gt;&lt;/p&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; width: 1.04076%;"&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; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;div id="t_ft_0YL07KIEXC00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 300px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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: 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; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"&gt; Information system projects &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&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;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"&gt; Customer relationships &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px 0px 0px 0.1px; 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; 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;"&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; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 41%;"&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: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;"&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;"&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; 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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"&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; 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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"&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; 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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"&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; 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; height: 17px; 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: 'Times New Roman'; font-size: 10pt;"&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; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 2,469,726 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 1,762,042 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 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; 2,233 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 39 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 2,274 &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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&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;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 116 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 18,616 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 28,638 &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;"&gt; 47,475 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Additions &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; 39,375 &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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 9,073 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 48,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; 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;"&gt; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 367 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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;/tr&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; Disposals &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; (7,737 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; (7,737 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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;"&gt; 648,887 &lt;/span&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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 560,549 &lt;/span&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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,488,381 &lt;/span&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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,790,680 &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; border-top-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-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,488,497 &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; border-top-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;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;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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; 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: 'Times New Roman'; font-size: 10pt;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; 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; 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;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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; &lt;/span&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;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; &lt;/span&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;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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; 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; 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; 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; 561,119 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 398,417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 1,720,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 4,064,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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;"&gt; 2,140 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 2,141 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; Amortization charge &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; 21,285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 8,799 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 22,259 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 52,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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;"&gt; (86 &lt;/span&gt;&lt;/p&gt; &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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; (86 &lt;/span&gt;&lt;/p&gt; &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;"&gt; Disposals &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; (7,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; (7,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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;"&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; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 576,722 &lt;/span&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: 18px;"&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 407,217 &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; border-top-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: 18px;"&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,384,674 &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; border-top-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: 18px;"&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,742,774 &lt;/span&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: 18px;"&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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,111,387 &lt;/span&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: 18px;"&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; 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; 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; 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; 72,165 &lt;/span&gt;&lt;/p&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;br/&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;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; 153,332 &lt;/span&gt;&lt;/p&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;br/&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;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; 1,103,707 &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-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; 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; 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; 47,906 &lt;/span&gt;&lt;/p&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;br/&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;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; 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; 1,377,110 &lt;/span&gt;&lt;/p&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;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: 12pt; margin: 0pt; text-align: justify;"&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; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Includes Proprietary Technology.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&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;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;to 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;
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      decimals="-3"
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      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember"
      decimals="-3"
      id="Tag2073"
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      xsi:nil="true"/>
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      decimals="-3"
      id="Tag1986"
      unitRef="USD">22259000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="Tag2063"
      unitRef="USD">52343000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
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      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember"
      decimals="-3"
      id="Tag2014"
      unitRef="USD">-86000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill>
    <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill
      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember"
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      xsi:nil="true"/>
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      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember"
      id="Tag2106"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill
      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="Tag1996"
      unitRef="USD">-86000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill>
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      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember"
      decimals="-3"
      id="Tag1967"
      unitRef="USD">-7736000</ifrs-full:DisposalsIntangibleAssetsAndGoodwill>
    <ifrs-full:DisposalsIntangibleAssetsAndGoodwill
      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember"
      id="Tag2049"
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      xsi:nil="true"/>
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      xsi:nil="true"/>
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      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember"
      id="Tag2092"
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      xsi:nil="true"/>
    <ifrs-full:DisposalsIntangibleAssetsAndGoodwill
      contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="Tag1976"
      unitRef="USD">-7736000</ifrs-full:DisposalsIntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember"
      decimals="-3"
      id="Tag2110"
      unitRef="USD">-576722000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember"
      decimals="-3"
      id="Tag2108"
      unitRef="USD">-407217000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember"
      decimals="-3"
      id="Tag2067"
      unitRef="USD">-1384674000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember"
      decimals="-3"
      id="Tag2072"
      unitRef="USD">-1742774000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="Tag1962"
      unitRef="USD">-4111387000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_InformationSystemProjectsMember"
      decimals="-3"
      id="Tag1961"
      unitRef="USD">72165000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_LicensesPatentsAndTrademarksMember"
      decimals="-3"
      id="Tag1973"
      unitRef="USD">153332000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_GoodwillMember"
      decimals="-3"
      id="Tag2023"
      unitRef="USD">1103707000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231_CustomerrelatedIntangibleAssetsMember"
      decimals="-3"
      id="Tag2100"
      unitRef="USD">47906000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20231231"
      decimals="-3"
      id="Tag2109"
      unitRef="USD">1377110000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_NorthAmericaMember"
      decimals="-5"
      id="Tag1982"
      unitRef="USD">944200000</ifrs-full:Goodwill>
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      decimals="-5"
      id="Tag2002"
      unitRef="USD">111000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_AsiaPacificMiddleEastAndAfricaMember"
      decimals="-5"
      id="Tag1990"
      unitRef="USD">33000000</ifrs-full:Goodwill>
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      decimals="-5"
      id="Tag2052"
      unitRef="USD">1800000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_NorthAmericaMember"
      decimals="-5"
      id="Tag2094"
      unitRef="USD">944200000</ifrs-full:Goodwill>
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      contextRef="I20231231_SouthAmericaMember"
      decimals="-5"
      id="Tag2027"
      unitRef="USD">111000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_AsiaPacificMiddleEastAndAfricaMember"
      decimals="-5"
      id="Tag1985"
      unitRef="USD">33000000</ifrs-full:Goodwill>
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      contextRef="I20231231_EuropeMember"
      decimals="-5"
      id="Tag1955"
      unitRef="USD">15500000</ifrs-full:Goodwill>
    <ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory contextRef="D20241231" id="Tag3342">
&lt;table cellpadding="0" cellspacing="0" style="height: 115px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; width: 64.9408%;"&gt;
&lt;p style="margin: 0pt;"&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;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; &lt;/span&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: 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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&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; &lt;/span&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: 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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&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; &lt;/span&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: 1.0355%;"&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: 64.9408%;"&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: 0px;padding-right: 0px;vertical-align: bottom;height: 10px;border-bottom-width: 1px;border-bottom-style: solid;margin: 0px;text-indent: 0px;border-bottom-color: #000000 !important;width: 22.1893%;"&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; Tubes Segment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;"&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;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 64.9408%;" 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; CGU &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;"&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; Hydril Acquisition &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 10.0592%;"&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; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 10px; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0592%;"&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; margin: 0px; text-indent: 0px; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 64.9408%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tamsa &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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; width: 1.0355%; height: 17px;"&gt;&lt;br/&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: 1.0355%; 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; width: 10.0592%; 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;"&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; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 10.0592%; 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;"&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; margin: 0px; text-indent: 0px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; height: 17px; 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; width: 64.9408%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Siderca &lt;/span&gt;&lt;/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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; 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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; 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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 64.9408%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Hydril &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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; 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: 17px; width: 1.0355%;"&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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 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: 17px; width: 1.0355%;"&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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: 17px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 64.9408%;"&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; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 1.0355%;"&gt;&lt;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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 64.9408%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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; 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; 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; width: 1.0355%;"&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; border-top-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: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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; 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; 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; width: 1.0355%;"&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; border-top-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: 10.0592%;"&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; 1,090&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_HydrilCompanyMember_TamsaMember"
      decimals="-6"
      id="Tag2091"
      unitRef="USD">346000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember_TamsaMember"
      decimals="-6"
      id="Tag1946"
      unitRef="USD">19000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_TamsaMember"
      decimals="-6"
      id="Tag1953"
      unitRef="USD">365000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_HydrilCompanyMember_SidercaMember"
      decimals="-6"
      id="Tag2058"
      unitRef="USD">265000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember_SidercaMember"
      decimals="-6"
      id="Tag1974"
      unitRef="USD">93000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_SidercaMember"
      decimals="-6"
      id="Tag2078"
      unitRef="USD">358000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_HydrilCompanyMember_HydrilMember"
      decimals="-6"
      id="Tag2048"
      unitRef="USD">309000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember_HydrilMember"
      id="Tag2031"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_HydrilMember"
      decimals="-6"
      id="Tag1987"
      unitRef="USD">309000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_HydrilCompanyMember_OtherCguMember"
      id="Tag2080"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember_OtherCguMember"
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      id="Tag2064"
      unitRef="USD">58000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_OtherCguMember"
      decimals="-6"
      id="Tag2104"
      unitRef="USD">58000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_HydrilCompanyMember"
      decimals="-6"
      id="Tag2030"
      unitRef="USD">920000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember_OtherBusinessCombinationsMember"
      decimals="-6"
      id="Tag1972"
      unitRef="USD">170000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20241231_TubesMember"
      decimals="-6"
      id="Tag2018"
      unitRef="USD">1090000000</ifrs-full:Goodwill>
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&lt;p style="font-family: 'times new roman', times; 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;13&lt;span style="color: #003366; 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: start; text-indent: -29.8667px; text-transform: none; widows: 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; float: none;"&gt;&#160; &#160; &lt;/span&gt;&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;Right-of-use assets, net and lease 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Right of use assets evolution&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="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_EAZKEE8FPS00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 324px; 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: 52px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 52px;" valign="bottom"&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; Year ended December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; Land and Civil Buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; Industrial Buildings, Plant and Production Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; height: 52px; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&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; height: 17px; 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: middle; background-color: #cceeff; height: 17px; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&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; height: 17px; 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: middle; background-color: #cceeff; height: 17px; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&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; height: 17px; 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: middle; background-color: #cceeff; height: 17px; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&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; height: 17px; 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: middle; background-color: #cceeff; height: 17px; 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; padding-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;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; 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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 66,464 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 148,380 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 43,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,668 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 261,729 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; (167 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (692 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; (1,298 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; 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; text-align: justify;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 16,034 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 52,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,663 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 91,321 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; (5,027 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; 5,027 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; line-height: inherit;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (10,772 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (20,113 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (8,706 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (39,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; font-weight: bold; line-height: inherit;"&gt; At December 31, 2024 &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; line-height: inherit;"&gt; 66,532 &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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 184,895 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 56,482 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 4,252 &lt;/span&gt;&lt;/p&gt; &lt;/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; line-height: inherit;"&gt; 312,161 &lt;/span&gt;&lt;/p&gt; &lt;/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;tr style="height: 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; &lt;/span&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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; 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; Depreciation &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;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; height: 17px; background-color: #cceeff; 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; &lt;/span&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; height: 17px; background-color: #cceeff; 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; &lt;/span&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; height: 17px; background-color: #cceeff; 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; &lt;/span&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; height: 17px; background-color: #cceeff; 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; &lt;/span&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;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 27,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 75,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 25,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 823 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 129,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; (68 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (412 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; (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; height: 17px; 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; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 20,448 &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; line-height: inherit;"&gt; 34,719 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,786 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 948 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 69,901 &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;/tr&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; 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; 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; (1,514 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; 1,550 &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; 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; (36 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; line-height: inherit;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (10,041 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (17,660 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,735 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (35,436 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&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; 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; 36,797 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 93,893 &lt;/span&gt;&lt;/p&gt; &lt;/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; line-height: inherit;"&gt; 30,832 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 1,771 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 163,293 &lt;/span&gt;&lt;/p&gt; &lt;/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;tr style="height: 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, 2024 &lt;/span&gt;&lt;/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; 29,735 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 91,002 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 25,650 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 2,481 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 148,868 &lt;/span&gt;&lt;/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;/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 id="t_ft_M8B4Z2UHNK00000000000000000000b"&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: 358px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 69px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 69px;" valign="bottom"&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; Year ended December 31, 2023 &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Land and Civil Buildings &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Industrial Buildings, Plant and Production Equipment &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Vehicles, furniture and fixtures &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Others &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; 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: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"&gt; &lt;/span&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: 1%; height: 17px;"&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: 1%; height: 17px;"&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%; 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; line-height: inherit;"&gt; &lt;/span&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: 1%; height: 17px;"&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: 1%; height: 17px;"&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%; 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; line-height: inherit;"&gt; &lt;/span&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: 1%; height: 17px;"&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: 1%; height: 17px;"&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%; 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; line-height: inherit;"&gt; &lt;/span&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: 1%; height: 17px;"&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: 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; padding-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;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: 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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 125,677 &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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 30,291 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,182 &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; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; 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;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,803 &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; line-height: inherit;"&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: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,886 &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: 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,040 &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; 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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 2,486 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,739 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (2,424 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; line-height: inherit;"&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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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;tr style="height: 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: 10pt; font-weight: bold; line-height: inherit;"&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; 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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 18,933 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,663 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,349 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (7,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (1,638 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-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; (10,033 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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; 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; 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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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;tr style="height: 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, 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold; line-height: inherit;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&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;"&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; 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;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;GPC&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;.&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; 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;Depreciation of right-of-use assets &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; mainly included in Tubes segment.&lt;/span&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times;"&gt;
 &lt;br/&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; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Lease liability evolution&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="border-left: none; border-right: none;"&gt;

&lt;div style="font-family: 'times new roman', times; 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: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9099%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 21.9742%;"&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; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/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: 76.9099%;"&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;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;"&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;2024&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; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"&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; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;"&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; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; height: 17px; width: 1.03004%;"&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: 76.9099%; 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; 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; height: 10px; margin: 0px; text-indent: 0px; width: 9.95708%; 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; 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; width: 1.03004%; background-color: #cceeff; 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; width: 1.03004%; 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; margin: 0px; text-indent: 0px; width: 9.95708%; 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; 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; width: 1.03004%; 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; width: 76.9099%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes due to business combinations &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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 76.9099%;"&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; background-color: #cceeff; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,565 &lt;/span&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: 1.03004%;"&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,237 &lt;/span&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: 1.03004%;"&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: 76.9099%;"&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; Additions &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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 91,005 &lt;/span&gt;&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: 1.03004%;"&gt;&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: 1.03004%;"&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; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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: 10px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 76.9099%;"&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; Cancellations &lt;/span&gt;&lt;/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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (8,377 &lt;/span&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: 1.03004%;"&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,972 &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; background-color: #cceeff; height: 17px; width: 1.03004%;"&gt;)&lt;/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: 76.9099%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Repayments &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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (73,639 &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: 1.03004%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (54,940 &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: 1.03004%;"&gt;)&lt;/td&gt; &lt;/tr&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: 76.9099%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Interest 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; background-color: #cceeff; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,104 &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; background-color: #cceeff; height: 17px; width: 1.03004%;"&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,473 &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; background-color: #cceeff; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 76.9099%;"&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; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 144,926 &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; border-top-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; width: 1.03004%;"&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; width: 1.03004%;"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;"&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; 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; border-top-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; width: 1.03004%;"&gt;&lt;br/&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; 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;br/&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;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; 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;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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 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;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;GPC&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;.&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: 'times new roman', times; font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;*&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;*&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; 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="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &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;202&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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#160;includes&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;repayments of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;68.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;in capital &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;$&lt;/span&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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; of interest&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;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &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;202&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; includes repayments of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;51.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million in capital and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;3.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million of interest&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;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; text-align: justify; line-height: 1.2;"&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;4&lt;/span&gt;&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 amount of remaining payments with maturities of less than &lt;span&gt;1&lt;/span&gt; year, between &lt;span&gt;2&lt;/span&gt; and &lt;span&gt;5&lt;/span&gt; years and more than &lt;span&gt;5&lt;/span&gt; years was approximately &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;46%&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;23%&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="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; text-align: justify; line-height: 1.2;"&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 &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;, &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 amount of remaining payments with maturit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ies of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt; approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;28%&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;45%&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;27%&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="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;Expense&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; relat&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 short-term leases&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;leases of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;low&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and variable leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (included in &lt;/span&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;ost of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;ales and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;elling, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;g&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;eneral and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;dministrative &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;xpense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; 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;were&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; 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;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; </ifrs-full:DisclosureOfLeasesExplanatory>
    <ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory contextRef="D20241231" id="Tag3333">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_EAZKEE8FPS00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 324px; 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: 52px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 52px;" valign="bottom"&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; Year ended December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; Land and Civil Buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; Industrial Buildings, Plant and Production Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 52px; margin: 0px 0px 0px 0.1px; 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; 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; height: 52px; 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; 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; vertical-align: bottom; height: 17px; background-color: #cceeff; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&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; height: 17px; 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: middle; background-color: #cceeff; height: 17px; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&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; height: 17px; 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: middle; background-color: #cceeff; height: 17px; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&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; height: 17px; 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: middle; background-color: #cceeff; height: 17px; 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: middle; height: 17px; 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; font-weight: bold; line-height: inherit;"&gt; &lt;/span&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; height: 17px; 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: middle; background-color: #cceeff; height: 17px; 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; padding-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;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; 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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 66,464 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 148,380 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 43,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,668 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 261,729 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; (167 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (692 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; (1,298 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; 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; text-align: justify;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 16,034 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 52,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,663 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 91,321 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; (5,027 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; 5,027 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; line-height: inherit;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (10,772 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (20,113 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (8,706 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (39,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; font-weight: bold; line-height: inherit;"&gt; At December 31, 2024 &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; line-height: inherit;"&gt; 66,532 &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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 184,895 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 56,482 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 4,252 &lt;/span&gt;&lt;/p&gt; &lt;/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; line-height: inherit;"&gt; 312,161 &lt;/span&gt;&lt;/p&gt; &lt;/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;tr style="height: 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; &lt;/span&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; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; 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; Depreciation &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;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; height: 17px; background-color: #cceeff; 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; &lt;/span&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; height: 17px; background-color: #cceeff; 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; &lt;/span&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; height: 17px; background-color: #cceeff; 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; &lt;/span&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; height: 17px; background-color: #cceeff; 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; &lt;/span&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;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 27,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 75,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 25,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 823 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 129,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; (68 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; (412 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; (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; height: 17px; 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; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 20,448 &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; line-height: inherit;"&gt; 34,719 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,786 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 948 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 69,901 &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;/tr&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; 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; 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; (1,514 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; 1,550 &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; 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; (36 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; line-height: inherit;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (10,041 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (17,660 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,735 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (35,436 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&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; 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; 36,797 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 93,893 &lt;/span&gt;&lt;/p&gt; &lt;/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; line-height: inherit;"&gt; 30,832 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 1,771 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #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; line-height: inherit;"&gt; 163,293 &lt;/span&gt;&lt;/p&gt; &lt;/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;tr style="height: 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, 2024 &lt;/span&gt;&lt;/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; 29,735 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 91,002 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 25,650 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 2,481 &lt;/span&gt;&lt;/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; font-weight: bold; line-height: inherit;"&gt; 148,868 &lt;/span&gt;&lt;/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;/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 id="t_ft_M8B4Z2UHNK00000000000000000000b"&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: 358px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 69px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 69px;" valign="bottom"&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; Year ended December 31, 2023 &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Land and Civil Buildings &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Industrial Buildings, Plant and Production Equipment &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Vehicles, furniture and fixtures &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Others &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 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 69px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; 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; 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: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; 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; line-height: inherit;"&gt; &lt;/span&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: 1%; height: 17px;"&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: 1%; height: 17px;"&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%; 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; line-height: inherit;"&gt; &lt;/span&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: 1%; height: 17px;"&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: 1%; height: 17px;"&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%; 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; line-height: inherit;"&gt; &lt;/span&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: 1%; height: 17px;"&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: 1%; height: 17px;"&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%; 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; line-height: inherit;"&gt; &lt;/span&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: 1%; height: 17px;"&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: 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; padding-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;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: 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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 125,677 &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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 30,291 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,182 &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; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; 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;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,803 &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; line-height: inherit;"&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: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,886 &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: 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,040 &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; 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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 2,486 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,739 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (2,424 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; line-height: inherit;"&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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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;tr style="height: 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: 10pt; font-weight: bold; line-height: inherit;"&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; 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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 18,933 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,663 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,349 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (7,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-height: inherit;"&gt; (1,638 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; line-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; (10,033 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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; 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; 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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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; line-height: inherit;"&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; border-top-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;tr style="height: 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, 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9099%;"&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;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-bottom-color: #000000 !important; width: 9.95708%;"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&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; line-height: inherit;"&gt; Translation differences &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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1.03004%;"&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,237 &lt;/span&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: 1.03004%;"&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: 76.9099%;"&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; Additions &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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 91,005 &lt;/span&gt;&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: 1.03004%;"&gt;&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: 1.03004%;"&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; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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: 10px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 76.9099%;"&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; Cancellations &lt;/span&gt;&lt;/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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (8,377 &lt;/span&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: 1.03004%;"&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,972 &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; background-color: #cceeff; height: 17px; width: 1.03004%;"&gt;)&lt;/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: 76.9099%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Repayments &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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (73,639 &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: 1.03004%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (54,940 &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: 1.03004%;"&gt;)&lt;/td&gt; &lt;/tr&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: 76.9099%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Interest 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; background-color: #cceeff; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,104 &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; background-color: #cceeff; height: 17px; width: 1.03004%;"&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,473 &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; background-color: #cceeff; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 76.9099%;"&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; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 144,926 &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; border-top-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; width: 1.03004%;"&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; width: 1.03004%;"&gt;&lt;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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;"&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; 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; border-top-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; width: 1.03004%;"&gt;&lt;br/&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; 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;br/&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;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; 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;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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 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;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;GPC&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;.&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: 'times new roman', times; font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;*&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;*&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; 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="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &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;202&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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#160;includes&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;repayments of &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;68.6&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;in capital &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&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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; of interest&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;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &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;202&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; includes repayments of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;51.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million in capital and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;3.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million of interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:LeaseLiabilityEvolutionTextBlock>
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    <ts:RemainingLeasePaymentsToBeMadePercentage
      contextRef="I20231231_LaterThanOneYearAndNotLaterThanFiveYearsMember"
      decimals="2"
      id="Tag1941"
      unitRef="Pure">0.45</ts:RemainingLeasePaymentsToBeMadePercentage>
    <ts:RemainingLeasePaymentsToBeMadePercentage
      contextRef="I20231231_LaterThanFiveYearsMember"
      decimals="2"
      id="Tag940"
      unitRef="Pure">0.27</ts:RemainingLeasePaymentsToBeMadePercentage>
    <ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory contextRef="D20241231" id="Tag3331">
&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; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;14&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: start; text-indent: -28.4px; text-transform: none; widows: 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;&#160; &#160;&lt;/span&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: start; text-indent: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"&gt;&#160;&lt;/span&gt;&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;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;"&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: 150px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 76.0588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 22.4719%;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"&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: top; height: 15px; width: 76.0588%;"&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;&lt;br/&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: 15px; width: 9.9395%;"&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 style="border-left: none; border-right: none;"&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: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"&gt;&lt;br/&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: 15px; width: 1.29646%;"&gt;&lt;br/&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: 15px; width: 9.9395%;"&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 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"&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; width: 76.0588%; height: 15px;"&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: 9.9395%; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,608,804 &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; width: 1.29646%; height: 15px;"&gt;&lt;br/&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: 1.29646%; height: 15px;"&gt;&lt;br/&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: 9.9395%; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"&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; width: 76.0588%;"&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: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (47,840 &lt;/span&gt;&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; width: 1.29646%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&gt;&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; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 15px; width: 1.29646%;"&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: 76.0588%;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,548 &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: 15px; width: 1.29646%;"&gt;&lt;br/&gt;&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: 1.29646%;"&gt;&lt;br/&gt;&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: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&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; width: 76.0588%;"&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; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (71,212 &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: 15px; width: 1.29646%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&gt;&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; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 15px; width: 1.29646%;"&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: 76.0588%;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px; width: 1.29646%;"&gt;&lt;br/&gt;&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: 1.29646%;"&gt;&lt;br/&gt;&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: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&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; width: 76.0588%;"&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; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px; width: 1.29646%;"&gt;&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; width: 1.29646%;"&gt;&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; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 15px; width: 1.29646%;"&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: 76.0588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Increase / (decrease) 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 45,357 &lt;/span&gt;&lt;/p&gt; &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: 1.29646%;"&gt;&lt;br/&gt;&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: 1.29646%;"&gt;&lt;br/&gt;&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: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&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; width: 76.0588%;"&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; border-top-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: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,543,657 &lt;/span&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: 15px; width: 1.29646%;"&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: 15px; width: 1.29646%;"&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: 15px; width: 9.9395%;"&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; 1,608,804 &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; border-top-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: 15px; width: 1.29646%;"&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;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; 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; 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;2023&lt;/span&gt;, i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncludes a loss of $25.5&#160;million related to the participation increase in Usiminas and d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;oes 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;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; For more information 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 style="border-left: none; border-right: none;"&gt;8&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: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&lt;br/&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; 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; 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;Related to Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and 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;4&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;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;73.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;68.8&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: 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; 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; 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;2023&lt;/span&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 Usiminas. &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; 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; 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;2023&lt;/span&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;/p&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; 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: 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: 112px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; height: 10px; vertical-align: bottom; width: 29.9571%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 24.9785%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="3" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 20.9442%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 21.9742%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" 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; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 29.9571%;" 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; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 24.9785%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;2024&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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;2024&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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" 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; background-color: #cceeff; width: 29.9571%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;a) Ternium &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: 17px; background-color: #cceeff; width: 24.9785%;"&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; height: 17px; background-color: #cceeff; width: 9.95708%; 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: 1.03004%; margin: 0px; text-indent: 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: 9.95708%; 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: 1.03004%; margin: 0px; text-indent: 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: 9.95708%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,377,911 &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: 1.03004%; margin: 0px; text-indent: 0px; 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: 1.03004%; margin: 0px; text-indent: 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: 9.95708%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 1.03004%; 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; width: 29.9571%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;b) Usiminas &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: 17px; width: 24.9785%;"&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; width: 9.95708%;"&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; 3.96% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&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; 3.96% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 102,812 &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; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 29.9571%;"&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; height: 17px; background-color: #cceeff; width: 24.9785%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;"&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; width: 1.03004%;"&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; width: 9.95708%;"&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; width: 1.03004%;"&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; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 59,782 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&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; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 29.9571%;"&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; height: 17px; width: 24.9785%;"&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;&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; width: 9.95708%;"&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&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&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&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,152 &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: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 29.9571%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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: bottom; height: 17px; background-color: #cceeff; width: 24.9785%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;"&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; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&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; width: 9.95708%;"&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; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,543,657 &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; 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; width: 1.03004%;"&gt;&lt;br/&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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.03004%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; background-color: #cceeff; 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; width: 1.03004%;"&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;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="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 style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Including treasury shares.&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-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 style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;At December 31,&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;4&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and &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'; line-height: inherit;"&gt;the voting rights were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;6.76%&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;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; 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: 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; 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: 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; 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;4&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;29.08&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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;668.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;t December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the carrying value of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ownership stake in Ternium, based on Ternium&#x2019;s IFRS &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Financial S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;tements,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; was approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,377.9&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;4&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: 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; 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: 12pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 251px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !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; Ternium &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-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: 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; padding-left: 0px; padding-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;br/&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; 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 style="border-left: none; border-right: none;"&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: 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: 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: 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; 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: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 77%;"&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; Non-current 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; background-color: #cceeff; 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; 12,050,457 &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; background-color: #cceeff; width: 1%; height: 17px;"&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%; 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; 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; 12,148,560 &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; 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: 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; Current 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; 11,078,090 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; 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;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; 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; 23,128,547 &lt;/span&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; 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; 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;tr style="height: 17px;"&gt;
&lt;td style="padding: 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; Non-current 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;3,157,819&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 3,566,643 &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;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; 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;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; 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; 3,839,159 &lt;/span&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; 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; 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: 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; Total 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 6,996,978 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; 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;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; 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;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; 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; font-weight: bold; line-height: inherit;"&gt; 16,131,569 &lt;/span&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; 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; 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;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; 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; Non-controlling interests &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; font-weight: bold; line-height: inherit;"&gt; 4,163,383 &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; 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; 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: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; padding-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;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; 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: 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; Revenues &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 17,649,060 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 17,610,092 &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;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; 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;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; 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; 2,888,836 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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: 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; Net (loss) / 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (53,672 &lt;/span&gt;&lt;/p&gt; &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; 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: 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 7px; vertical-align: bottom; height: 17px; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other comprehensive income &lt;/span&gt;&lt;/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; 211,817 &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;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; line-height: inherit;"&gt; 465,885 &lt;/span&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: 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; Total comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 158,145 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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; 1,141,928 &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; 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; 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;&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; 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) Usiminas&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; line-height: inherit;"&gt;Usiminas is a Brazilian producer of high&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;quality flat steel products used in the energy, automotive and other industries.&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; 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 style="border-left: none; border-right: none;"&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 style="border-left: none; border-right: none;"&gt;4&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 Usiminas&#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; - Brasil Bolsa Balc&#xe3;o 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;5.32&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.86&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;) and BRL&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5.32&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.86&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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;41.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. As&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that date, the carrying value of Tenaris&#x2019;s ownership stake in Usiminas was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;102.8&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 difference between the carrying &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;value of Tenaris&#x2019;s ownership stake in Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and its interest over Usiminas&#x2019; shareholders&#x2019; equity corresponds to the purchase price allocation performed in &lt;span style="border-left: none; border-right: none;"&gt;2023&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; line-height: inherit;"&gt;In &lt;span&gt;2023&lt;/span&gt;, f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ollowing 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 Usiminas 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 &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.&lt;/span&gt;&lt;/p&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; line-height: inherit;"&gt;The Company reviews its participation in Usiminas 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;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;, 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: 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; line-height: inherit;"&gt;Summarized selected financial information of Usiminas, 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: 12pt; margin: 0pt;"&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: 240px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; &lt;/span&gt;&lt;br/&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; height: 15px;"&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;2024&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; height: 15px;"&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; height: 15px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; width: 77%; height: 15px;"&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,623,996 &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: 15px;"&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: 15px;"&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,234,742 &lt;/span&gt;&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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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;"&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; border-top-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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 6,858,738 &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; border-top-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: 15px;"&gt;&lt;br/&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: 15px;"&gt;&lt;br/&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; border-top-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: 15px;"&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; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,357,347 &lt;/span&gt;&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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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;"&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 772,412 &lt;/span&gt;&lt;/p&gt; &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;"&gt;&lt;br/&gt;&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;"&gt;&lt;br/&gt;&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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; 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; border-top-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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,129,758 &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; border-top-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: 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; border-top-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: 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; border-top-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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; border-top-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: 15px;"&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;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,728,980 &lt;/span&gt;&lt;/p&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: 15px;"&gt;&lt;br/&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: 15px;"&gt;&lt;br/&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 452,481 &lt;/span&gt;&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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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: 15px;"&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;"&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;&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: 15px;"&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; &lt;/span&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: 15px;"&gt;&lt;br/&gt;&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;"&gt;&lt;br/&gt;&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;"&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; &lt;/span&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: 15px;"&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; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,800,787 &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; 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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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;"&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 308,043 &lt;/span&gt;&lt;/p&gt; &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;"&gt;&lt;br/&gt;&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;"&gt;&lt;br/&gt;&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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; line-height: inherit;"&gt; Net (loss) / 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (27,084 &lt;/span&gt;&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;/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;p style="margin: 0px; text-align: right; padding-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: 15px;"&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;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31,564 &lt;/span&gt;&lt;/p&gt; &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;"&gt;&lt;br/&gt;&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;"&gt;&lt;br/&gt;&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (72,062 &lt;/span&gt;&lt;/p&gt; &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;"&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; line-height: inherit;"&gt; Total 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,480 &lt;/span&gt;&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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 206,340 &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: 15px;"&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; text-indent: 36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;c) Techgen&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; line-height: inherit;"&gt;Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer&#xed;a 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&gt;4&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 Techgen&#x2019;s share capital, and its affiliates, Ternium and Tecpetrol (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 style="border-left: none; border-right: none;"&gt;4&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 Techgen was approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;59.8&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: 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; font-weight: normal; line-height: inherit;"&gt;Techgen 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 style="border-left: none; border-right: none;"&gt;4&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;36.3&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;16.6&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: 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; line-height: inherit;"&gt;Techgen&#x2019;s sponsors granted certain subordinated loans to Techgen. 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;4&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;306.5&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;67.4&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: 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; line-height: inherit;"&gt;On February 13, 2019, Techgen 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 Techgen&#x2019;s shareholders to secure the replaced facility.&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; line-height: inherit;"&gt;&lt;br/&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; line-height: inherit;"&gt;The existing syndicated loan agreement is &#x201c;non-recourse&#x201d; on the sponsors. Techgen&#x2019;s 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 Techgen remain substantially unchanged.&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; line-height: inherit;"&gt;Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during &lt;span style="border-left: none; border-right: none;"&gt;two&lt;/span&gt; consecutive quarters; such account is funded by stand-by letters of credit issued for the account of Techgen&#x2019;s sponsors in proportion to their respective participations in Techgen. 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 style="border-left: none; border-right: none;"&gt;4&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; </ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory>
    <ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory contextRef="D20241231" id="Tag3298">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 150px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 15px; width: 76.0588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 22.4719%;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"&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: top; height: 15px; width: 76.0588%;"&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;&lt;br/&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: 15px; width: 9.9395%;"&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 style="border-left: none; border-right: none;"&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: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"&gt;&lt;br/&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: 15px; width: 1.29646%;"&gt;&lt;br/&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: 15px; width: 9.9395%;"&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 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px; width: 1.29646%;"&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; width: 76.0588%; height: 15px;"&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: 9.9395%; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,608,804 &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; width: 1.29646%; height: 15px;"&gt;&lt;br/&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: 1.29646%; height: 15px;"&gt;&lt;br/&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: 9.9395%; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.29646%; height: 15px;"&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; width: 76.0588%;"&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: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (47,840 &lt;/span&gt;&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; width: 1.29646%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&gt;&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; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 15px; width: 1.29646%;"&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: 76.0588%;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,548 &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: 15px; width: 1.29646%;"&gt;&lt;br/&gt;&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: 1.29646%;"&gt;&lt;br/&gt;&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: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&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; width: 76.0588%;"&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; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (71,212 &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: 15px; width: 1.29646%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&gt;&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; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 15px; width: 1.29646%;"&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: 76.0588%;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px; width: 1.29646%;"&gt;&lt;br/&gt;&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: 1.29646%;"&gt;&lt;br/&gt;&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: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&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; width: 76.0588%;"&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; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px; width: 1.29646%;"&gt;&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; width: 1.29646%;"&gt;&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; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 15px; width: 1.29646%;"&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: 76.0588%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Increase / (decrease) 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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 45,357 &lt;/span&gt;&lt;/p&gt; &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: 1.29646%;"&gt;&lt;br/&gt;&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: 1.29646%;"&gt;&lt;br/&gt;&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: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1.29646%;"&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; width: 76.0588%;"&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; border-top-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: 15px; width: 9.9395%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,543,657 &lt;/span&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: 15px; width: 1.29646%;"&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: 15px; width: 1.29646%;"&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: 15px; width: 9.9395%;"&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; 1,608,804 &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; border-top-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: 15px; width: 1.29646%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory>
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&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 112px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; height: 10px; vertical-align: bottom; width: 29.9571%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 24.9785%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="3" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 20.9442%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 21.9742%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" 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; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 29.9571%;" 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; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 24.9785%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;2024&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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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;2024&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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; width: 9.95708%;" 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; vertical-align: bottom; border-bottom-color: #000000 !important; width: 1.03004%;" 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; background-color: #cceeff; width: 29.9571%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;a) Ternium &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: 17px; background-color: #cceeff; width: 24.9785%;"&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; height: 17px; background-color: #cceeff; width: 9.95708%; 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: 1.03004%; margin: 0px; text-indent: 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: 9.95708%; 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: 1.03004%; margin: 0px; text-indent: 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: 9.95708%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,377,911 &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: 1.03004%; margin: 0px; text-indent: 0px; 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: 1.03004%; margin: 0px; text-indent: 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: 9.95708%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 1.03004%; 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; width: 29.9571%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;b) Usiminas &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: 17px; width: 24.9785%;"&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; width: 9.95708%;"&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; 3.96% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&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; 3.96% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 102,812 &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; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 29.9571%;"&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; height: 17px; background-color: #cceeff; width: 24.9785%;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;"&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; width: 1.03004%;"&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; width: 9.95708%;"&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; width: 1.03004%;"&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; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 59,782 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&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; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 29.9571%;"&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; height: 17px; width: 24.9785%;"&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;&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; width: 9.95708%;"&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&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&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&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: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,152 &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: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;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: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 29.9571%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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: bottom; height: 17px; background-color: #cceeff; width: 24.9785%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.95708%;"&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; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&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; width: 9.95708%;"&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; line-height: inherit;"&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; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03004%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,543,657 &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; 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; width: 1.03004%;"&gt;&lt;br/&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; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.03004%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.95708%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; background-color: #cceeff; 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; width: 1.03004%;"&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;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="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 style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Including treasury shares.&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-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 style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;At December 31,&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;4&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and &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'; line-height: inherit;"&gt;the voting rights were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;6.76%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20241231_TerniumSAMember_LU"
      decimals="4"
      id="Tag1764"
      unitRef="Pure">0.1146</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20231231_TerniumSAMember_LU"
      decimals="4"
      id="Tag1739"
      unitRef="Pure">0.1146</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20241231_TerniumSAMember_LU"
      decimals="-3"
      id="Tag1774"
      unitRef="USD">1377911000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231_TerniumSAMember_LU"
      decimals="-3"
      id="Tag1749"
      unitRef="USD">1430616000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
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    <ifrs-full:ProportionOfOwnershipInterestInAssociate
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      contextRef="I20241231_UsiminasMember_BR"
      decimals="-3"
      id="Tag1770"
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    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
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      id="Tag1732"
      unitRef="USD">123654000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
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      decimals="4"
      id="Tag315"
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      contextRef="I20231231_TechgenSAMember_6"
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      id="Tag1484"
      unitRef="USD">53556000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20241231_OtherMember"
      decimals="-3"
      id="Tag1768"
      unitRef="USD">3152000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231_OtherMember"
      decimals="-3"
      id="Tag1740"
      unitRef="USD">978000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
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      id="Tag1757"
      unitRef="USD">1543657000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231"
      decimals="-3"
      id="Tag1501"
      unitRef="USD">1608804000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:ProportionOfVotingPowerHeldInAssociate
      contextRef="D20231231_UsiminasMember"
      decimals="4"
      id="Tag3441"
      unitRef="Pure">0.0676</ifrs-full:ProportionOfVotingPowerHeldInAssociate>
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      contextRef="D20241231_UsiminasMember"
      decimals="4"
      id="Tag1765"
      unitRef="Pure">0.0676</ifrs-full:ProportionOfVotingPowerHeldInAssociate>
    <ts:ClosingPricePerAmericanDepositarySecurity
      contextRef="I20241231_TerniumSAMember_3"
      decimals="2"
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      unitRef="USDPerShare">29.08</ts:ClosingPricePerAmericanDepositarySecurity>
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      contextRef="I20241231_TerniumSAMember_3"
      decimals="-5"
      id="Tag3360"
      unitRef="USD">668000000</ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished>
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      contextRef="I20241231_TerniumSAMember_3"
      decimals="-5"
      id="Tag830"
      unitRef="USD">1377900000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
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&lt;table cellpadding="0" cellspacing="0" style="height: 251px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" 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: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !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; Ternium &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-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: 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; padding-left: 0px; padding-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;br/&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; 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 style="border-left: none; border-right: none;"&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: 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: 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: 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; 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: 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 77%;"&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; Non-current 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; background-color: #cceeff; 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; 12,050,457 &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; background-color: #cceeff; width: 1%; height: 17px;"&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%; 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; 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; 12,148,560 &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; 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: 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; Current 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; 11,078,090 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; 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;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; 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; 23,128,547 &lt;/span&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; 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; 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;tr style="height: 17px;"&gt;
&lt;td style="padding: 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; Non-current 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;3,157,819&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 3,566,643 &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;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; 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;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; 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; 3,839,159 &lt;/span&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; 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; 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: 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; Total 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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 6,996,978 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; 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;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; 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;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; 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; font-weight: bold; line-height: inherit;"&gt; 16,131,569 &lt;/span&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; 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; 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;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; 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; Non-controlling interests &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; font-weight: bold; line-height: inherit;"&gt; 4,163,383 &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; 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; 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: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; height: 17px; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; 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; padding-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;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; 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: 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; Revenues &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 17,649,060 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 17,610,092 &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;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; 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;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; 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; 2,888,836 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; 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: 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; Net (loss) / 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (53,672 &lt;/span&gt;&lt;/p&gt; &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; 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: 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 7px; vertical-align: bottom; height: 17px; 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other comprehensive income &lt;/span&gt;&lt;/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; 211,817 &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;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; line-height: inherit;"&gt; 465,885 &lt;/span&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: 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; Total comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 158,145 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 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; 1,141,928 &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; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock>
    <ifrs-full:NoncurrentAssets
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      id="Tag1794"
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    <ifrs-full:CurrentAssets
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    <ifrs-full:Assets
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    <ifrs-full:Assets
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    <ifrs-full:CurrentLiabilities
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    <ifrs-full:Liabilities
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      id="Tag1769"
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    <ifrs-full:Liabilities
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      id="Tag1766"
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    <ifrs-full:NoncontrollingInterests
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      id="Tag1480"
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      id="Tag1727"
      unitRef="USD">17649060000</ifrs-full:Revenue>
    <ifrs-full:Revenue
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      id="Tag1483"
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      unitRef="USD">2888836000</ifrs-full:GrossProfit>
    <ifrs-full:GrossProfit
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      id="Tag1725"
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    <ifrs-full:ProfitLossAttributableToOwnersOfParent
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      decimals="-3"
      id="Tag1744"
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      contextRef="D20231231_TerniumSAMember"
      decimals="-3"
      id="Tag3399"
      unitRef="USD">676043000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
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      contextRef="D20241231_TerniumSAMember"
      decimals="-3"
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      unitRef="USD">211817000</ifrs-full:OtherComprehensiveIncomeAttributableToOwnersOfParent>
    <ifrs-full:OtherComprehensiveIncomeAttributableToOwnersOfParent
      contextRef="D20231231_TerniumSAMember"
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      unitRef="USD">1141928000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
    <ts:ClosingPricePerShare
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    <ts:ClosingPricePerShare
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    <ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished
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      decimals="-5"
      id="Tag1476"
      unitRef="USD">41900000</ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20241231_UsiminasMember"
      decimals="-5"
      id="Tag1763"
      unitRef="USD">102800000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies
      contextRef="D20231231_UsiminasMember"
      decimals="-5"
      id="Tag1733"
      unitRef="USD">25500000</ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies>
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 240px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&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: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; &lt;/span&gt;&lt;br/&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; height: 15px;"&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;2024&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; height: 15px;"&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; height: 15px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; width: 77%; height: 15px;"&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,623,996 &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: 15px;"&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: 15px;"&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,234,742 &lt;/span&gt;&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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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;"&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; border-top-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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 6,858,738 &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; border-top-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: 15px;"&gt;&lt;br/&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: 15px;"&gt;&lt;br/&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; border-top-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: 15px;"&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; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,357,347 &lt;/span&gt;&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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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;"&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 772,412 &lt;/span&gt;&lt;/p&gt; &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;"&gt;&lt;br/&gt;&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;"&gt;&lt;br/&gt;&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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; 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; border-top-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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,129,758 &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; border-top-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: 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; border-top-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: 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; border-top-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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; border-top-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: 15px;"&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;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,728,980 &lt;/span&gt;&lt;/p&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: 15px;"&gt;&lt;br/&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: 15px;"&gt;&lt;br/&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 15px;"&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; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 452,481 &lt;/span&gt;&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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-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: 15px;"&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;"&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;&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: 15px;"&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; &lt;/span&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: 15px;"&gt;&lt;br/&gt;&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;"&gt;&lt;br/&gt;&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;"&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; &lt;/span&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: 15px;"&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; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,800,787 &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; 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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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;"&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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 308,043 &lt;/span&gt;&lt;/p&gt; &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;"&gt;&lt;br/&gt;&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;"&gt;&lt;br/&gt;&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 15px;"&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; line-height: inherit;"&gt; Net (loss) / 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (27,084 &lt;/span&gt;&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;/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;p style="margin: 0px; text-align: right; padding-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: 15px;"&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;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31,564 &lt;/span&gt;&lt;/p&gt; &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;"&gt;&lt;br/&gt;&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;"&gt;&lt;br/&gt;&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (72,062 &lt;/span&gt;&lt;/p&gt; &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;"&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; line-height: inherit;"&gt; Total 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: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,480 &lt;/span&gt;&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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
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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;15&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: start; text-indent: -28.4px; text-transform: none; widows: 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;&#160; &#160;&lt;/span&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: start; text-indent: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"&gt;&#160;&lt;/span&gt;&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;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; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 146px; 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: 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: 10pt;"&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: 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;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: 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 style="border-left: none; border-right: none;"&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: 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;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;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 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; 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; background-color: #cceeff; width: 77%;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; 9,120 &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; 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; height: 17px; 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; 7,395 &lt;/span&gt;&lt;/p&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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Tax credits &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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 66,636 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 53,483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; 69,843 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 69,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; Legal deposits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,858 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 9,355 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; Advances to suppliers and other advances &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; 37,434 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 27,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; Others &lt;/span&gt;&lt;/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; 15,711 &lt;/span&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;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;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; 18,863 &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; 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; 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; &lt;/span&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 205,602 &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; 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; 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; 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; 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; 185,959 &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; 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="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: 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 style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; &lt;span&gt;As of December 31, 2024 and &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, included approximately $54.2 million and $40.6 million, respectively, related to ICMS (Tax on Sales and Services) from Brazilian subsidiaries.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfNoncurrentReceivablesTextBlock>
    <ts:DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock contextRef="D20241231" id="Tag3184">
&lt;table cellpadding="0" cellspacing="0" style="height: 146px; 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: 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: 10pt;"&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: 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;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: 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 style="border-left: none; border-right: none;"&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: 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;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;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 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; 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; background-color: #cceeff; width: 77%;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; 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; 9,120 &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; 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; height: 17px; 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; 7,395 &lt;/span&gt;&lt;/p&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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Tax credits &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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 66,636 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 53,483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; 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; 69,843 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 69,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; Legal deposits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,858 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 9,355 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; Advances to suppliers and other advances &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; 37,434 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 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; 27,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; Others &lt;/span&gt;&lt;/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; 15,711 &lt;/span&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;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;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; 18,863 &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; 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; 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; &lt;/span&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 205,602 &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; 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; 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; 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; 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; 185,959 &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; 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:DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock>
    <ts:NoncurrentReceivablesEmployeeAdvancesAndLoans
      contextRef="I20241231"
      decimals="-3"
      id="Tag2136"
      unitRef="USD">9120000</ts:NoncurrentReceivablesEmployeeAdvancesAndLoans>
    <ts:NoncurrentReceivablesEmployeeAdvancesAndLoans
      contextRef="I20231231"
      decimals="-3"
      id="Tag2143"
      unitRef="USD">7395000</ts:NoncurrentReceivablesEmployeeAdvancesAndLoans>
    <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20241231"
      decimals="-3"
      id="Tag2139"
      unitRef="USD">66636000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20231231"
      decimals="-3"
      id="Tag2144"
      unitRef="USD">53483000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:NoncurrentReceivablesDueFromRelatedParties
      contextRef="I20241231"
      decimals="-3"
      id="Tag2142"
      unitRef="USD">69843000</ifrs-full:NoncurrentReceivablesDueFromRelatedParties>
    <ifrs-full:NoncurrentReceivablesDueFromRelatedParties
      contextRef="I20231231"
      decimals="-3"
      id="Tag2138"
      unitRef="USD">69820000</ifrs-full:NoncurrentReceivablesDueFromRelatedParties>
    <ts:NonCurrentLegalDeposits
      contextRef="I20241231"
      decimals="-3"
      id="Tag2149"
      unitRef="USD">6858000</ts:NonCurrentLegalDeposits>
    <ts:NonCurrentLegalDeposits
      contextRef="I20231231"
      decimals="-3"
      id="Tag2146"
      unitRef="USD">9355000</ts:NonCurrentLegalDeposits>
    <ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances
      contextRef="I20241231"
      decimals="-3"
      id="Tag2145"
      unitRef="USD">37434000</ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances>
    <ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances
      contextRef="I20231231"
      decimals="-3"
      id="Tag2140"
      unitRef="USD">27043000</ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances>
    <ifrs-full:OtherNoncurrentReceivables
      contextRef="I20241231"
      decimals="-3"
      id="Tag2137"
      unitRef="USD">15711000</ifrs-full:OtherNoncurrentReceivables>
    <ifrs-full:OtherNoncurrentReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag2132"
      unitRef="USD">18863000</ifrs-full:OtherNoncurrentReceivables>
    <ifrs-full:NoncurrentReceivables
      contextRef="I20241231"
      decimals="-3"
      id="Tag2147"
      unitRef="USD">205602000</ifrs-full:NoncurrentReceivables>
    <ifrs-full:NoncurrentReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag2131"
      unitRef="USD">185959000</ifrs-full:NoncurrentReceivables>
    <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20241231_TaxOnSalesAndServicesICMSMember"
      decimals="-5"
      id="Tag2130"
      unitRef="USD">54200000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20231231_TaxOnSalesAndServicesICMSMember"
      decimals="-5"
      id="Tag2129"
      unitRef="USD">40600000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="D20241231" id="Tag82">
&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;16&lt;span style="color: #003366; 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: start; text-indent: -28.3333px; text-transform: none; widows: 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;&#160; &#160;&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&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;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="margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 159px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" 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: 10pt;"&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: top; height: 20px; 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; 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: 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;"&gt; &lt;/span&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 style="border-left: none; border-right: none;"&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: top; 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: top; 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: 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 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; 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; background-color: #cceeff; width: 77%;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 1,332,646 &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: 10px; background-color: #cceeff; 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: 10px; 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: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 1,401,754 &lt;/span&gt;&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; 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: bottom; height: 17px;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 993,294 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 1,068,956 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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 &lt;/span&gt;&lt;/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; 504,124 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 569,837 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: bottom; height: 17px;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 712,059 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 648,443 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Goods in transit &lt;/span&gt;&lt;/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; 370,993 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 441,217 &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; 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; &lt;/span&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,913,116 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; 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; 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; 4,130,207 &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; 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; 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; Allowance for obsolescence, see note &lt;span style="border-left: none; border-right: none;"&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: 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; (203,174 &lt;/span&gt;&lt;/p&gt; &lt;/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;/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; 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; (209,110 &lt;/span&gt;&lt;/p&gt; &lt;/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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; &lt;/span&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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,709,942 &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; 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;"&gt; 3,921,097 &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;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ifrs-full:DisclosureOfInventoriesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutInventoriesTextBlock contextRef="D20241231" id="Tag81">
&lt;table cellpadding="0" cellspacing="0" style="height: 159px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" 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: 10pt;"&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: top; height: 20px; 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; 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: 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;"&gt; &lt;/span&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 style="border-left: none; border-right: none;"&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: top; 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: top; 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: 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 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; 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; background-color: #cceeff; width: 77%;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 1,332,646 &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: 10px; background-color: #cceeff; 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: 10px; 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: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 1,401,754 &lt;/span&gt;&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; 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: bottom; height: 17px;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 993,294 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 1,068,956 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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 &lt;/span&gt;&lt;/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; 504,124 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 569,837 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: bottom; height: 17px;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 712,059 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 648,443 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Goods in transit &lt;/span&gt;&lt;/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; 370,993 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; 441,217 &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; 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; &lt;/span&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,913,116 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; 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; 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; 4,130,207 &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; 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; 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; Allowance for obsolescence, see note &lt;span style="border-left: none; border-right: none;"&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: 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; (203,174 &lt;/span&gt;&lt;/p&gt; &lt;/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;/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; 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; (209,110 &lt;/span&gt;&lt;/p&gt; &lt;/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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; &lt;/span&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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,709,942 &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; 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;"&gt; 3,921,097 &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;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutInventoriesTextBlock>
    <ifrs-full:FinishedGoods
      contextRef="I20241231"
      decimals="-3"
      id="Tag2128"
      unitRef="USD">1332646000</ifrs-full:FinishedGoods>
    <ifrs-full:FinishedGoods
      contextRef="I20231231"
      decimals="-3"
      id="Tag2116"
      unitRef="USD">1401754000</ifrs-full:FinishedGoods>
    <ifrs-full:WorkInProgress
      contextRef="I20241231"
      decimals="-3"
      id="Tag2127"
      unitRef="USD">993294000</ifrs-full:WorkInProgress>
    <ifrs-full:WorkInProgress
      contextRef="I20231231"
      decimals="-3"
      id="Tag2113"
      unitRef="USD">1068956000</ifrs-full:WorkInProgress>
    <ifrs-full:RawMaterials
      contextRef="I20241231"
      decimals="-3"
      id="Tag2126"
      unitRef="USD">504124000</ifrs-full:RawMaterials>
    <ifrs-full:RawMaterials
      contextRef="I20231231"
      decimals="-3"
      id="Tag2114"
      unitRef="USD">569837000</ifrs-full:RawMaterials>
    <ifrs-full:ProductionSupplies
      contextRef="I20241231"
      decimals="-3"
      id="Tag2125"
      unitRef="USD">712059000</ifrs-full:ProductionSupplies>
    <ifrs-full:ProductionSupplies
      contextRef="I20231231"
      decimals="-3"
      id="Tag2121"
      unitRef="USD">648443000</ifrs-full:ProductionSupplies>
    <ifrs-full:CurrentInventoriesInTransit
      contextRef="I20241231"
      decimals="-3"
      id="Tag2124"
      unitRef="USD">370993000</ifrs-full:CurrentInventoriesInTransit>
    <ifrs-full:CurrentInventoriesInTransit
      contextRef="I20231231"
      decimals="-3"
      id="Tag2122"
      unitRef="USD">441217000</ifrs-full:CurrentInventoriesInTransit>
    <ts:InventoriesGross
      contextRef="I20241231"
      decimals="-3"
      id="Tag2123"
      unitRef="USD">3913116000</ts:InventoriesGross>
    <ts:InventoriesGross
      contextRef="I20231231"
      decimals="-3"
      id="Tag2119"
      unitRef="USD">4130207000</ts:InventoriesGross>
    <ts:InventoriesAllowanceForObsolescence
      contextRef="I20241231"
      decimals="-3"
      id="Tag2117"
      unitRef="USD">203174000</ts:InventoriesAllowanceForObsolescence>
    <ts:InventoriesAllowanceForObsolescence
      contextRef="I20231231"
      decimals="-3"
      id="Tag2118"
      unitRef="USD">209110000</ts:InventoriesAllowanceForObsolescence>
    <ifrs-full:Inventories
      contextRef="I20241231"
      decimals="-3"
      id="Tag2115"
      unitRef="USD">3709942000</ifrs-full:Inventories>
    <ifrs-full:Inventories
      contextRef="I20231231"
      decimals="-3"
      id="Tag2120"
      unitRef="USD">3921097000</ifrs-full:Inventories>
    <ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory contextRef="D20241231" id="Tag3297">
&lt;div id="Dsov2n6uno5gdazcif3zqla" style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&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&gt;17&lt;/span&gt;&#160; &#160; &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: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 190px;" 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="4" 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;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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; &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: 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;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;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;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; 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: 77%; height: 17px;"&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-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;"&gt; 53,318 &lt;/span&gt;&lt;/p&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;"&gt; 56,564 &lt;/span&gt;&lt;/p&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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Government entities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,420 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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-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; Employee advances and loans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 11,695 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 14,316 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; Advances to suppliers and other 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,965 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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-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; Government tax refunds on exports &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 16,969 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 8,210 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,585 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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-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; 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;"&gt; 58,756 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 50,173 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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;"&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; border-top-width: 1px; border-top-style: solid; height: 10px; 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; 182,708 &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; border-top-width: 1px; border-top-style: solid; height: 10px; 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; border-top-width: 1px; border-top-style: solid; height: 10px; 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; border-top-width: 1px; border-top-style: solid; height: 10px; 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; 184,807 &lt;/span&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; height: 10px; border-top-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; 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-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; (3,094 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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;"&gt; (3,439 &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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 179,614 &lt;/span&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; height: 10px; 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; 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;"&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-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; 181,368 &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; 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;/tbody&gt; &lt;/table&gt;  &lt;/div&gt; </ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory>
    <ts:DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock contextRef="D20241231" id="Tag3296">
&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: 190px;" 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="4" 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;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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; &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: 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;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;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;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; 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: 77%; height: 17px;"&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-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;"&gt; 53,318 &lt;/span&gt;&lt;/p&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;"&gt; 56,564 &lt;/span&gt;&lt;/p&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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Government entities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,420 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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-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; Employee advances and loans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 11,695 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 14,316 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; Advances to suppliers and other 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,965 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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-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; Government tax refunds on exports &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 16,969 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 8,210 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,585 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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-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; 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;"&gt; 58,756 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 50,173 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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;"&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; border-top-width: 1px; border-top-style: solid; height: 10px; 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; 182,708 &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; border-top-width: 1px; border-top-style: solid; height: 10px; 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; border-top-width: 1px; border-top-style: solid; height: 10px; 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; border-top-width: 1px; border-top-style: solid; height: 10px; 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; 184,807 &lt;/span&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; height: 10px; border-top-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; 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-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; (3,094 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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;"&gt; (3,439 &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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 179,614 &lt;/span&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; height: 10px; 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; 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;"&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-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; 181,368 &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; 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;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock>
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      id="Tag1656"
      unitRef="USD">56564000</ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables>
    <ts:CurrentReceivablesAndPrepaymentsGovernmentEntities
      contextRef="I20241231"
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      id="Tag1712"
      unitRef="USD">2420000</ts:CurrentReceivablesAndPrepaymentsGovernmentEntities>
    <ts:CurrentReceivablesAndPrepaymentsGovernmentEntities
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      id="Tag1654"
      unitRef="USD">1330000</ts:CurrentReceivablesAndPrepaymentsGovernmentEntities>
    <ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans
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      decimals="-3"
      id="Tag1671"
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    <ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans
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      id="Tag1655"
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      id="Tag1670"
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    <ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances
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      decimals="-3"
      id="Tag1665"
      unitRef="USD">48455000</ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances>
    <ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20241231"
      decimals="-3"
      id="Tag1669"
      unitRef="USD">16969000</ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20231231"
      decimals="-3"
      id="Tag1664"
      unitRef="USD">8210000</ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties
      contextRef="I20241231"
      decimals="-3"
      id="Tag1668"
      unitRef="USD">3585000</ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties>
    <ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties
      contextRef="I20231231"
      decimals="-3"
      id="Tag1663"
      unitRef="USD">5759000</ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties>
    <ifrs-full:OtherCurrentReceivables
      contextRef="I20241231"
      decimals="-3"
      id="Tag1667"
      unitRef="USD">58756000</ifrs-full:OtherCurrentReceivables>
    <ifrs-full:OtherCurrentReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1662"
      unitRef="USD">50173000</ifrs-full:OtherCurrentReceivables>
    <ts:CurrentReceivablesAndPrepaymentsGross
      contextRef="I20241231"
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      id="Tag1666"
      unitRef="USD">182708000</ts:CurrentReceivablesAndPrepaymentsGross>
    <ts:CurrentReceivablesAndPrepaymentsGross
      contextRef="I20231231"
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      id="Tag1661"
      unitRef="USD">184807000</ts:CurrentReceivablesAndPrepaymentsGross>
    <ts:CurrentAllowanceForOtherDoubtfulAccounts
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      id="Tag1658"
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    <ts:CurrentAllowanceForOtherDoubtfulAccounts
      contextRef="I20231231"
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      id="Tag1659"
      unitRef="USD">3439000</ts:CurrentAllowanceForOtherDoubtfulAccounts>
    <ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets
      contextRef="I20241231"
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      id="Tag1657"
      unitRef="USD">179614000</ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets>
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      id="Tag1660"
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&lt;div style="border-left: none; border-right: none;"&gt;
&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;18&lt;/span&gt;&#160; &#160; &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Current tax assets&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; and liabilities&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;div style="border-left: none; border-right: 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%;" 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: top;"&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="4" 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;"&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; 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: bottom; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Current tax assets &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: 10%; 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;2024&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%; border-bottom-width: 1px; border-bottom-style: 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; 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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 10%; 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; 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: 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; Income tax 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; 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; 135,621 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 122,257 &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; 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;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; V.A.T. credits &lt;/span&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; 195,745 &lt;/span&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; 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;"&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; Other prepaid taxes &lt;/span&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; 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; 1,255 &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; 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; 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; 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;"&gt; 1,172 &lt;/span&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; 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;"&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; 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; 332,621 &lt;/span&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;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;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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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 style="border-left: none; border-right: none;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;/div&gt;
&lt;div&gt;
&lt;div id="t_ft_MADFN0UTA800000000000000000000b"&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" 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: top;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&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="4" 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;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; 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: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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;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; 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; 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; 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: 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; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; 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; 277,712 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 344,565 &lt;/span&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;"&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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 16,599 &lt;/span&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; 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;"&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; Other taxes &lt;/span&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; 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; 71,981 &lt;/span&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; background-color: #cceeff;"&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-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; 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;"&gt; 83,665 &lt;/span&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; 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;"&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; 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; 366,292 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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-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; 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; 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;/div&gt; </ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock contextRef="D20241231" id="Tag3190">
&lt;div style="border-left: none; border-right: 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%;" 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: top;"&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="4" 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;"&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; 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: bottom; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Current tax assets &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: 10%; 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;2024&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%; border-bottom-width: 1px; border-bottom-style: 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; 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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 10%; 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; 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: 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; Income tax 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; 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; 135,621 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 122,257 &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; 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;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; V.A.T. credits &lt;/span&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; 195,745 &lt;/span&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; 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;"&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; Other prepaid taxes &lt;/span&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; 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; 1,255 &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; 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; 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; 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;"&gt; 1,172 &lt;/span&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; 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;"&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; 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; 332,621 &lt;/span&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;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;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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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; </ts:DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock>
    <ts:CurrentIncomeTaxAssets
      contextRef="I20241231"
      decimals="-3"
      id="Tag1767"
      unitRef="USD">135621000</ts:CurrentIncomeTaxAssets>
    <ts:CurrentIncomeTaxAssets
      contextRef="I20231231"
      decimals="-3"
      id="Tag1713"
      unitRef="USD">122257000</ts:CurrentIncomeTaxAssets>
    <ifrs-full:CurrentValueAddedTaxReceivables
      contextRef="I20241231"
      decimals="-3"
      id="Tag1718"
      unitRef="USD">195745000</ifrs-full:CurrentValueAddedTaxReceivables>
    <ifrs-full:CurrentValueAddedTaxReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1653"
      unitRef="USD">132972000</ifrs-full:CurrentValueAddedTaxReceivables>
    <ts:CurrentPrepaidTaxes
      contextRef="I20241231"
      decimals="-3"
      id="Tag1717"
      unitRef="USD">1255000</ts:CurrentPrepaidTaxes>
    <ts:CurrentPrepaidTaxes
      contextRef="I20231231"
      decimals="-3"
      id="Tag1652"
      unitRef="USD">1172000</ts:CurrentPrepaidTaxes>
    <ifrs-full:CurrentTaxAssetsCurrent
      contextRef="I20241231"
      decimals="-3"
      id="Tag1716"
      unitRef="USD">332621000</ifrs-full:CurrentTaxAssetsCurrent>
    <ifrs-full:CurrentTaxAssetsCurrent
      contextRef="I20231231"
      decimals="-3"
      id="Tag1651"
      unitRef="USD">256401000</ifrs-full:CurrentTaxAssetsCurrent>
    <ts:DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock contextRef="D20241231" id="Tag3192">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" 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: top;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&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="4" 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;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; 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: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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;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; 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; 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; 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: 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; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; 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; 277,712 &lt;/span&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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 344,565 &lt;/span&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;"&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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 16,599 &lt;/span&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; 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;"&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; Other taxes &lt;/span&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; 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; 71,981 &lt;/span&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; background-color: #cceeff;"&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-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; 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;"&gt; 83,665 &lt;/span&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; 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;"&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; 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; 366,292 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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-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; 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; 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="I20241231"
      decimals="-3"
      id="Tag1650"
      unitRef="USD">277712000</ts:CurrentIncomeTaxLiabilities>
    <ts:CurrentIncomeTaxLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1646"
      unitRef="USD">344565000</ts:CurrentIncomeTaxLiabilities>
    <ifrs-full:CurrentValueAddedTaxPayables
      contextRef="I20241231"
      decimals="-3"
      id="Tag1649"
      unitRef="USD">16599000</ifrs-full:CurrentValueAddedTaxPayables>
    <ifrs-full:CurrentValueAddedTaxPayables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1645"
      unitRef="USD">60047000</ifrs-full:CurrentValueAddedTaxPayables>
    <ts:CurrentOtherTaxLiabilities
      contextRef="I20241231"
      decimals="-3"
      id="Tag1648"
      unitRef="USD">71981000</ts:CurrentOtherTaxLiabilities>
    <ts:CurrentOtherTaxLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1644"
      unitRef="USD">83665000</ts:CurrentOtherTaxLiabilities>
    <ifrs-full:CurrentTaxLiabilitiesCurrent
      contextRef="I20241231"
      decimals="-3"
      id="Tag1647"
      unitRef="USD">366292000</ifrs-full:CurrentTaxLiabilitiesCurrent>
    <ifrs-full:CurrentTaxLiabilitiesCurrent
      contextRef="I20231231"
      decimals="-3"
      id="Tag294"
      unitRef="USD">488277000</ifrs-full:CurrentTaxLiabilitiesCurrent>
    <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="D20241231" id="Tag18">
&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;19&lt;/span&gt;&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt;&#160;&#160;&#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;Trade receivables, net&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="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 119px;" 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; &#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; 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; &#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&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: 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;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;/tr&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: 77%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Current accounts &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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,923,620 &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;"&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: 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,471,565 &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%; 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; 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; 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; 32,012 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 58,370 &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;"&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; 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; 1,955,632 &lt;/span&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; 2,529,935 &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; 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; 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; (48,125 &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; 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; 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; (49,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; 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; 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; &#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; 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; 1,907,507 &lt;/span&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; 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; 2,480,889 &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;/tbody&gt; &lt;/table&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;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The following table sets forth details &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of the aging&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of trade receivables:&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="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"&gt; At December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Trade Receivables &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: 34px; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Not Due &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: 34px; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !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: 17px; 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;"&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; Past due &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-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;"&gt;&lt;br/&gt;&lt;/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: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;180&lt;/span&gt; days &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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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; &amp;gt; &lt;span&gt;180&lt;/span&gt; days &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: rgb(0, 0, 0) !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; &#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;"&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: top; 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;"&gt;&lt;br/&gt;&lt;/td&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; &#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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;"&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: top; 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;"&gt;&lt;br/&gt;&lt;/td&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; &#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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: rgb(204, 238, 255); width: 53%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Guaranteed &lt;/span&gt;&lt;/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: rgb(204, 238, 255); 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; 288,388 &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; background-color: rgb(204, 238, 255); 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; background-color: rgb(204, 238, 255); 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: rgb(204, 238, 255); 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; 254,777 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); 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; background-color: rgb(204, 238, 255); 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: rgb(204, 238, 255); 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; 33,341 &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; background-color: rgb(204, 238, 255); 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; background-color: rgb(204, 238, 255); 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: rgb(204, 238, 255); 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; 270 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); 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; Not guaranteed &lt;/span&gt;&lt;/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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,667,244 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,305,338 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 298,988 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 62,918 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,955,632 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,560,115 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 332,329 &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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 63,188 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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;"&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;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;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;"&gt; 0.01% &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;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;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;"&gt; 0.09% &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;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;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;"&gt; 0.33% &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;br/&gt;&lt;/td&gt; &lt;/tr&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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (525 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (323 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (47,600 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-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: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (303 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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;"&gt; (47,297 &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: rgb(0, 0, 0) !important;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&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; Net Value &lt;/span&gt;&lt;/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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; 1,907,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; 1,559,968 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; 331,703 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; 15,836 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"&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: 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;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Trade Receivables &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: 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 rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 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;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Not Due &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: 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 rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 17px; border-top-width: 1px; border-top-style: 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; Past due &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-top-width: 1px; border-top-style: solid; border-top-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: 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; 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;180&lt;/span&gt; days &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;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;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; &amp;gt; &lt;span&gt;180&lt;/span&gt; days &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;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: top; 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;"&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;"&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;"&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; 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: top; margin: 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; margin: 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; 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: '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: top; margin: 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; margin: 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; 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: '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: top; 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: 53%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Guaranteed &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;"&gt; 261,113 &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; 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;"&gt; 236,714 &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; 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;"&gt; 23,991 &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; 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;"&gt; 408 &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; Not guaranteed &lt;/span&gt;&lt;/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; 2,268,822 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 1,613,626 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 590,236 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 64,960 &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; 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; font-weight: bold;"&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; 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; font-weight: bold;"&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; 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; 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; font-weight: bold;"&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; 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; 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; font-weight: bold;"&gt; 614,227 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; font-weight: bold;"&gt; 65,368 &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; 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; 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;"&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;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;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;"&gt; 0.02% &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;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;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;"&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;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;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;"&gt; 0.46% &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;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 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; (1,636 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; height: 17px; 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;"&gt; (312 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; height: 17px; 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;"&gt; (1,249 &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; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; (75 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (47,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; (748 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&gt; (46,662 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;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; Net Value &lt;/span&gt;&lt;/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; font-weight: bold;"&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; 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; 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; font-weight: bold;"&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; 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; 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; font-weight: bold;"&gt; 612,230 &lt;/span&gt;&lt;/p&gt; &lt;/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; 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; font-weight: bold;"&gt; 18,631 &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; 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="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Trade receivables are mainly denominated in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;U.S. dollars.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock contextRef="D20241231" id="Tag3408">
&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: 119px;" 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; &#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; 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; &#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&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: 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;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;/tr&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: 77%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Current accounts &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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,923,620 &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;"&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: 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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,471,565 &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%; 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; 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; 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; 32,012 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 58,370 &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;"&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; 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; 1,955,632 &lt;/span&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; 2,529,935 &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; 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; 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; (48,125 &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; 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; 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; (49,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; 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; 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; &#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; 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; 1,907,507 &lt;/span&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; 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; 2,480,889 &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;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock>
    <ts:CurrentTradeReceivablesCurrentAccounts
      contextRef="I20241231"
      decimals="-3"
      id="Tag1619"
      unitRef="USD">1923620000</ts:CurrentTradeReceivablesCurrentAccounts>
    <ts:CurrentTradeReceivablesCurrentAccounts
      contextRef="I20231231"
      decimals="-3"
      id="Tag1626"
      unitRef="USD">2471565000</ts:CurrentTradeReceivablesCurrentAccounts>
    <ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties
      contextRef="I20241231"
      decimals="-3"
      id="Tag1599"
      unitRef="USD">32012000</ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties>
    <ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties
      contextRef="I20231231"
      decimals="-3"
      id="Tag1585"
      unitRef="USD">58370000</ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties>
    <ts:CurrentTradeReceivablesGross
      contextRef="I20241231"
      decimals="-3"
      id="Tag1608"
      unitRef="USD">1955632000</ts:CurrentTradeReceivablesGross>
    <ts:CurrentTradeReceivablesGross
      contextRef="I20231231"
      decimals="-3"
      id="Tag1632"
      unitRef="USD">2529935000</ts:CurrentTradeReceivablesGross>
    <ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts
      contextRef="I20241231"
      decimals="-3"
      id="Tag1624"
      unitRef="USD">48125000</ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts>
    <ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts
      contextRef="I20231231"
      decimals="-3"
      id="Tag1602"
      unitRef="USD">49046000</ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20241231"
      decimals="-3"
      id="Tag1591"
      unitRef="USD">1907507000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1628"
      unitRef="USD">2480889000</ifrs-full:CurrentTradeReceivables>
    <ts:DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock contextRef="D20241231" id="Tag68">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"&gt; At December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Trade Receivables &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: 34px; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin-left: 0.1px; text-align: center; vertical-align: middle; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Not Due &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: 34px; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !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: 17px; 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;"&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; Past due &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-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;"&gt;&lt;br/&gt;&lt;/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: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;180&lt;/span&gt; days &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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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; &amp;gt; &lt;span&gt;180&lt;/span&gt; days &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: rgb(0, 0, 0) !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; &#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;"&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: top; 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;"&gt;&lt;br/&gt;&lt;/td&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; &#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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; 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;"&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: top; 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;"&gt;&lt;br/&gt;&lt;/td&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; &#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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: rgb(204, 238, 255); width: 53%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Guaranteed &lt;/span&gt;&lt;/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: rgb(204, 238, 255); 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; 288,388 &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; background-color: rgb(204, 238, 255); 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; background-color: rgb(204, 238, 255); 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: rgb(204, 238, 255); 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; 254,777 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); 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; background-color: rgb(204, 238, 255); 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: rgb(204, 238, 255); 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; 33,341 &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; background-color: rgb(204, 238, 255); 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; background-color: rgb(204, 238, 255); 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: rgb(204, 238, 255); 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; 270 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); 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; Not guaranteed &lt;/span&gt;&lt;/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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,667,244 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,305,338 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 298,988 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 62,918 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,955,632 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,560,115 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 332,329 &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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 63,188 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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;"&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;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;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;"&gt; 0.01% &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;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;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;"&gt; 0.09% &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;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;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;"&gt; 0.33% &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;br/&gt;&lt;/td&gt; &lt;/tr&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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (525 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (323 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;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: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (47,600 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-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: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (303 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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: rgb(0, 0, 0) !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;"&gt; (47,297 &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: rgb(0, 0, 0) !important;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&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; Net Value &lt;/span&gt;&lt;/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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; 1,907,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; 1,559,968 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; 331,703 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; 15,836 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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="height: 170px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; 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; font-weight: bold;"&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: 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;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Trade Receivables &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: 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 rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 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;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Not Due &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: 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 rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; 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; 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: 17px; border-top-width: 1px; border-top-style: 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; Past due &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-top-width: 1px; border-top-style: solid; border-top-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: 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; 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;180&lt;/span&gt; days &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;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;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; &amp;gt; &lt;span&gt;180&lt;/span&gt; days &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;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: top; 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;"&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;"&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;"&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; 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: top; margin: 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; margin: 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; 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: '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: top; margin: 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; margin: 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; 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: '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: top; 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: 53%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Guaranteed &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;"&gt; 261,113 &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; 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;"&gt; 236,714 &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; 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;"&gt; 23,991 &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; 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;"&gt; 408 &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; Not guaranteed &lt;/span&gt;&lt;/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; 2,268,822 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 1,613,626 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 590,236 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 64,960 &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; 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; font-weight: bold;"&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; 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; font-weight: bold;"&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; 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; 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; font-weight: bold;"&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; 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; 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; font-weight: bold;"&gt; 614,227 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; font-weight: bold;"&gt; 65,368 &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; 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; 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;"&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;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;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;"&gt; 0.02% &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;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;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;"&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;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;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;"&gt; 0.46% &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;br/&gt;&lt;/td&gt; &lt;/tr&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; 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; 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; (1,636 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; height: 17px; 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;"&gt; (312 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; height: 17px; 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;"&gt; (1,249 &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; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; (75 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (47,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; (748 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&gt; (46,662 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;
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&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; Net Value &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; font-weight: bold;"&gt; 2,480,889 &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; 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; 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; font-weight: bold;"&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; 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; 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; font-weight: bold;"&gt; 612,230 &lt;/span&gt;&lt;/p&gt; &lt;/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; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
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    <ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances
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      contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember"
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    <ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts
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      unitRef="USD">748000</ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts>
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      unitRef="USD">46662000</ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231"
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      decimals="-3"
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      unitRef="USD">1850028000</ifrs-full:CurrentTradeReceivables>
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      contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember"
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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&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&#160; &#160; &lt;/span&gt;&lt;span&gt;Cash and cash equivalents&lt;/span&gt;&lt;span&gt; and &lt;/span&gt;&lt;span&gt;o&lt;/span&gt;&lt;span&gt;ther investments&lt;/span&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; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 265px;" 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; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="font-family: &amp;quot;arial black&amp;quot;, &amp;quot;avant garde&amp;quot;; font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; 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: top; height: 10px;"&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="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; width: 77%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&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: 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;Cash and cash equivalents&lt;/span&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: rgb(204, 238, 255);"&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: rgb(204, 238, 255);"&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: rgb(204, 238, 255);"&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: rgb(204, 238, 255);"&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; width: 77%; 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-size: 10pt; font-family: 'Frutiger 45 Light';"&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%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 290,901 &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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 355,044 &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; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 223,424 &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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,311 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,043,910 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 675,256 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,637,821 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;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: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&gt; Fixed income (time-deposit, &lt;span style="border-left: none; border-right: none;"&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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 722,328 &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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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: 10pt;"&gt; 1,273,673 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 376,998 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 239,184 &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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-family: 'times new roman', times; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,372,999 &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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,969,631 &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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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: rgb(204, 238, 255);"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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: 10pt;"&gt; 857,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&gt; Fixed income (time-deposit, &lt;span style="border-left: none; border-right: none;"&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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 140,292 &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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 56.2409%; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,049 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,411 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&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: 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-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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,005,300 &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; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; font-size: 9pt; font-weight: bold; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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; 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; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ts:DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock>
    <ts:DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock contextRef="D20241231" id="Tag3316">
&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: 265px;" 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; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="font-family: &amp;quot;arial black&amp;quot;, &amp;quot;avant garde&amp;quot;; font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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; text-align: center; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; 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: top; height: 10px;"&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="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !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; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 8pt; font-weight: bold; vertical-align: bottom; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="font-size: 8pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; width: 77%; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);"&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: 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;Cash and cash equivalents&lt;/span&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: rgb(204, 238, 255);"&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: rgb(204, 238, 255);"&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: rgb(204, 238, 255);"&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: rgb(204, 238, 255);"&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; width: 77%; 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-size: 10pt; font-family: 'Frutiger 45 Light';"&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%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 290,901 &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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 355,044 &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; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 223,424 &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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,311 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,043,910 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'times new roman', times; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 675,256 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,637,821 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;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;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: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&gt; Fixed income (time-deposit, &lt;span style="border-left: none; border-right: none;"&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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 722,328 &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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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: 10pt;"&gt; 1,273,673 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 376,998 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 239,184 &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: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-family: 'times new roman', times; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,372,999 &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-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,969,631 &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; 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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-weight: bold; font-family: 'Frutiger 45 Light';"&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: rgb(204, 238, 255);"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; 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;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&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: 10pt;"&gt; 857,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&gt; Fixed income (time-deposit, &lt;span style="border-left: none; border-right: none;"&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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 140,292 &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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 56.2409%; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,049 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,411 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255);"&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: 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-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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,005,300 &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; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; font-size: 9pt; font-weight: bold; text-align: right; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; 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; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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; 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; 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; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock>
    <ifrs-full:BalancesWithBanks
      contextRef="I20241231"
      decimals="-3"
      id="Tag1582"
      unitRef="USD">290901000</ifrs-full:BalancesWithBanks>
    <ifrs-full:BalancesWithBanks
      contextRef="I20231231"
      decimals="-3"
      id="Tag1571"
      unitRef="USD">370487000</ifrs-full:BalancesWithBanks>
    <ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents
      contextRef="I20241231"
      decimals="-3"
      id="Tag1581"
      unitRef="USD">355044000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
    <ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents
      contextRef="I20231231"
      decimals="-3"
      id="Tag1570"
      unitRef="USD">223424000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
    <ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents
      contextRef="I20241231"
      decimals="-3"
      id="Tag1580"
      unitRef="USD">29311000</ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents>
    <ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents
      contextRef="I20231231"
      decimals="-3"
      id="Tag1569"
      unitRef="USD">1043910000</ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents>
    <ifrs-full:CashAndCashEquivalents
      contextRef="I20241231"
      decimals="-3"
      id="Tag1579"
      unitRef="USD">675256000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents
      contextRef="I20231231"
      decimals="-3"
      id="Tag1568"
      unitRef="USD">1637821000</ifrs-full:CashAndCashEquivalents>
    <ts:OtherInvestmentsCurrentFixedIncome
      contextRef="I20241231"
      decimals="-3"
      id="Tag1578"
      unitRef="USD">722328000</ts:OtherInvestmentsCurrentFixedIncome>
    <ts:OtherInvestmentsCurrentFixedIncome
      contextRef="I20231231"
      decimals="-3"
      id="Tag1567"
      unitRef="USD">896166000</ts:OtherInvestmentsCurrentFixedIncome>
    <ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome
      contextRef="I20241231"
      decimals="-3"
      id="Tag1577"
      unitRef="USD">1273673000</ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome>
    <ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome
      contextRef="I20231231"
      decimals="-3"
      id="Tag1566"
      unitRef="USD">834281000</ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome>
    <ts:OtherInvestmentsCurrentFundInvestments
      contextRef="I20241231"
      decimals="-3"
      id="Tag1576"
      unitRef="USD">376998000</ts:OtherInvestmentsCurrentFundInvestments>
    <ts:OtherInvestmentsCurrentFundInvestments
      contextRef="I20231231"
      decimals="-3"
      id="Tag1565"
      unitRef="USD">239184000</ts:OtherInvestmentsCurrentFundInvestments>
    <ifrs-full:CurrentInvestments
      contextRef="I20241231"
      decimals="-3"
      id="Tag1575"
      unitRef="USD">2372999000</ifrs-full:CurrentInvestments>
    <ifrs-full:CurrentInvestments
      contextRef="I20231231"
      decimals="-3"
      id="Tag1564"
      unitRef="USD">1969631000</ifrs-full:CurrentInvestments>
    <ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome
      contextRef="I20241231"
      decimals="-3"
      id="Tag1574"
      unitRef="USD">857959000</ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome>
    <ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome
      contextRef="I20231231"
      decimals="-3"
      id="Tag1563"
      unitRef="USD">398220000</ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome>
    <ts:OtherInvestmentsNonCurrentFixedIncome
      contextRef="I20241231"
      decimals="-3"
      id="Tag334"
      unitRef="USD">140292000</ts:OtherInvestmentsNonCurrentFixedIncome>
    <ts:OtherInvestmentsNonCurrentFixedIncome
      contextRef="I20231231"
      id="Tag333"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:OtherInvestmentsNoncurrentOthers
      contextRef="I20241231"
      decimals="-3"
      id="Tag1573"
      unitRef="USD">7049000</ts:OtherInvestmentsNoncurrentOthers>
    <ts:OtherInvestmentsNoncurrentOthers
      contextRef="I20231231"
      decimals="-3"
      id="Tag1562"
      unitRef="USD">7411000</ts:OtherInvestmentsNoncurrentOthers>
    <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod
      contextRef="I20241231"
      decimals="-3"
      id="Tag1572"
      unitRef="USD">1005300000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
    <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod
      contextRef="I20231231"
      decimals="-3"
      id="Tag1561"
      unitRef="USD">405631000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="D20241231" id="Tag3293">
&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;21&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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: start; text-indent: -28.4px; text-transform: none; widows: 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;&#160; &#160;&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&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="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 164px; 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: 10pt;"&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: 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: 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;"&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: 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;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; border-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;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;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; 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; font-weight: bold;"&gt; Non-current &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;&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; background-color: #cceeff;"&gt;&lt;br/&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;br/&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;&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; 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: 77%;"&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; width: 10%; 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; 11,399 &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%; border-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; 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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; 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;&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 11,399 &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;br/&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;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; font-weight: bold;"&gt; 48,304 &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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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;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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;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;br/&gt;&lt;/td&gt; &lt;/tr&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; 411,541 &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;br/&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;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; 513,909 &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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,458 &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;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;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; 21,224 &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: 11px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; 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;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 11px; 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;"&gt; 425,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; 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: 11px; 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;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; 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;tr style="height: 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; 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;"&gt; 437,398 &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; 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: 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; 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; 583,437 &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; 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;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&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: 0px; text-indent: 0px;"&gt; &lt;br/&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: 88px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&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: top; margin: 0px; text-indent: 0px; height: 17px;"&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; At December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 5.4pt; padding-right: 5.4pt; 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; 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; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 5.4pt; padding-right: 5.4pt; 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; 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; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 5.4pt; padding-right: 5.4pt; 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; 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; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 5.4pt; padding-right: 5.4pt; 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; 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; 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;p style="margin: 0px; text-align: center; 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: 5.4pt; padding-right: 5.4pt; 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;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt; 425,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt; 11,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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 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-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; 425,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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; 11,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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-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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; 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;"&gt; 6,270 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;"&gt; 672 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;"&gt; 6,942 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; 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; 432,269 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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; 12,071 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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; 444,340 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&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; text-indent: 0px; width: 100%; height: 95px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" 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; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 46,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 46,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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-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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; 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; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; 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; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; 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; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 10,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 3,533 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 283 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 14,326 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&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-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;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; 545,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 50,337 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 1,783 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 597,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&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: 0px; text-indent: 0px;"&gt; &lt;br/&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: 73px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="margin: 0px; text-indent: 0px; height: 13px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 11px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 32.6619%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 37.2891%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/tr&gt;
&lt;tr style="margin: 0px; text-indent: 0px; height: 12px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 12px; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 12px; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px;"&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="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2026&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 10px; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Siderca SAIC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;

&lt;p style="margin: 0px; text-align: justify; text-indent: 0px;"&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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, 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: 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;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;4&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;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;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: 0px; text-align: justify; text-indent: 0px;"&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; text-indent: 0px; width: 100%;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"&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: 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; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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;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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; 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; 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;tr style="margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10%; 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;"&gt; 6.52% &lt;/span&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;"&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;"&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;"&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; 10.56% &lt;/span&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Breakdown of long-term&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and short-term&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; borrowings by currency and rate is as follows:&lt;/span&gt; &lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&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: 0px; text-indent: 0px;"&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; text-indent: 0px; width: 100%; height: 119px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 34px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 34px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; height: 34px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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 colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;"&gt;
&lt;p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&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; Currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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: 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;p style="margin: 0px; text-align: center; 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; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 57%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 20%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; width: 10%; background-color: #cceeff; 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;"&gt;-&lt;/span&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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,903 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 1,496 &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; 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;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;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;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; 4,501 &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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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 non-current borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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; &lt;/span&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"&gt; 11,399 &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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-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-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="line-height: 12pt; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&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: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 168px; 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: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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 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; 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="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px;"&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; 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; text-indent: 0px;"&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: 0px; padding-right: 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; 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;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; margin: 0px; text-indent: 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: 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;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;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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;"&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; 260,866 &lt;/span&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; height: 17px; 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;"&gt; 221,008 &lt;/span&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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 57%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 20%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; width: 10%;"&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; 9,173 &lt;/span&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%; height: 17px;"&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%; height: 17px;"&gt;&lt;br/&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%;"&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; 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; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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;"&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-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; height: 17px; 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;"&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;/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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,278 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; 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;"&gt; 8,551 &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; 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; height: 17px; 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;"&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; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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;"&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; 3,018 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;div style="border-left: none; border-right: none;"&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;3,035&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="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: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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: 15px; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 130,113 &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; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&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; 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; text-indent: 0px; padding-left: 0px; padding-right: 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; background-color: #cceeff; height: 15px; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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 current borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="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;"&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; 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; 425,999 &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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 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; 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: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&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: 0px; text-indent: 0px;"&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; text-indent: 0px; width: 100%; height: 140px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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 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; 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, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 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;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;2024&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-bottom-width: 1px; border-bottom-style: 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: 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;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;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-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: 11px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; height: 11px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10%; height: 11px; 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;"&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; width: 1%; height: 11px; background-color: #cceeff;"&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%; height: 11px; background-color: #cceeff;"&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%; height: 11px; 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;"&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; width: 1%; height: 11px; background-color: #cceeff;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (6,805 &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; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; (74,806 &lt;/span&gt;&lt;/p&gt; &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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (128,761 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (211,797 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; 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;"&gt; (3,707 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; (2,691 &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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&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;/span&gt;&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; 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;"&gt;-&lt;/span&gt;&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; background-color: #cceeff;"&gt;&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; background-color: #cceeff;"&gt;&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; 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;"&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; height: 10px; background-color: #cceeff;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; 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;"&gt; (6,766 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 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;"&gt; 21,130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&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; 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; 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; 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; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/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; 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; 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; 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;/div&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0px; text-align: justify; text-indent: 0px;"&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;For the year &lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated to GPC&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;  </ifrs-full:DisclosureOfBorrowingsExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory contextRef="D20241231" id="Tag65">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 164px; 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: 10pt;"&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: 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: 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;"&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: 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;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; border-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;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;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; 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; font-weight: bold;"&gt; Non-current &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;&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; background-color: #cceeff;"&gt;&lt;br/&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;br/&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;&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; 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: 77%;"&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; width: 10%; 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; 11,399 &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%; border-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; 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: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; 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; 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;&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 11,399 &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;br/&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;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; font-weight: bold;"&gt; 48,304 &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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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;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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;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;br/&gt;&lt;/td&gt; &lt;/tr&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; 411,541 &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;br/&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;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; 513,909 &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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,458 &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;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;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; 21,224 &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: 11px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; 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;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 11px; 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;"&gt; 425,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; 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: 11px; 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;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px; 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;tr style="height: 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; 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;"&gt; 437,398 &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; 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: 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; 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; 583,437 &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; 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;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory>
    <ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20241231_BankBorrowingsMember"
      decimals="-3"
      id="Tag1550"
      unitRef="USD">11399000</ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20231231_BankBorrowingsMember"
      decimals="-3"
      id="Tag1513"
      unitRef="USD">48304000</ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ifrs-full:LongtermBorrowings
      contextRef="I20241231"
      decimals="-3"
      id="Tag296"
      unitRef="USD">11399000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag1507"
      unitRef="USD">48304000</ifrs-full:LongtermBorrowings>
    <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20241231_BankBorrowingsMember"
      decimals="-3"
      id="Tag1503"
      unitRef="USD">411541000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20231231_BankBorrowingsMember"
      decimals="-3"
      id="Tag1538"
      unitRef="USD">513909000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20241231_BankOverdrafts1Member"
      decimals="-3"
      id="Tag1557"
      unitRef="USD">14458000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20231231_BankOverdrafts1Member"
      decimals="-3"
      id="Tag1558"
      unitRef="USD">21224000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="I20241231"
      decimals="-3"
      id="Tag1536"
      unitRef="USD">425999000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag1521"
      unitRef="USD">535133000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ifrs-full:Borrowings
      contextRef="I20241231"
      decimals="-3"
      id="Tag1533"
      unitRef="USD">437398000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag331"
      unitRef="USD">583437000</ifrs-full:Borrowings>
    <ts:DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock contextRef="D20241231" id="Tag62">
&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: 88px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&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: top; margin: 0px; text-indent: 0px; height: 17px;"&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; At December 31, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 5.4pt; padding-right: 5.4pt; 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; 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; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 5.4pt; padding-right: 5.4pt; 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; 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; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 5.4pt; padding-right: 5.4pt; 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; 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; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 5.4pt; padding-right: 5.4pt; 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; 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; 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;p style="margin: 0px; text-align: center; 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: 5.4pt; padding-right: 5.4pt; 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;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt; 425,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt; 11,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; height: 10px; 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;"&gt; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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 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-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; 425,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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; 11,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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-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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; 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;"&gt; 6,270 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;"&gt; 672 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 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;"&gt; 6,942 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; 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; 432,269 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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; 12,071 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; height: 10px; 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; 444,340 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&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; text-indent: 0px; width: 100%; height: 95px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" 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; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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: 5.4pt; padding-right: 5.4pt; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" 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: 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 41%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 46,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 46,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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-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-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;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; 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; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; 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; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; 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; 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-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 10,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 3,533 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 283 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 14,326 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&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-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;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; 545,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 50,337 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 1,783 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;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;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; 597,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock>
    <ifrs-full:Borrowings
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    <ts:BorrowingsIncludingInterestToBeAccrued
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      id="Tag1535"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:InterestPayable
      contextRef="I20231231"
      decimals="-3"
      id="Tag1530"
      unitRef="USD">14326000</ifrs-full:InterestPayable>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag319"
      unitRef="USD">545643000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1517"
      unitRef="USD">50337000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1636"
      unitRef="USD">1783000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231_LaterThanThreeYearsMember"
      id="Tag1554"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231"
      decimals="-3"
      id="Tag1463"
      unitRef="USD">597763000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock contextRef="D20241231" id="Tag88">
&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: 73px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="margin: 0px; text-indent: 0px; height: 13px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 13px; border-bottom-color: #000000 !important; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 11px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 32.6619%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 37.2891%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; width: 10.0163%; background-color: #cceeff; height: 11px;"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/tr&gt;
&lt;tr style="margin: 0px; text-indent: 0px; height: 12px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 12px; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 12px; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 12px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px;"&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="margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2026&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 32.6619%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 10px; width: 37.2891%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Siderca SAIC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 10px; width: 10.0163%;"&gt;
&lt;p style="margin: 0px; text-align: right; 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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock>
    <ifrs-full:Borrowings
      contextRef="I20241231_SignificantBorrowingsAsOfClosingDateMember_TubosDeAceroDeMexicoSaAndSubsidiariesMember"
      decimals="-6"
      id="Tag1547"
      unitRef="USD">200000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20241231_SignificantBorrowingsOneAsOfClosingDateMember_TenarisTubocaribeLtdaMember"
      decimals="-6"
      id="Tag1553"
      unitRef="USD">40000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20241231_SignificantBorrowingsTwoAsOfClosingDateMember_GlobalPipeCompanyMember"
      decimals="-6"
      id="Tag1546"
      unitRef="USD">26000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20241231_SignificantBorrowingsThreeAsOfClosingDateMember_SidercaSaicAndSubsidiariesMember"
      decimals="-6"
      id="Tag1516"
      unitRef="USD">20000000</ifrs-full:Borrowings>
    <ts:DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock contextRef="D20241231" id="Tag3411">
&lt;table cellpadding="0" cellspacing="0" style="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="margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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;"&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: 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; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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;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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; 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; 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;tr style="margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10%; 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;"&gt; 6.52% &lt;/span&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;"&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;"&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;"&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; 10.56% &lt;/span&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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock>
    <ifrs-full:BorrowingsInterestRate
      contextRef="I20241231_WeightedAverageMember"
      decimals="4"
      id="Tag323"
      unitRef="Pure">0.0652</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:BorrowingsInterestRate
      contextRef="I20231231_WeightedAverageMember"
      decimals="4"
      id="Tag1560"
      unitRef="Pure">0.1056</ifrs-full:BorrowingsInterestRate>
    <ts:DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock contextRef="D20241231" id="Tag31">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 119px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 34px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 34px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; height: 34px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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 colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;"&gt;
&lt;p style="margin: 0px; text-align: center; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 34px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&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; Currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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; 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: 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;p style="margin: 0px; text-align: center; 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; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 57%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 20%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; width: 10%; background-color: #cceeff; 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;"&gt;-&lt;/span&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; text-indent: 0px; padding-left: 0px; padding-right: 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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,903 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; 1,496 &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; 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;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;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;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; 4,501 &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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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 non-current borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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; &lt;/span&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"&gt; 11,399 &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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-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-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;table cellpadding="0" cellspacing="0" style="height: 168px; 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: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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 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; 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="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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-indent: 0px;"&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; 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; text-indent: 0px;"&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: 0px; padding-right: 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; 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;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; margin: 0px; text-indent: 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: 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;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;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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;"&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; 260,866 &lt;/span&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; height: 17px; 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;"&gt; 221,008 &lt;/span&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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 57%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 20%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; width: 10%;"&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; 9,173 &lt;/span&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%; height: 17px;"&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%; height: 17px;"&gt;&lt;br/&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%;"&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; 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; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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;"&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-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; height: 17px; 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;"&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;/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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,278 &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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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; 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;"&gt; 8,551 &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; 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; height: 17px; 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;"&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; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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;"&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; 3,018 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;div style="border-left: none; border-right: none;"&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;3,035&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt;
&lt;td style="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: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&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: 15px; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 130,113 &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; background-color: #cceeff; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&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; 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; text-indent: 0px; padding-left: 0px; padding-right: 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; background-color: #cceeff; height: 15px; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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 current borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="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;"&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; 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; 425,999 &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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 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; 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>
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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; text-indent: 0px; width: 100%; height: 140px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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 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; 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, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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: 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;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;2024&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-bottom-width: 1px; border-bottom-style: 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: 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;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;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-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: 11px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 77%; height: 11px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; width: 10%; height: 11px; 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;"&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; width: 1%; height: 11px; background-color: #cceeff;"&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%; height: 11px; background-color: #cceeff;"&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%; height: 11px; 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;"&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; width: 1%; height: 11px; background-color: #cceeff;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (6,805 &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; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; (74,806 &lt;/span&gt;&lt;/p&gt; &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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (128,761 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (211,797 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; 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;"&gt; (3,707 &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;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; (2,691 &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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&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;/span&gt;&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; 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;"&gt;-&lt;/span&gt;&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; background-color: #cceeff;"&gt;&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; background-color: #cceeff;"&gt;&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; 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;"&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; height: 10px; background-color: #cceeff;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; 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;"&gt; (6,766 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 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;"&gt; 21,130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&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; 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; 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; 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; 437,398 &lt;/span&gt;&lt;/p&gt; &lt;/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; 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; 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; 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;/div&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0px; text-align: justify; text-indent: 0px;"&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;For the year &lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated to GPC&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; </ts:DisclosureOfBorrowingsEvolutionTextBlock>
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      contextRef="I20221231"
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      id="Tag1472"
      unitRef="USD">728762000</ifrs-full:Borrowings>
    <ts:EffectOfTranslationDifferencesOnBorrowings
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      id="Tag801"
      unitRef="USD">-6805000</ts:EffectOfTranslationDifferencesOnBorrowings>
    <ts:EffectOfTranslationDifferencesOnBorrowings
      contextRef="D20231231"
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      id="Tag1465"
      unitRef="USD">-74806000</ts:EffectOfTranslationDifferencesOnBorrowings>
    <ts:EffectOfNetProceedsAndRepaymentsOnBorrowings
      contextRef="D20241231"
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      id="Tag580"
      unitRef="USD">-128761000</ts:EffectOfNetProceedsAndRepaymentsOnBorrowings>
    <ts:EffectOfNetProceedsAndRepaymentsOnBorrowings
      contextRef="D20231231"
      decimals="-3"
      id="Tag295"
      unitRef="USD">-211797000</ts:EffectOfNetProceedsAndRepaymentsOnBorrowings>
    <ts:EffectOfInterestsAccruedNetOfPaymentsOnBorrowings
      contextRef="D20241231"
      decimals="-3"
      id="Tag53"
      unitRef="USD">-3707000</ts:EffectOfInterestsAccruedNetOfPaymentsOnBorrowings>
    <ts:EffectOfInterestsAccruedNetOfPaymentsOnBorrowings
      contextRef="D20231231"
      decimals="-3"
      id="Tag326"
      unitRef="USD">-2691000</ts:EffectOfInterestsAccruedNetOfPaymentsOnBorrowings>
    <ts:EffectOfBusinessCombinationsOnBorrowings
      contextRef="D20241231"
      id="Tag682"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:EffectOfBusinessCombinationsOnBorrowings
      contextRef="D20231231"
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      id="Tag1456"
      unitRef="USD">122839000</ts:EffectOfBusinessCombinationsOnBorrowings>
    <ts:EffectOfOverdraftsVariationOnBorrowings
      contextRef="D20241231"
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      id="Tag58"
      unitRef="USD">-6766000</ts:EffectOfOverdraftsVariationOnBorrowings>
    <ts:EffectOfOverdraftsVariationOnBorrowings
      contextRef="D20231231"
      decimals="-3"
      id="Tag332"
      unitRef="USD">21130000</ts:EffectOfOverdraftsVariationOnBorrowings>
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      contextRef="I20241231"
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      id="Tag1462"
      unitRef="USD">437398000</ifrs-full:Borrowings>
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      decimals="-3"
      id="Tag327"
      unitRef="USD">583437000</ifrs-full:Borrowings>
    <ifrs-full:DisclosureOfDeferredTaxesExplanatory contextRef="D20241231" id="Tag3330">
&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&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;22&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: start; text-indent: -28.4px; text-transform: none; widows: 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;&#160; &#160;&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&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;Deferred &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;tax&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&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: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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: 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: 10pt; line-height: inherit;"&gt;The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;evolution of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; deferred tax assets and liabilities&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;during the year &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; 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;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 liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_59A94BNAMO00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; height: 98px; 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; width: 52.9412%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" 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: 52.9412%; 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; height: 17px; width: 10.0088%; 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; 618,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; 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; height: 17px; width: 0.965759%; 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; height: 17px; width: 10.0088%; 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; 114,335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; 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; height: 17px; width: 0.965759%; 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; height: 17px; width: 10.0088%; 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; 160,202 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; 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; height: 17px; width: 0.965759%; 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; height: 17px; width: 10.0088%; 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; 893,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; 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: 52.9412%;"&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: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (194 &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: 0.965759%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (72 &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: 0.965759%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &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: 0.965759%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (440 &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: 0.965759%;"&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: 52.9412%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes due to business combinations &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;/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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,223 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,033 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,256 &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; width: 0.965759%;"&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: 52.9412%;"&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; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (904 &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: 0.965759%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (904 &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: 0.965759%;"&gt;)&lt;/td&gt; &lt;/tr&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: 52.9412%;"&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 &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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (51,265 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (39,033 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (46,940 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (137,238 &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; width: 0.965759%;"&gt;)&lt;/td&gt; &lt;/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: 52.9412%;"&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, 2024 &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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 568,638 &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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 75,230 &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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 114,217 &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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 758,085 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;div id="t_ft_ZYVVYBIB0G00000000000000000000b"&gt;
&lt;p style="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%; height: 84px; 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;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Fixed assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Intangible assets and other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; height: 17px; width: 53%; 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; 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; 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; height: 17px; width: 1%; 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; height: 17px; width: 1%; 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; 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; 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; height: 17px; width: 1%; 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; height: 17px; width: 1%; 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; 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; 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; width: 1%; 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; width: 1%; 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; 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; 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; width: 1%; height: 17px; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; 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-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Increase due to business combinations &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;/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; line-height: inherit;"&gt; 4,175 &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;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;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; line-height: inherit;"&gt; 7,563 &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;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;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; line-height: inherit;"&gt; 5,498 &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;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;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; line-height: inherit;"&gt; 17,236 &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;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; 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; 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; 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; line-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: 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; line-height: inherit;"&gt; 138 &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; line-height: inherit;"&gt; 138 &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; line-height: inherit;"&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; 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; line-height: inherit;"&gt; 38,991 &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;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;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; line-height: inherit;"&gt; 63,127 &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;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;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; line-height: inherit;"&gt; 39,627 &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;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;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; line-height: inherit;"&gt; 141,745 &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;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; 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; 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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 618,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 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; border-top-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: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 114,335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 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; border-top-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: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 160,202 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 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; border-top-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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; 893,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px;"&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: 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="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to Mattr&#x2019;s pipe coating business unit acquisition. 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;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&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="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to the GPC, Isoplus anticorrosion coating division and Mattr&#x2019;s pipe coating business unit acquisitions.&lt;/span&gt;&lt;/span&gt;&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;&lt;br/&gt;&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;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 id="t_ft_6I89GYVUQ800000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; 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: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Provisions and allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; 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: 10%; 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; 31,511 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; width: 1%; 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; width: 10%; 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; 199,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; width: 1%; 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; width: 10%; 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; 634,894 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; width: 1%; 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; width: 10%; 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; 185,997 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; width: 1%; 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; width: 10%; 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; 1,051,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &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; (277 &lt;/span&gt;&lt;/p&gt; &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; (76 &lt;/span&gt;&lt;/p&gt; &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; (829 &lt;/span&gt;&lt;/p&gt; &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; (1,204 &lt;/span&gt;&lt;/p&gt; &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: 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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes due to business combinations &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: 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; 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; 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; 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; 88 &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; 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; 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; (414 &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;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; 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; 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; 1,821 &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; 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; 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; 1,495 &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;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,006 &lt;/span&gt;&lt;/p&gt; &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; 885 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,121 &lt;/span&gt;&lt;/p&gt; &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: 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; 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; 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; 24,436 &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; 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; 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; (44,915 &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;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; 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; 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; 82,400 &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; 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; 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; (27,070 &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;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; 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; 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; 34,851 &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;/tr&gt;
&lt;tr style="height: 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, 2024 &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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 55,925 &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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 153,915 &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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 714,798 &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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 160,804 &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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,085,442 &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;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;div id="t_ft_O6L7YAW3HS00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; text-indent: 0px; height: 138px;" 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;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Provisions and allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; 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; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; 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; 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%; 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; 25,817 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 180,152 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 310,589 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 156,984 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 673,542 &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; 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; 6 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-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; line-height: inherit;"&gt; 611 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-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: 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'; line-height: inherit;"&gt;Increase due to business combinations &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: 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; line-height: inherit;"&gt; 1,374 &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: 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; 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: 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; line-height: inherit;"&gt; 1,875 &lt;/span&gt;&lt;/p&gt; &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; line-height: inherit;"&gt; 35,941 &lt;/span&gt;&lt;/p&gt; &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; line-height: inherit;"&gt; 39,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-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; 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; 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-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 18,620 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 322,431 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (9,881 &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; 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; 335,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 31,511 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 199,019 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 634,894 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 185,997 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 1,051,421 &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; 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: 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; 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;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to Mattr&#x2019;s pipe coating business unit acquisition. 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;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(*&lt;/span&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="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="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;GPC, Isoplus anticorrosion coating division 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;.&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;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 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. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In determining the amount of deferred taxes to be recognized, &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;considered&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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 &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 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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;br/&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;Deferred tax assets related to tax losses as of the end of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2024&lt;/span&gt; and &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; include $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;623.8&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;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;respectively, &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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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;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;and &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;that it is probable that sufficient future taxable profits will be generated by business carried out by its Luxembourg subsidiary&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; which has expanded its activities including sales, distribution, logistics and marketing of steel products and other related services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, against which the above-mentioned tax losses could be utilized prior to their expiration. &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&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;as of the end of &lt;span&gt;2024&lt;/span&gt; and &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;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;79.4&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;and $&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 respectively, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;from&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;.&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 &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;97&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, 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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the unrecognized deferred tax assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; originating in tax losses or tax credits&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;2,683.5&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;Approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;98&lt;/span&gt;%&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;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;unrecognized deferred tax assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; have an expiration date &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in more than &lt;span&gt;5&lt;/span&gt; years or do&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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="height: 54px; 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: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&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; height: 10px; 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; 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: 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: 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; &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: 10px; border-top-width: 1px; border-top-style: 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 style="border-left: none; border-right: none;"&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: 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; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; height: 10px;"&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 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; border-top-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;br/&gt;&lt;/td&gt; &lt;/tr&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; Deferred tax assets to be recovered after &lt;span style="border-left: none; border-right: none;"&gt;12&lt;/span&gt; months &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; line-height: inherit;"&gt; 755,743 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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; line-height: inherit;"&gt; 655,415 &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; 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; Deferred tax liabilities to be settled after &lt;span style="border-left: none; border-right: none;"&gt;12&lt;/span&gt; months &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 696,693 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 689,976 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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;/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;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; line-height: inherit;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&gt; when&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&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; line-height: inherit;"&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; line-height: inherit;"&gt;. The following amounts, determined after appropriate set&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;off, are shown in 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;onsolidated &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;tatement of &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;inancial &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;P&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;osition&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&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: 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;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&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: bottom; height: 20px;" 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; 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;" 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: 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; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; &lt;span style="border-left: none; border-right: none;"&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; 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; Deferred tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; 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; 831,298 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 789,615 &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; 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; 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; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 503,941 &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: 10pt; line-height: inherit;"&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; 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; &lt;/span&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 327,357 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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-weight: bold; line-height: inherit;"&gt; 158,010 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The movement i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;n the net deferred income tax &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;asset / &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;liability&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; account is as follows:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&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;div id="t_ft_K768C58TXS00000000000000000000b"&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: 136px;" 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; line-height: inherit;"&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: bottom; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; line-height: inherit;"&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; 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 style="border-left: none; border-right: none;"&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: 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="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="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; 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: 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; 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; 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%; 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; 158,010 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; (60,199 &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; 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; 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; (764 &lt;/span&gt;&lt;/p&gt; &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; line-height: inherit;"&gt; 89 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes 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'; line-height: inherit;"&gt;(*)&lt;/span&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; line-height: inherit;"&gt; (1,761 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 22,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; 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; line-height: inherit;"&gt; (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;"&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; line-height: inherit;"&gt; 2,204 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; Income statement credit &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 172,089 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 193,739 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 327,357 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 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; margin: 0px; text-indent: 0px; 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: 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: 10pt;"&gt;&lt;span style="font-size: 8pt;"&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&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &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;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;/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;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &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;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;GPC, Isoplus 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;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt; </ifrs-full:DisclosureOfDeferredTaxesExplanatory>
    <ts:DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock contextRef="D20241231" id="Tag3329">
&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 liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_59A94BNAMO00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; height: 98px; 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; width: 52.9412%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;" 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; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;" 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: 52.9412%; 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; height: 17px; width: 10.0088%; 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; 618,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; 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; height: 17px; width: 0.965759%; 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; height: 17px; width: 10.0088%; 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; 114,335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; 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; height: 17px; width: 0.965759%; 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; height: 17px; width: 10.0088%; 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; 160,202 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; 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; height: 17px; width: 0.965759%; 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; height: 17px; width: 10.0088%; 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; 893,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 0.965759%; background-color: #cceeff; 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: 52.9412%;"&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: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (194 &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: 0.965759%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (72 &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: 0.965759%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &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: 0.965759%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (440 &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: 0.965759%;"&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: 52.9412%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes due to business combinations &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;/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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,223 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,033 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,256 &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; width: 0.965759%;"&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: 52.9412%;"&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; height: 10px; margin: 0px; text-indent: 0px; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (904 &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: 0.965759%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (904 &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: 0.965759%;"&gt;)&lt;/td&gt; &lt;/tr&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: 52.9412%;"&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 &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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (51,265 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (39,033 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (46,940 &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; width: 0.965759%;"&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; width: 0.965759%;"&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; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (137,238 &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; width: 0.965759%;"&gt;)&lt;/td&gt; &lt;/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: 52.9412%;"&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, 2024 &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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 568,638 &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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 75,230 &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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 114,217 &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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&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; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0088%;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 758,085 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.965759%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;div id="t_ft_ZYVVYBIB0G00000000000000000000b"&gt;
&lt;p style="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%; height: 84px; 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;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Fixed assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Intangible assets and other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; height: 17px; width: 53%; 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; 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; 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; height: 17px; width: 1%; 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; height: 17px; width: 1%; 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; 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; 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; height: 17px; width: 1%; 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; height: 17px; width: 1%; 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; 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; 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; width: 1%; 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; width: 1%; 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; 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; 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; width: 1%; height: 17px; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; height: 17px; 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-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Increase due to business combinations &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;/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; line-height: inherit;"&gt; 4,175 &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;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;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; line-height: inherit;"&gt; 7,563 &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;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;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; line-height: inherit;"&gt; 5,498 &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;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;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; line-height: inherit;"&gt; 17,236 &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;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; 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; 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; 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; line-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: 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; line-height: inherit;"&gt; 138 &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; line-height: inherit;"&gt; 138 &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; line-height: inherit;"&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; 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; line-height: inherit;"&gt; 38,991 &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;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;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; line-height: inherit;"&gt; 63,127 &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;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;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; line-height: inherit;"&gt; 39,627 &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;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;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; line-height: inherit;"&gt; 141,745 &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;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; 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; 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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 618,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 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; border-top-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: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 114,335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 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; border-top-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: 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 160,202 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; margin: 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; border-top-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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; 893,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit; 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; padding-left: 0px; padding-right: 0px;"&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: 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="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to Mattr&#x2019;s pipe coating business unit acquisition. 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;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&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="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For the year &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to the GPC, Isoplus anticorrosion coating division and Mattr&#x2019;s pipe coating business unit acquisitions.&lt;/span&gt;&lt;/span&gt;&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;&lt;br/&gt;&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;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 id="t_ft_6I89GYVUQ800000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; 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: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Provisions and allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; 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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; 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: 10%; 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; 31,511 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; width: 1%; 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; width: 10%; 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; 199,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; width: 1%; 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; width: 10%; 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; 634,894 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; width: 1%; 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; width: 10%; 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; 185,997 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; 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; width: 1%; 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; width: 10%; 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; 1,051,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 17px; 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &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; (277 &lt;/span&gt;&lt;/p&gt; &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; (76 &lt;/span&gt;&lt;/p&gt; &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; (829 &lt;/span&gt;&lt;/p&gt; &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; (1,204 &lt;/span&gt;&lt;/p&gt; &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: 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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes due to business combinations &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: 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; 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; 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; 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; 88 &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; 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; 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; (414 &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;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; 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; 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; 1,821 &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; 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; 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; 1,495 &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;/tr&gt;
&lt;tr style="height: 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; 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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,006 &lt;/span&gt;&lt;/p&gt; &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; 885 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,121 &lt;/span&gt;&lt;/p&gt; &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: 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; 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; 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; 24,436 &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; 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; 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; (44,915 &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;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; 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; 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; 82,400 &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; 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; 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; (27,070 &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;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; 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; 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; 34,851 &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;/tr&gt;
&lt;tr style="height: 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, 2024 &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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 55,925 &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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 153,915 &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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 714,798 &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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 160,804 &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;br/&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;br/&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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,085,442 &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;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;div id="t_ft_O6L7YAW3HS00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9596%; text-indent: 0px; height: 138px;" 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;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Provisions and allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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; Tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !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="background-color: #ffffff; 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; height: 34px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; vertical-align: bottom; width: 41%; 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; 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%; 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; 25,817 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 180,152 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 310,589 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 156,984 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 673,542 &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; 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; 6 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-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; line-height: inherit;"&gt; 611 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-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: 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'; line-height: inherit;"&gt;Increase due to business combinations &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: 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; line-height: inherit;"&gt; 1,374 &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: 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; 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: 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; line-height: inherit;"&gt; 1,875 &lt;/span&gt;&lt;/p&gt; &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; line-height: inherit;"&gt; 35,941 &lt;/span&gt;&lt;/p&gt; &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; line-height: inherit;"&gt; 39,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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-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; 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; 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-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 18,620 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 322,431 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; (9,881 &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; 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; 335,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; font-weight: bold; line-height: inherit;"&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 31,511 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 199,019 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 634,894 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 185,997 &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; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&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; 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; 1,051,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;table cellpadding="0" cellspacing="0" style="height: 54px; 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: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&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; height: 10px; 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; 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: 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: 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; &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: 10px; border-top-width: 1px; border-top-style: 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 style="border-left: none; border-right: none;"&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: 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; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; height: 10px;"&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 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; border-top-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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
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&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; line-height: inherit;"&gt; 755,743 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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; line-height: inherit;"&gt; 655,415 &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; 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; Deferred tax liabilities to be settled after &lt;span style="border-left: none; border-right: none;"&gt;12&lt;/span&gt; months &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 696,693 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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; 689,976 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory>
    <ifrs-full:DeferredTaxAssets
      contextRef="I20241231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag1356"
      unitRef="USD">755743000</ifrs-full:DeferredTaxAssets>
    <ifrs-full:DeferredTaxAssets
      contextRef="I20231231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag1302"
      unitRef="USD">655415000</ifrs-full:DeferredTaxAssets>
    <ifrs-full:DeferredTaxLiabilities
      contextRef="I20241231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag1404"
      unitRef="USD">696693000</ifrs-full:DeferredTaxLiabilities>
    <ifrs-full:DeferredTaxLiabilities
      contextRef="I20231231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag1399"
      unitRef="USD">689976000</ifrs-full:DeferredTaxLiabilities>
    <ts:DeferredTaxTextBlock contextRef="D20241231" id="Tag3348">
&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; height: 88px;" 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;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&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: bottom; height: 20px;" 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; 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;" 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: 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; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; &lt;span style="border-left: none; border-right: none;"&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; &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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;" 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; 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; Deferred tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; 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; 831,298 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 789,615 &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; 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; 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; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 503,941 &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: 10pt; line-height: inherit;"&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; 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; &lt;/span&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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 327,357 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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-weight: bold; line-height: inherit;"&gt; 158,010 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The movement i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;n the net deferred income tax &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;asset / &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;liability&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; account is as follows:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&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;div id="t_ft_K768C58TXS00000000000000000000b"&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: 136px;" 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; line-height: inherit;"&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: bottom; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; line-height: inherit;"&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; 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 style="border-left: none; border-right: none;"&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: 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="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="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; 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: 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; 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; 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%; 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; 158,010 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; (60,199 &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; 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; 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; (764 &lt;/span&gt;&lt;/p&gt; &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; line-height: inherit;"&gt; 89 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Changes 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'; line-height: inherit;"&gt;(*)&lt;/span&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; line-height: inherit;"&gt; (1,761 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 22,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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; 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; line-height: inherit;"&gt; (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;"&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; line-height: inherit;"&gt; 2,204 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; Income statement credit &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 172,089 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 193,739 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 327,357 &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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; 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; 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; margin: 0px; text-indent: 0px; 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: 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: 10pt;"&gt;&lt;span style="font-size: 8pt;"&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&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &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;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;/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;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the year &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;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;elated to &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;GPC, Isoplus 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;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DeferredTaxTextBlock>
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&lt;p style="font-family: 'times new roman', times; 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&gt;23&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&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: start; text-indent: -28.4px; text-transform: none; widows: 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;&#160; &#160;&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;Other liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; 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;"&gt;(i)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&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;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;current&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 85px;" 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;"&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: bottom; height: 14px;"&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; height: 14px; 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;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-top-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: 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;2024&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-top-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; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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-top-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: 77%; 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 &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;"&gt; 131,564 &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;"&gt; 117,506 &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;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 101,260 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 91,435 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Miscellaneous &lt;/span&gt;&lt;/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; 68,927 &lt;/span&gt;&lt;/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;"&gt; 62,327 &lt;/span&gt;&lt;/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;"&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; 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;"&gt; 301,751 &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;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;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;"&gt; 271,268 &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="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Post-employment benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 74px;" 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;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; height: 20px; 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; height: 20px; 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;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: 0px; padding-right: 0px; vertical-align: top; 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: 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;2024&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-top-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; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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-top-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;"&gt; Unfunded &lt;/span&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; 129,032 &lt;/span&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;"&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;"&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; 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; 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;"&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;"&gt; 2,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,974 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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: 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; 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-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-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;"&gt; 131,564 &lt;/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-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; background-color: #cceeff; 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;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-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;"&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; 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="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At December 31, 2024 and &lt;span&gt;2023&lt;/span&gt; the weighted average duration of liabilities related to post-employment benefits was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;7&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;6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; years, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-family: 'times new roman', times; font-size: 10pt; padding-inline: 13px;"&gt;
&lt;li style="font-variant: JIS78; font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; padding-left: 7.42pt; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Unfunded&lt;/span&gt;&lt;/li&gt; &lt;/ul&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="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 223px;" 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: bottom; height: 34px; width: 76.9572%;"&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 colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 22.5997%;"&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: 34px; 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;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: 0px; padding-right: 0px; vertical-align: top; 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; width: 10.0443%;"&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;2024&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-bottom-width: 1px; border-bottom-style: solid; height: 17px; width: 1.4771%; 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; border-top-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; width: 1.03397%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px; width: 10.0443%;"&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; border-top-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; 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; width: 76.9572%; height: 17px;"&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; 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;"&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: 1.4771%; margin: 0px; text-indent: 0px; 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: 1.03397%; 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;"&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: 1.4771%; 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; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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;"&gt; 7,206 &lt;/span&gt;&lt;/p&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;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;"&gt; 6,537 &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; 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;"&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; 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;"&gt; 14,692 &lt;/span&gt;&lt;/p&gt; &lt;/td&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;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;"&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; 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;"&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; 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;"&gt; (131 &lt;/span&gt;&lt;/p&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;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;"&gt; (675 &lt;/span&gt;&lt;/p&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: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Remeasurements &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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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;"&gt; 7,506 &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: 19px; width: 1.4771%;"&gt;&lt;br/&gt;&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; 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: 19px; 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;"&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; margin: 0px; text-indent: 0px; height: 19px; 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;"&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;"&gt; (6,865 &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: 1.4771%;"&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;"&gt; (12,687 &lt;/span&gt;&lt;/p&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;"&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; 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;"&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;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;"&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; 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;"&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; 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;"&gt; (8,345 &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; width: 1.4771%;"&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;"&gt; (8,762 &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: 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;"&gt; Other &lt;/span&gt;&lt;/p&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; 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;"&gt; 2,437 &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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; width: 1.4771%; border-bottom-color: #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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; (840 &lt;/span&gt;&lt;/p&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; 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; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;"&gt; 129,032 &lt;/span&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; height: 17px; width: 1.4771%; 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; border-top-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; 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; border-top-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; 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; font-weight: bold;"&gt; 112,532 &lt;/span&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; width: 1.4771%;"&gt;&lt;br/&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; font-size: 10pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;(*)&lt;/span&gt; &lt;/span&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;the year &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;4&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;1.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million is attributable to demographic assumption&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; and a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;5.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million to financ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ial assumptions.&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: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;the year &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; a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;0.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million is attributable to demographic assumptions and a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;8.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million to financial assumptions.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; 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 style="font-size: 8pt;"&gt;(**)&lt;/span&gt; &lt;/span&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;the year &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated 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&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="font-family: 'times new roman', times; font-size: 10pt; 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;For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#x2019;s pipe coating business unit acquisitions.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt;

&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&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;The actuarial assumptions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; for the most relevant plans&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; were as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 71px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;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; height: 20px; margin: 0px; text-indent: 0px; 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;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; 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; 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; &lt;/span&gt;&lt;br/&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: bottom; border-top-width: 1px; border-top-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;"&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; 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-left: 0px; padding-right: 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-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; 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; &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; 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: 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;"&gt; Discount rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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% - 8% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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% - 7% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Rate of compensation increase &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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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% - 6% &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: 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; vertical-align: bottom;" valign="bottom"&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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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% - 5% &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: bottom;" valign="bottom"&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; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&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;As o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;f 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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, an increase / (decrease) of 1% in the discount rate assumption &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of the main plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;would have generated a (decrease) / increase on the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;defined benefit obligation of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;6.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;5.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million respectively, and an increase / (decrease) of &lt;span&gt;1&lt;/span&gt;% in the rate of compensation assumption &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of the main plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;would have generated an increase / (decrease) impact on the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;defined benefit obligation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;4.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;4.8&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;million respectivel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;y. The above sensitivity analyse&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; 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;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-family: 'times new roman', times; font-size: 10pt; padding-inline: 13px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; padding-left: 8.42pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Funded&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; 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: normal;"&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;"&gt; for the current annual period and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; previous &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;annual period&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;are as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; 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="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 78px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;"&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; margin: 0px; text-indent: 0px; height: 18px;"&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; margin: 0px; text-indent: 0px; height: 18px;"&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: top; height: 15px;"&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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-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;2024&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: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 15px; border-top-width: 1px; border-top-style: solid; border-top-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;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: 15px; border-top-width: 1px; border-top-style: solid; border-top-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: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; width: 10%; margin: 0px; text-indent: 0px; height: 15px; 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; 91,698 &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: 15px; 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: 15px; 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: 15px; 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; 123,234 &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: 15px; background-color: #cceeff;"&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; 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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (102,653 &lt;/span&gt;&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;/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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (134,052 &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: 15px;"&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; 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; Asset (*) &lt;/span&gt;&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; 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; (10,955 &lt;/span&gt;&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; 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;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: 15px; 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; margin: 0px; text-indent: 0px; height: 15px; 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; (10,818 &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: 15px; 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;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-family: 'times new roman', times; font-size: 10pt; line-height: 80%; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; 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;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; In &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;4&lt;/span&gt;&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;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;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;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;13.5&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;and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;15.8&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;corresponding to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;plans&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;with surplus balance&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;s that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; w&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ere&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;reclassified&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; within other &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;non-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;current assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, consequently the net post-employment benefits funded exposed as liabilities amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;2.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;5.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million respectively.&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: 12pt; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 192px;" 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;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; margin: 0px; text-indent: 0px; height: 20px;"&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; 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: 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: 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: 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;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; 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: 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; 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;tr 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;"&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;"&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; 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;"&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; 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-left: 5.4pt; padding-right: 5.4pt; 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; (5,627 &lt;/span&gt;&lt;/p&gt; &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; 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; 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; Current service 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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;/tr&gt;
&lt;tr style="height: 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 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;"&gt; 5,424 &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: 10pt;"&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; height: 17px;"&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: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Remeasurements &lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&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: 18px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (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: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"&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;"&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;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;&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;"&gt;&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,708 &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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; Benefits 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (23,027 &lt;/span&gt;&lt;/p&gt; &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; 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; 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; 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; border-top-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; 91,698 &lt;/span&gt;&lt;/p&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;"&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; 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="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"&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;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;the year &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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;0.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million is attributable to demographic assumptions and a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;0.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million to financial assumptions.&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: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; the year&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; a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;0.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million is attributable to demographic assumptions and a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;1.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million to financial assumptions.&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; 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 style="font-size: 8pt;"&gt;(**)&lt;/span&gt; &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For the years &lt;span&gt;2024&lt;/span&gt; and &lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated 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&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="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 188px;" 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;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 colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 22.1565%;"&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; 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;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: 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; width: 10.0443%;"&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;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; 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; 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; border-top-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; 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; border-top-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; width: 10.0443%;"&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; 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; 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; width: 76.9572%; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (134,052 &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; background-color: #cceeff; width: 1.03397%; height: 17px;"&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%; height: 17px;"&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%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; background-color: #cceeff; width: 1.4771%; 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;"&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;"&gt; 7,047 &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; 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;"&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: 1.4771%;"&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;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"&gt; (6,010 &lt;/span&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: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; 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;"&gt; (6,121 &lt;/span&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: 1.4771%;"&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;"&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;"&gt; (302 &lt;/span&gt;&lt;/p&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;"&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: 1.4771%;"&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: bottom; background-color: #cceeff; height: 18px; width: 76.9572%;"&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;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&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; height: 18px; 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;"&gt; - &lt;/span&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: 18px; 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; height: 18px; 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; height: 18px; 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;"&gt; (3,903 &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; background-color: #cceeff; height: 18px; 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;"&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;"&gt; (1,269 &lt;/span&gt;&lt;/p&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;"&gt; - &lt;/span&gt;&lt;/p&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;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"&gt; 8,300 &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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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;"&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; 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;"&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;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;23,633&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%;"&gt;&lt;br/&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;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;477&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%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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;"&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; border-top-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; 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; font-weight: bold;"&gt; (102,653 &lt;/span&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-top-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; 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; border-top-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; 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; border-top-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; 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; 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; margin: 0px; text-indent: 0px; 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: 17px; width: 1.4771%;"&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; font-size: 10pt; line-height: 12pt; margin: 0pt;"&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-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;For the years &lt;span&gt;2024&lt;/span&gt; and &lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated 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&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="font-family: 'times new roman', times; font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&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: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;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 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;"&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;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-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;"&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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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;"&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;/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; 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; 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% &lt;/span&gt;&lt;/p&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: 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; 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; margin: 0px; text-indent: 0px; width: 1%;"&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; 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;"&gt; 60% &lt;/span&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; 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;/tr&gt;
&lt;tr style="height: 3pt; 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;Others &lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&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;"&gt;
&lt;p style="margin: 0px; text-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; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"&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-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;For the years &lt;span&gt;2024&lt;/span&gt; and &lt;span&gt;2023&lt;/span&gt;, mainly include &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;annuities purchased from an insurance company for the benefit of current and future retirees&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="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;There are no unusual, entity-specific, or plan-specific risks in terms of the plan assets of funded pension plans.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;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; 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; 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;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: 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;"&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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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;"&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;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Discount rate &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;"&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;"&gt; 5% - 6% &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;"&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;"&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;"&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;"&gt; 5% - 5% &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;"&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;"&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;"&gt; 3% - 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;"&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; font-size: 10pt; line-height: 12pt; margin: 0pt;"&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;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;"&gt;return&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;plan assets is determined&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;long-term, prospective rates of return as of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the end of the reporting period. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 11pt; margin: 0pt; text-align: justify;"&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;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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, an increase / (decrease) of 1% in the discount rate assumption &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of the main plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;would have generated a (decrease) / increase on the defined benefit obligation of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;8.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;7.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million respectively, and an increase / (decrease) of &lt;span&gt;1&lt;/span&gt;% in the compensation rate assumption &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of the main plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;0.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;0.7&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;Th&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e above sensitivity analyse&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; 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;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 11pt; 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;"&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; expected employer &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;contributions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are not material&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; font-size: 10pt; margin: 0pt;"&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;The methods and types of assumptions used in p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;reparing the sensitivity analyse&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; 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;"&gt;(ii)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Other liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#x2013;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;urrent&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;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 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;"&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: top;"&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: 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;"&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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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;"&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;/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: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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; 270,016 &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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 301,213 &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;"&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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 243,264 &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;"&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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 72,495 &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; background-color: #cceeff;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,192 &lt;/span&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;"&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; &lt;/span&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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 585,775 &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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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; 422,645 &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; border-top-width: 1px; border-top-style: solid; border-top-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:DisclosureOfOtherLiabilitiesExplanatory>
    <ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory contextRef="D20241231" id="Tag3287">
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 85px;" 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;"&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: bottom; height: 14px;"&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; height: 14px; 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;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-top-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: 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;2024&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-top-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; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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-top-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: 77%; 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 &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;"&gt; 131,564 &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;"&gt; 117,506 &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;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 101,260 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 91,435 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; Miscellaneous &lt;/span&gt;&lt;/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; 68,927 &lt;/span&gt;&lt;/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;"&gt; 62,327 &lt;/span&gt;&lt;/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;"&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; 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;"&gt; 301,751 &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;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;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;"&gt; 271,268 &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:DisclosureOfOtherNoncurrentLiabilitiesExplanatory>
    <ts:NoncurrentPostemploymentBenefitsLiability
      contextRef="I20241231"
      decimals="-3"
      id="Tag1197"
      unitRef="USD">131564000</ts:NoncurrentPostemploymentBenefitsLiability>
    <ts:NoncurrentPostemploymentBenefitsLiability
      contextRef="I20231231"
      decimals="-3"
      id="Tag1358"
      unitRef="USD">117506000</ts:NoncurrentPostemploymentBenefitsLiability>
    <ts:OtherNoncurrentBenefitsLiability
      contextRef="I20241231"
      decimals="-3"
      id="Tag1307"
      unitRef="USD">101260000</ts:OtherNoncurrentBenefitsLiability>
    <ts:OtherNoncurrentBenefitsLiability
      contextRef="I20231231"
      decimals="-3"
      id="Tag1179"
      unitRef="USD">91435000</ts:OtherNoncurrentBenefitsLiability>
    <ts:OtherNoncurrentMiscellaneousLiabilities
      contextRef="I20241231"
      decimals="-3"
      id="Tag1226"
      unitRef="USD">68927000</ts:OtherNoncurrentMiscellaneousLiabilities>
    <ts:OtherNoncurrentMiscellaneousLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1207"
      unitRef="USD">62327000</ts:OtherNoncurrentMiscellaneousLiabilities>
    <ifrs-full:OtherNoncurrentLiabilities
      contextRef="I20241231"
      decimals="-3"
      id="Tag1210"
      unitRef="USD">301751000</ifrs-full:OtherNoncurrentLiabilities>
    <ifrs-full:OtherNoncurrentLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1225"
      unitRef="USD">271268000</ifrs-full:OtherNoncurrentLiabilities>
    <ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory contextRef="D20241231" id="Tag3285">
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 74px;" 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;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; height: 20px; 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; height: 20px; 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;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: 0px; padding-right: 0px; vertical-align: top; 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: 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;2024&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-top-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; 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;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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: 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-top-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;"&gt; Unfunded &lt;/span&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; 129,032 &lt;/span&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;"&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;"&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; 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; 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;"&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;"&gt; 2,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,974 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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: 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; 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-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-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;"&gt; 131,564 &lt;/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-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; background-color: #cceeff; 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;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-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;"&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; 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;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 223px;" 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: bottom; height: 34px; width: 76.9572%;"&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 colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; width: 22.5997%;"&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: 34px; 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;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: 0px; padding-right: 0px; vertical-align: top; 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; width: 10.0443%;"&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;2024&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-bottom-width: 1px; border-bottom-style: solid; height: 17px; width: 1.4771%; 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; border-top-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; width: 1.03397%;"&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px; width: 10.0443%;"&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; border-top-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; 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; width: 76.9572%; height: 17px;"&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; 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;"&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: 1.4771%; margin: 0px; text-indent: 0px; 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: 1.03397%; 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;"&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: 1.4771%; 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; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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;"&gt; 7,206 &lt;/span&gt;&lt;/p&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;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;"&gt; 6,537 &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; 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;"&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; 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;"&gt; 14,692 &lt;/span&gt;&lt;/p&gt; &lt;/td&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;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;"&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; 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;"&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; 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;"&gt; (131 &lt;/span&gt;&lt;/p&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;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;"&gt; (675 &lt;/span&gt;&lt;/p&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: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Remeasurements &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; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; 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;"&gt; 7,506 &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: 19px; width: 1.4771%;"&gt;&lt;br/&gt;&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; 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: 19px; 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;"&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; margin: 0px; text-indent: 0px; height: 19px; 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;"&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;"&gt; (6,865 &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: 1.4771%;"&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;"&gt; (12,687 &lt;/span&gt;&lt;/p&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;"&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; 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;"&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;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;"&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; 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;"&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; 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;"&gt; (8,345 &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; width: 1.4771%;"&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;"&gt; (8,762 &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: 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;"&gt; Other &lt;/span&gt;&lt;/p&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; 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;"&gt; 2,437 &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; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; width: 1.4771%; border-bottom-color: #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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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;"&gt; (840 &lt;/span&gt;&lt;/p&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; 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; 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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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; font-weight: bold;"&gt; 129,032 &lt;/span&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; height: 17px; width: 1.4771%; 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; border-top-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; 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; border-top-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; 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; font-weight: bold;"&gt; 112,532 &lt;/span&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; width: 1.4771%;"&gt;&lt;br/&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; font-size: 10pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;(*)&lt;/span&gt; &lt;/span&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;the year &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;4&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;1.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million is attributable to demographic assumption&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; and a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;5.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million to financ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ial assumptions.&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: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;the year &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; a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;0.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million is attributable to demographic assumptions and a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;8.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million to financial assumptions.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; 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 style="font-size: 8pt;"&gt;(**)&lt;/span&gt; &lt;/span&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;the year &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2024&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated 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&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="font-family: 'times new roman', times; font-size: 10pt; 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;For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#x2019;s pipe coating business unit acquisitions.&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="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 78px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;"&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; margin: 0px; text-indent: 0px; height: 18px;"&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; margin: 0px; text-indent: 0px; height: 18px;"&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: top; height: 15px;"&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: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-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;2024&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: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: 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: 15px; border-top-width: 1px; border-top-style: solid; border-top-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;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: 15px; border-top-width: 1px; border-top-style: solid; border-top-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: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; width: 10%; margin: 0px; text-indent: 0px; height: 15px; 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; 91,698 &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: 15px; 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: 15px; 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: 15px; 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; 123,234 &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: 15px; background-color: #cceeff;"&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; 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; margin: 0px; text-indent: 0px; height: 15px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (102,653 &lt;/span&gt;&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;/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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (134,052 &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: 15px;"&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; 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; Asset (*) &lt;/span&gt;&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; 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; (10,955 &lt;/span&gt;&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; 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;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: 15px; 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; margin: 0px; text-indent: 0px; height: 15px; 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; (10,818 &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: 15px; 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;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-family: 'times new roman', times; font-size: 10pt; line-height: 80%; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; 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;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; In &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;4&lt;/span&gt;&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;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;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;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;13.5&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;and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;15.8&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;corresponding to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;plans&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;with surplus balance&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;s that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; w&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ere&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;reclassified&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; within other &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;non-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;current assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, consequently the net post-employment benefits funded exposed as liabilities amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;2.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;5.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million respectively.&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="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%; height: 192px;" 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;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; margin: 0px; text-indent: 0px; height: 20px;"&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; 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: 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: 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: 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;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; 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: 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; 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;tr 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;"&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;"&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; 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;"&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; 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-left: 5.4pt; padding-right: 5.4pt; 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; (5,627 &lt;/span&gt;&lt;/p&gt; &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; 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; 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; Current service 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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;/tr&gt;
&lt;tr style="height: 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 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;"&gt; 5,424 &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: 10pt;"&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; height: 17px;"&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: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Remeasurements &lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&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: 18px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (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: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 18px;"&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;"&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;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&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;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;&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;"&gt;&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,708 &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: 18px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; Benefits 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; (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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (23,027 &lt;/span&gt;&lt;/p&gt; &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; 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; 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; 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; border-top-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; 91,698 &lt;/span&gt;&lt;/p&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;
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&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;"&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; 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="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt; text-align: justify;"&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;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;the year &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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;0.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million is attributable to demographic assumptions and a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;0.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million to financial assumptions.&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: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; the year&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; a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;0.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million is attributable to demographic assumptions and a &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 $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;1.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million to financial assumptions.&lt;/span&gt; &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; 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;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
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&lt;table cellpadding="0" cellspacing="0" style="height: 71px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;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; height: 20px; margin: 0px; text-indent: 0px; 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;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 20px; 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; 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; &lt;/span&gt;&lt;br/&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: bottom; border-top-width: 1px; border-top-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;"&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; 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-left: 0px; padding-right: 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-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; 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; &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; 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: 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;"&gt; Discount rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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% - 8% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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% - 7% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Rate of compensation increase &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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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% - 6% &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: 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; vertical-align: bottom;" valign="bottom"&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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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% - 5% &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: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;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; 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; 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;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: 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;"&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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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;"&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;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Discount rate &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;"&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;"&gt; 5% - 6% &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;"&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;"&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;"&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;"&gt; 5% - 5% &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;"&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;"&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;"&gt; 3% - 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;"&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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      contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      contextRef="I20241231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      contextRef="I20241231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      unitRef="Pure">0.06</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
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      contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      unitRef="Pure">0.02</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
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      contextRef="I20231231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      unitRef="Pure">0.05</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
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      unitRef="USD">6600000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption>
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      unitRef="USD">5700000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption>
    <ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption
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      decimals="-3"
      id="Tag1248"
      unitRef="USD">134052000</ifrs-full:PlanAssetsAtFairValue>
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      unitRef="USD">10955000</ifrs-full:SurplusDeficitInPlan>
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      unitRef="USD">10818000</ifrs-full:SurplusDeficitInPlan>
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      id="Tag1224"
      unitRef="USD">13500000</ts:OverfundedPlan>
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      id="Tag1244"
      unitRef="USD">2500000</ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities>
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      unitRef="USD">5000000</ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities>
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      decimals="-3"
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      unitRef="USD">123234000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
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      decimals="-3"
      id="Tag1213"
      unitRef="USD">116617000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
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      decimals="-3"
      id="Tag1348"
      unitRef="USD">-5627000</ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset>
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      contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
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      id="Tag1258"
      unitRef="USD">1940000</ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset>
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      unitRef="USD">5715000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
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      unitRef="USD">-2142000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
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      unitRef="USD">8300000</ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset>
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      decimals="-3"
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      unitRef="USD">571000</ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset>
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      decimals="-3"
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      unitRef="USD">91698000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
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      decimals="-3"
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      unitRef="USD">123234000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
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      unitRef="USD">100000</ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset>
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      unitRef="USD">900000</ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset>
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    <ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory contextRef="D20241231" id="Tag3302">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin: 0px; width: 100%; text-indent: 0px; height: 188px;" 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;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 colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 22.1565%;"&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; 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;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: 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; width: 10.0443%;"&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;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; 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; 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; border-top-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; 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; border-top-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; width: 10.0443%;"&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; 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; 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; width: 76.9572%; 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; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (134,052 &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; background-color: #cceeff; width: 1.03397%; height: 17px;"&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%; height: 17px;"&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%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; background-color: #cceeff; width: 1.4771%; 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;"&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;"&gt; 7,047 &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; 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;"&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: 1.4771%;"&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;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"&gt; (6,010 &lt;/span&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: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; 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;"&gt; (6,121 &lt;/span&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: 1.4771%;"&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;"&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;"&gt; (302 &lt;/span&gt;&lt;/p&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;"&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: 1.4771%;"&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: bottom; background-color: #cceeff; height: 18px; width: 76.9572%;"&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;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&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; height: 18px; 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;"&gt; - &lt;/span&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: 18px; 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; height: 18px; 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; height: 18px; 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;"&gt; (3,903 &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; background-color: #cceeff; height: 18px; 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;"&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;"&gt; (1,269 &lt;/span&gt;&lt;/p&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;"&gt; - &lt;/span&gt;&lt;/p&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;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"&gt; 8,300 &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; background-color: #cceeff; 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; background-color: #cceeff; 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; background-color: #cceeff; 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;"&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; 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;"&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;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;23,633&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%;"&gt;&lt;br/&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;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;477&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%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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;"&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; border-top-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; 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; font-weight: bold;"&gt; (102,653 &lt;/span&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-top-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; 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; border-top-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; 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; border-top-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; 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; 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; margin: 0px; text-indent: 0px; 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: 17px; width: 1.4771%;"&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; font-size: 10pt; line-height: 12pt; margin: 0pt;"&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-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;For the years &lt;span&gt;2024&lt;/span&gt; and &lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated 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&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 style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;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 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;"&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;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-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;"&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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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;"&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;/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; 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; 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% &lt;/span&gt;&lt;/p&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: 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; 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; margin: 0px; text-indent: 0px; width: 1%;"&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; 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;"&gt; 60% &lt;/span&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; 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;/tr&gt;
&lt;tr style="height: 3pt; 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;Others &lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&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;"&gt;
&lt;p style="margin: 0px; text-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; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
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    <ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption
      contextRef="I20241231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember"
      decimals="-5"
      id="Tag1206"
      unitRef="USD">700000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption>
    <ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory contextRef="D20241231" id="Tag3284">
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse; margin-left: 0px; width: 100%;" 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;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 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;"&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: top;"&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: 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;"&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; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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;"&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;/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: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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; 270,016 &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;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 301,213 &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;"&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; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 243,264 &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;"&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; 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;"&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; 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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 72,495 &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; background-color: #cceeff;"&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;"&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;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,192 &lt;/span&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;"&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; &lt;/span&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: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 585,775 &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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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; 422,645 &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; border-top-width: 1px; border-top-style: solid; border-top-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:DisclosureOfOtherCurrentLiabilitiesExplanatory>
    <ts:CurrentEmployeeRelatedLiabilities
      contextRef="I20241231"
      decimals="-3"
      id="Tag1199"
      unitRef="USD">270016000</ts:CurrentEmployeeRelatedLiabilities>
    <ts:CurrentEmployeeRelatedLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1255"
      unitRef="USD">301213000</ts:CurrentEmployeeRelatedLiabilities>
    <ts:AmountPayableUnderShareBuyback
      contextRef="I20241231"
      decimals="-3"
      id="Tag1233"
      unitRef="USD">243264000</ts:AmountPayableUnderShareBuyback>
    <ts:AmountPayableUnderShareBuyback
      contextRef="I20231231"
      decimals="-3"
      id="Tag1304"
      unitRef="USD">86240000</ts:AmountPayableUnderShareBuyback>
    <ts:OtherCurrentMiscellaneousLiabilities
      contextRef="I20241231"
      decimals="-3"
      id="Tag1324"
      unitRef="USD">72495000</ts:OtherCurrentMiscellaneousLiabilities>
    <ts:OtherCurrentMiscellaneousLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1212"
      unitRef="USD">35192000</ts:OtherCurrentMiscellaneousLiabilities>
    <ifrs-full:OtherCurrentLiabilities
      contextRef="I20241231"
      decimals="-3"
      id="Tag1183"
      unitRef="USD">585775000</ifrs-full:OtherCurrentLiabilities>
    <ifrs-full:OtherCurrentLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1194"
      unitRef="USD">422645000</ifrs-full:OtherCurrentLiabilities>
    <ts:DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock contextRef="D20241231" id="Tag87">
&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&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: start; text-indent: -28.4px; text-transform: none; widows: 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;&#160; &#160;&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&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: 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;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="height: 146px; border-collapse: collapse; margin: 0px; font-family: &amp;quot;times new roman&amp;quot;; 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; font-weight: bold;"&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: top; 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;"&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; 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: 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; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"&gt; &lt;span style="border-left: none; border-right: none;"&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: top; 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: top; 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: top; 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;"&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; 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; 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;"&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; 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;"&gt; 101,453 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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: &amp;quot;Frutiger 45 Light&amp;quot;; 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; width: 1%; 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;"&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: 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; (11,718 &lt;/span&gt;&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;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; 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: &amp;quot;Frutiger 45 Light&amp;quot;; 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: 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; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Changes 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;/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; (900 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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: 9pt;"&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; 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: &amp;quot;Frutiger 45 Light&amp;quot;; 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; 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; Additional allowance &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,077 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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: &amp;quot;Frutiger 45 Light&amp;quot;; 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;/tr&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; Reclassifications &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; (9,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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: &amp;quot;Frutiger 45 Light&amp;quot;; 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;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 and other movements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (6,967 &lt;/span&gt;&lt;/p&gt; &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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; 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;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; 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; 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; 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; 82,106 &lt;/span&gt;&lt;/p&gt; &lt;/td&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: 9pt; 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;/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: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;Non-current allowances and provisions related to liabilities include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&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="font-family: 'Frutiger 45 Light';"&gt;For the years &lt;span style="border-left: none; border-right: none;"&gt;2024&lt;/span&gt; and &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;elated 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="D20241231" id="Tag86">
&lt;table cellpadding="0" cellspacing="0" style="height: 146px; border-collapse: collapse; margin: 0px; font-family: &amp;quot;times new roman&amp;quot;; 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; font-weight: bold;"&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: top; 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;"&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; 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: 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; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; 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;"&gt; &lt;span style="border-left: none; border-right: none;"&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: top; 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: top; 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: top; 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;"&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; 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; 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;"&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; 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;"&gt; 101,453 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&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: &amp;quot;Frutiger 45 Light&amp;quot;; 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; width: 1%; 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;"&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: 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; (11,718 &lt;/span&gt;&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;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; 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: &amp;quot;Frutiger 45 Light&amp;quot;; 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: 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; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Changes 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;/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; (900 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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: 9pt;"&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; 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: &amp;quot;Frutiger 45 Light&amp;quot;; 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; 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; Additional allowance &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,077 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 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: &amp;quot;Frutiger 45 Light&amp;quot;; 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;/tr&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; Reclassifications &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; (9,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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; 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: &amp;quot;Frutiger 45 Light&amp;quot;; 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;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 and other movements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (6,967 &lt;/span&gt;&lt;/p&gt; &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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; 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;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; 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; 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; 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; 82,106 &lt;/span&gt;&lt;/p&gt; &lt;/td&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: 9pt; 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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock>
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      contextRef="D20241231_ProvisionForNoncurrentLiabilitiesMember"
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      contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember"
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      contextRef="D20241231_ProvisionForNoncurrentLiabilitiesMember"
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    <ts:ProvisionUsedOtherProvisionsMovements
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      id="Tag1279"
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&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;25&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: start; text-indent: -28.4px; text-transform: none; widows: 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;&#160; &#160;&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&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;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;allowances and &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; &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;(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;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Deducted from assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;div id="t_ft_92IN997XVK00000000000000000000b"&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: bottom; height: 10px; width: 50%;" 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, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;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; height: 10px; width: 15%; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 15%; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 15%; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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;"&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; 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; (49,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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: 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: 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; (3,439 &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;/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: 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; (209,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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;"&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; 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;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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;"&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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Changes due to business combinations&lt;/span&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; (1,151 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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; background-color: #cceeff; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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; background-color: #cceeff; 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; (3,676 &lt;/span&gt;&lt;/p&gt; &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;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,095 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (41,240 &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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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 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; background-color: #cceeff; 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;"&gt; 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; 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; 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;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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; 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; 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;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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 49,955 &lt;/span&gt;&lt;/p&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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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, 2024 &lt;/span&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;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; (48,125 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;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: 17px;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"&gt; (3,094 &lt;/span&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;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;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: 17px;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"&gt; (203,174 &lt;/span&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;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;br/&gt;&lt;/div&gt;
&lt;div&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; 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-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(*)&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/sup&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';"&gt;For the year 2024, related to Mattr&#x2019;s pipe coating business unit acquisition. For more information see note 34.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; &lt;/div&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_OK09O95Q8W00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 124px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; vertical-align: bottom; width: 50%;" 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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;"&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; 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: 34px; border-top-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%;"&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: 34px; border-top-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%;"&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: 34px; border-top-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: 15%;"&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; 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: 34px; border-top-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%;"&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: 34px; border-top-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%;"&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: 34px; border-top-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: 15%;"&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; 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: 34px; border-top-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%;"&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; 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; margin: 0px; text-indent: 0px; height: 10px; 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; (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; background-color: #cceeff; margin: 0px; text-indent: 0px;"&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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; 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; (3,479 &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;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&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; 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; (222,666 &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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; height: 17px; margin: 0px; text-indent: 0px;"&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&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; height: 19px; background-color: #cceeff;"&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;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; margin: 0px; text-indent: 0px; height: 19px; 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; (899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; 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; height: 19px; background-color: #cceeff; 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: 19px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; 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; (9,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff; 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;"&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; height: 17px; margin: 0px; text-indent: 0px;"&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/td&gt; &lt;/tr&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; 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; 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; 1,066 &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; 235 &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; 36,768 &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;/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; 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: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #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; (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-top-width: 1px; 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: 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: 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; 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; (3,439 &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;span style="font-weight: bold;"&gt;)&lt;/span&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: 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; 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; (209,110 &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;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: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&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-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#x2019;s pipe coating business unit acquisitions.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&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;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;(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;&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;Liabilities&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;&lt;br/&gt;&lt;/span&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; height: 132px;" 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: 50%;"&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, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;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; height: 10px; width: 15%; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 15%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&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;Other claims and contingencies &lt;/span&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 15%; 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; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;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; height: 10px; width: 1%; 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;"&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; 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; 19,940 &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;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: 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; 16,019 &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;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: 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; 35,959 &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; 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; (1,301 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (18,978 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (20,279 &lt;/span&gt;&lt;/p&gt; &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: 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;Changes due to business combinations&lt;/span&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 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: 20px;"&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: 20px;"&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: 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: 10pt;"&gt; 722 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"&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: 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: 10pt;"&gt; 722 &lt;/span&gt;&lt;/p&gt; &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: 10pt;"&gt; 21,296 &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;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 106,198 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 127,494 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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: 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; 9,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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: 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; 9,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 10pt;"&gt; (23,564 &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;/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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,827 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (34,391 &lt;/span&gt;&lt;/p&gt; &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;"&gt; At December 31, 2024 &lt;/span&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-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; 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; 16,371 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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; 102,973 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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; 119,344 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;/div&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_DSO53OGSG000000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 132px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 10px; width: 50%;"&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; 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; 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; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; 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;Other claims and contingencies &lt;/span&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; 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; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: center; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"&gt; 3,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; (208 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; 77 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&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: 19px;"&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; 5,317 &lt;/span&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: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&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: 19px;"&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; 5,317 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 30,057 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; 36,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; background-color: #cceeff; 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;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; 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; 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; text-indent: 0px; padding-left: 0px; padding-right: 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: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"&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; 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; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 19,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 16,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&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: 18px; border-top-width: 1px; border-top-style: solid; border-top-color: #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; 35,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-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: 10pt; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&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-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-right: none; border-left: none;"&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;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For the year 2024, includes $89.4 million related the ongoing litigation related to the acquisition of participation in Usiminas. For more information see note 27 (i).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&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-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';"&gt;For the years 2024 and 2023, related to Mattr&#x2019;s pipe coating business unit acquisition. 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;/p&gt;
  &lt;/div&gt; </ts:DisclosureOfCurrentAllowancesAndProvisionsTextBlock>
    <ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock contextRef="D20241231" id="Tag6">
&lt;div id="t_ft_92IN997XVK00000000000000000000b"&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: bottom; height: 10px; width: 50%;" 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, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;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; height: 10px; width: 15%; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 15%; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 15%; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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;"&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; 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; (49,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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: 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: 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; (3,439 &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;/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: 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; (209,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&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;"&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; 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;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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;"&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-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Changes due to business combinations&lt;/span&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; (1,151 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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; background-color: #cceeff; 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;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; 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; background-color: #cceeff; 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; (3,676 &lt;/span&gt;&lt;/p&gt; &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;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,095 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (41,240 &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;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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 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; background-color: #cceeff; 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;"&gt; 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; 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; 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;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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; 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; 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;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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 49,955 &lt;/span&gt;&lt;/p&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;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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, 2024 &lt;/span&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;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; (48,125 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;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: 17px;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"&gt; (3,094 &lt;/span&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;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;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: 17px;"&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-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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-weight: bold;"&gt; (203,174 &lt;/span&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;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;br/&gt;&lt;/div&gt;
&lt;div&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; 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-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(*)&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/sup&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';"&gt;For the year 2024, related to Mattr&#x2019;s pipe coating business unit acquisition. For more information see note 34.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; &lt;/div&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_OK09O95Q8W00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 124px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 34px; vertical-align: bottom; width: 50%;" 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="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-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: 15%;"&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; 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: 34px; border-top-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%;"&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: 34px; border-top-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%;"&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: 34px; border-top-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: 15%;"&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; 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: 34px; border-top-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%;"&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: 34px; border-top-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%;"&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: 34px; border-top-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: 15%;"&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; 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: 34px; border-top-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%;"&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; 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; margin: 0px; text-indent: 0px; height: 10px; 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; (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; background-color: #cceeff; margin: 0px; text-indent: 0px;"&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;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; 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; (3,479 &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;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&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; 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; (222,666 &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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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; height: 17px; margin: 0px; text-indent: 0px;"&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&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; height: 19px; background-color: #cceeff;"&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;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; margin: 0px; text-indent: 0px; height: 19px; 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; (899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; 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; height: 19px; background-color: #cceeff; 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: 19px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 19px; 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; (9,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff; 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;"&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; height: 17px; margin: 0px; text-indent: 0px;"&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/td&gt; &lt;/tr&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; 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; 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; 1,066 &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; 235 &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; 36,768 &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;/tr&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; 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: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #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; (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-top-width: 1px; 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: 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: 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; 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; (3,439 &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;span style="font-weight: bold;"&gt;)&lt;/span&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: 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; 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; (209,110 &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;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: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
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      contextRef="I20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember"
      decimals="-3"
      id="Tag1148"
      unitRef="USD">49046000</ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss>
    <ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss
      contextRef="I20231231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember"
      decimals="-3"
      id="Tag1145"
      unitRef="USD">3439000</ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss>
    <ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss
      contextRef="I20231231_AllowanceForInventoryObsolescenceMember"
      decimals="-3"
      id="Tag1135"
      unitRef="USD">209110000</ts:ReceivablesAndOtherAssetsCurrentAllowanceForCreditLoss>
    <ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock contextRef="D20241231" id="Tag3">
&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; height: 132px;" 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: 50%;"&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, 2024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;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; height: 10px; width: 15%; 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; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 15%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&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;Other claims and contingencies &lt;/span&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; 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; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 1%; 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: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; width: 15%; 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; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;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; height: 10px; width: 1%; 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;"&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; 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; 19,940 &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;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: 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; 16,019 &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;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: 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; 35,959 &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; 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; (1,301 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (18,978 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (20,279 &lt;/span&gt;&lt;/p&gt; &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: 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;Changes due to business combinations&lt;/span&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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: 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: 20px;"&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: 20px;"&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: 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: 10pt;"&gt; 722 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"&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: 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: 10pt;"&gt; 722 &lt;/span&gt;&lt;/p&gt; &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: 10pt;"&gt; 21,296 &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;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 106,198 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 127,494 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="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; 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; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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: 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; 9,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; 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: 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; 9,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 10pt;"&gt; (23,564 &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;/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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,827 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (34,391 &lt;/span&gt;&lt;/p&gt; &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;"&gt; At December 31, 2024 &lt;/span&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-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; 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; 16,371 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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; 102,973 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; 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; 119,344 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;/div&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_DSO53OGSG000000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 132px;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; height: 10px; width: 50%;"&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; 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; 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; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&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; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; 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;Other claims and contingencies &lt;/span&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt; 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; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: center; 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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; 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; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; 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;"&gt; 3,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; (208 &lt;/span&gt;&lt;/p&gt; &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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; 77 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&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: 19px;"&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; 5,317 &lt;/span&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: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&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: 19px;"&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; 5,317 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 19px;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 30,057 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&gt; 36,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; background-color: #cceeff; 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;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; 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: 5.4pt; padding-right: 5.4pt; 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; text-indent: 0px; padding-left: 0px; padding-right: 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; margin: 0px; text-indent: 0px; 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; 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; text-indent: 0px; padding-left: 0px; padding-right: 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: 5.4pt; padding-right: 5.4pt; 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; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&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; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; 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;"&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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"&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; At December 31, 2023 &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; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; border-top-width: 1px; border-top-style: solid; border-top-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: 10pt; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&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-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-right: none; border-left: none;"&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;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For the year 2024, includes $89.4 million related the ongoing litigation related to the acquisition of participation in Usiminas. For more information see note 27 (i).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0px; text-indent: 0px;"&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;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;26&lt;/span&gt;&lt;/span&gt;&lt;span style="font: 10pt 'Times New Roman';"&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;Derivative financial instruments&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: 12pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Net fair values of derivative financial instruments&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: 12pt; font-variant: small-caps;"&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 net fair values of derivative financial instruments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, in accordance with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;IFRS &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;13&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;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: 139px;" 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;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; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;"&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; 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; 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: 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: 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;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; 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: 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; 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;tr style="height: 17px; background-color: #cceeff;"&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;"&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; 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; 7,484 &lt;/span&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; 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; 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; font-weight: bold;"&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; 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; 7,484 &lt;/span&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; 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; border-top-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;tr style="height: 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: 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; 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; &#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; 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; &#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; 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; 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; 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;"&gt; (8,300 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&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;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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (11,150 &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; 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: 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; 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; background-color: #cceeff; 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;"&gt; (8,300 &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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&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; 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; background-color: #cceeff; 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;"&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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold;"&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;"&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; 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;"&gt; (816 &lt;/span&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;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-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; 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;"&gt; (1,349 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  &lt;br/&gt; &lt;/div&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&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: 10pt; letter-spacing: -0.1pt;"&gt;Other derivatives include contracts which are designated to hedge positions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;other than borrowings and investments.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; 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; font-weight: bold;"&gt;Foreign e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;xchange &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;and commodities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;derivative&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; contracts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; and hedge accounting&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; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Te&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;naris applies hedge accounting &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&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;"&gt;The net fair values of exchange rate derivatives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and those derivat&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;es that were designated for hedge accounting as of 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;4&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;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; were as follows:&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: 'Times New Roman'; font-size: 10pt;"&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: 289px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 32.9882%;"&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; Purchase 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: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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; 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: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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; Term &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; width: 22.1894%; 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; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&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; width: 22.1894%; 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; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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;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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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;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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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; width: 32.9882%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 10.0592%; height: 17px; 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;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: middle; width: 10.0592%; 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;"&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; width: 10.0592%; 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; (2,818 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; 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: 10.0592%; 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; 49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; 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: 1.0355%; 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: 10.0592%; 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; 1,776 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; 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: 1.0355%; 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: 10.0592%; 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; 49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.47929%; 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: middle; height: 17px; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,551 &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; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,557 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,091 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 624 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,579 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,465 &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; 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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (836 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,089 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,966 &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; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,142 &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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; 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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; 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; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; background-color: #cceeff; width: 1.47929%;"&gt;)&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (282 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,125 &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; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; NGN &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: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; COP &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: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; 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; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 73 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (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; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; RON &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; background-color: #cceeff; width: 10.0592%;"&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; 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: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; width: 32.9882%;"&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: 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; width: 10.0592%;"&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: 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; width: 10.0592%;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/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; width: 1.0355%;"&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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (1,554 &lt;/span&gt;&lt;/p&gt; &lt;/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; width: 1.0355%;"&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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 188 &lt;/span&gt;&lt;/p&gt; &lt;/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; 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: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 7,928 &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; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"&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; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;br/&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%; text-indent: 0px; height: 136px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; 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; Commodity Derivatives &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: 34px; 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; Term &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;"&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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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 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;"&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: 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: 0px; padding-right: 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;"&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; margin: 0px; text-indent: 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: 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; margin: 0px; text-indent: 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: 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;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; margin: 0px; text-indent: 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: 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; margin: 0px; text-indent: 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: 43%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; LME Scrap &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; text-align: center;"&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; &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; 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; (1,974 &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;/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; 1,376 &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; (1,974 &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;/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; 1,376 &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; PSV Gas &lt;/span&gt;&lt;/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: center;"&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; &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,097 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,566 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,097 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,566 &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;/tr&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; Nickel &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;"&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; &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; 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; 52 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 1,966 &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; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 52 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 1,966 &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; 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; Houston Ship Channel Gas &lt;/span&gt;&lt;/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: center;"&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; &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &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; 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;"&gt; Electric Energy &lt;/span&gt;&lt;/p&gt; &lt;/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; text-align: center;"&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; &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; 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; (17 &lt;/span&gt;&lt;/p&gt; &lt;/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;/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; (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; background-color: #cceeff; 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; 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; (17 &lt;/span&gt;&lt;/p&gt; &lt;/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;/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; (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; background-color: #cceeff; 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; 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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (808 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&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; 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; (808 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&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;&lt;br/&gt;&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: normal;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;ollowing is a summary&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; of the hedge reserve evolution:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal;"&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: 99.9199%; text-indent: 0px; height: 68px;" 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: bottom; height: 34px;" valign="bottom"&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 style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Dec-2022&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Dec-2023&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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; Movements &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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Dec-2024&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; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 43%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; width: 10%; 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; 13,122 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; 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; (4,989 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 8,133 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; (8,753 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; 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%; 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; (620 &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; 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;"&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; border-top-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; 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; border-top-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; (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; border-top-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;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: 17px;"&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; 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; border-top-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-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8,753&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&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: 17px;"&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; (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; border-top-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;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: 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;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Tenaris estimates that t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;he &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;majority of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;cash flow he&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;dge reserve &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;corresponding to derivatives instruments &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;December 31, 20&lt;/span&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;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 style="border-left: none; border-right: none;"&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&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;"&gt;ted Income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Statement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;during &lt;span style="border-left: none; border-right: none;"&gt;202&lt;/span&gt;&lt;/span&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;5&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; For informa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;tion on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;hedge accounting reserve,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;see&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;ection III.D&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; to these Consolidated Financial Statements&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:DisclosureOfDerivativeFinancialInstrumentsExplanatory>
    <ts:DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock contextRef="D20241231" id="Tag63">
&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: 139px;" 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;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; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;"&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; 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; 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: 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: 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;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; 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: 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; 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;tr style="height: 17px; background-color: #cceeff;"&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;"&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; 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; 7,484 &lt;/span&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; 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; 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; font-weight: bold;"&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; 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; 7,484 &lt;/span&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; 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; border-top-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;tr style="height: 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: 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; 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; &#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; 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; &#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; 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; 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; 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;"&gt; (8,300 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&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;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;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (11,150 &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; 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: 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; 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; background-color: #cceeff; 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;"&gt; (8,300 &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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&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; 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; background-color: #cceeff; 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;"&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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold;"&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;"&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; 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;"&gt; (816 &lt;/span&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;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-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; 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;"&gt; (1,349 &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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20241231_OtherDerivativesMember"
      decimals="-3"
      id="Tag3354"
      unitRef="USD">7484000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20231231_OtherDerivativesMember"
      decimals="-3"
      id="Tag726"
      unitRef="USD">9801000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20241231"
      decimals="-3"
      id="Tag772"
      unitRef="USD">7484000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20231231"
      decimals="-3"
      id="Tag605"
      unitRef="USD">9801000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialLiabilities
      contextRef="I20241231_OtherDerivativesMember"
      decimals="-3"
      id="Tag589"
      unitRef="USD">8300000</ifrs-full:DerivativeFinancialLiabilities>
    <ifrs-full:DerivativeFinancialLiabilities
      contextRef="I20231231_OtherDerivativesMember"
      decimals="-3"
      id="Tag769"
      unitRef="USD">11150000</ifrs-full:DerivativeFinancialLiabilities>
    <ifrs-full:DerivativeFinancialLiabilities
      contextRef="I20241231"
      decimals="-3"
      id="Tag745"
      unitRef="USD">8300000</ifrs-full:DerivativeFinancialLiabilities>
    <ifrs-full:DerivativeFinancialLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag750"
      unitRef="USD">11150000</ifrs-full:DerivativeFinancialLiabilities>
    <ts:DerivativeFinancialAssetsLiabilities
      contextRef="I20241231"
      decimals="-3"
      id="Tag761"
      unitRef="USD">-816000</ts:DerivativeFinancialAssetsLiabilities>
    <ts:DerivativeFinancialAssetsLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag773"
      unitRef="USD">-1349000</ts:DerivativeFinancialAssetsLiabilities>
    <ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory contextRef="D20241231" id="Tag13">
&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: 289px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 32.9882%;"&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; Purchase 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: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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; 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: 34px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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; Term &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; width: 22.1894%; 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; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;&lt;br/&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; width: 22.1894%; 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; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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;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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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;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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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; width: 32.9882%; 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: 0px; padding-right: 0px; vertical-align: middle; width: 10.0592%; height: 17px; 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;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: middle; width: 10.0592%; 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;"&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; width: 10.0592%; 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; (2,818 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; 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: 10.0592%; 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; 49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; 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: 1.0355%; 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: 10.0592%; 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; 1,776 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.0355%; 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: 1.0355%; 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: 10.0592%; 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; 49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.47929%; 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: middle; height: 17px; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,551 &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; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,557 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,091 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 624 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,579 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,465 &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; 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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (836 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,089 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,966 &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; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,142 &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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; 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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; 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; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; background-color: #cceeff; width: 1.47929%;"&gt;)&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (282 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,125 &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; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; NGN &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: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; COP &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: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0592%;"&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; 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; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; width: 10.0592%;"&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; 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; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 73 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (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; height: 17px; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.0355%;"&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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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: 1.0355%;"&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: 17px; 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: 17px; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/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: 32.9882%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; RON &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; background-color: #cceeff; width: 10.0592%;"&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; 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: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; 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: 17px; background-color: #cceeff; 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: 17px; background-color: #cceeff; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/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; width: 32.9882%;"&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-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 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: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.0355%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-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; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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; width: 32.9882%;"&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: 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; width: 10.0592%;"&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: 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; width: 10.0592%;"&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; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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 &lt;/span&gt;&lt;/p&gt; &lt;/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; width: 1.0355%;"&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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (1,554 &lt;/span&gt;&lt;/p&gt; &lt;/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; width: 1.0355%;"&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; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 188 &lt;/span&gt;&lt;/p&gt; &lt;/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; 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: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0592%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 7,928 &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; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.47929%;"&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; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;br/&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%; text-indent: 0px; height: 136px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 34px; 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; Commodity Derivatives &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: 34px; 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; Term &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;"&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: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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 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;"&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: 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: 0px; padding-right: 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;"&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; margin: 0px; text-indent: 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: 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; margin: 0px; text-indent: 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: 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;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; margin: 0px; text-indent: 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: 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; margin: 0px; text-indent: 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: 43%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; LME Scrap &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; text-align: center;"&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; &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; 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; (1,974 &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;/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; 1,376 &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; (1,974 &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;/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; 1,376 &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; PSV Gas &lt;/span&gt;&lt;/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: center;"&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; &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,097 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,566 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,097 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,566 &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;/tr&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; Nickel &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;"&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; &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; 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; 52 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 1,966 &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; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 52 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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; 1,966 &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; 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; Houston Ship Channel Gas &lt;/span&gt;&lt;/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: center;"&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; &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &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; 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &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; 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;"&gt; Electric Energy &lt;/span&gt;&lt;/p&gt; &lt;/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; text-align: center;"&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; &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; 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; (17 &lt;/span&gt;&lt;/p&gt; &lt;/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;/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; (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; background-color: #cceeff; 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; 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; (17 &lt;/span&gt;&lt;/p&gt; &lt;/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;/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; (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; background-color: #cceeff; 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; 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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (808 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&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; 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; (808 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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;"&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;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; </ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory>
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&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 style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Dec-2022&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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; 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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Dec-2023&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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; Movements &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; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 34px;" 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;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Dec-2024&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; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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: 43%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; width: 10%; 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; 13,122 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; 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; (4,989 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; 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%; 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; 8,133 &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; margin: 0px; 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: 1%; background-color: #cceeff; margin: 0px; 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%; 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; (8,753 &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; 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%; 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; (620 &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; 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;"&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; border-top-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; 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; border-top-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; (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; border-top-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;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: 17px;"&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; 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; border-top-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-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8,753&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-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&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: 17px;"&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; (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; border-top-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;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock>
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&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&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 style="border-left: none; border-right: none;"&gt;27&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;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;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;(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;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;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 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&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; with the assistance of legal counsel&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; 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;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;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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;situations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, 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;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 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;a href="#TOC"&gt;&lt;/a&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;br/&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;The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"&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;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: 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;CSN claims relating to the January 2012 acquisition of 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;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is party to a longstanding&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; lawsuit filed in Brazil by Companhia Sider&#xfa;rgica 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 Usiminas shareholders agreement. The entities named in the CSN lawsuit had acquired participation&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; in Usiminas in January 2012. The CSN lawsuit allege&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; that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, and sought 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 Usiminas not belonging to Usiminas&#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;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 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. &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;CSN made several submissions in connection with the SCJ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2019;s March 7, 2023&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; decision, including a motion for clarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote. At an October 17, 2023 session, &lt;span&gt;two&lt;/span&gt; justices of the SCJ 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 of the SCJ 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 was summoned to produce the tie-breaking vote.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On June 18, 2024, the SCJ completed its voting on CSN&#x2019;s motion for clarification and reversed, by majority vote, its March 7, 2023 decision, and resolved that Confab and the &lt;span&gt;three&lt;/span&gt; subsidiaries of Ternium should pay CSN an indemnification in connection with the acquisition by the T/T Group of a participation in Usiminas in January 2012, with CSN being allowed to retain ownership of the Usiminas ordinary shares it currently owns. &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 August 1, 2024, Confab and the other T/T Group entities filed a motion for clarification against the SCJ decision and, subsequently, CSN filed its reply. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On December 6, 2024, the SCJ rejected this motion for clarification, confirming the obligation of Confab and the other T/T Group entities to pay indemnification in connection with the &lt;span&gt;2012&lt;/span&gt; acquisition of the participations in Usiminas. Notwithstanding the foregoing, the SCJ unanimously resolved to modify the applicable monetary adjustment mechanism and to cap the applicable attorney&#x2019;s fees, thereby lowering the aggregate amount that would be payable if CSN ultimately prevails in this claim. Based on such SCJ decision, assuming monetary adjustment thorough December 31, 2024, and attorney&#x2019;s fees in the amount of BRL5 million, the revised aggregate amount potentially payable by Confab if CSN finally prevails on its claims, would be of approximately BRL&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;553.4&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million (approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;89.4&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;at the BRL/$ rate as of such date&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 Company continues to believe that all of CSN's claims and allegations are unsupported 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, and that in connection with the Usiminas acquisition the T/T Group was not required either to launch a tender offer or to pay indemnification to CSN. Accordingly, on February 10, 2025, Confab and the other T/T Group entities filed an extraordinary appeal against the SCJ decisions that ordered an indemnification payment, seeking their review and reversal by the Supreme Federal Tribunal. The Company, however, cannot predict the ultimate resolution of the matter.&lt;/span&gt; &lt;/p&gt; &lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;"&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;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 Veracel Celulose S.A. (&#x201c;Veracel&#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 Veracel accident allegedly resulted in material damages to Veracel. Ita&#xfa; Seguros S.A. (&#x201c;Ita&#xfa;&#x201d;), Veracel&#x2019;s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&#x201c;Chubb&#x201d;), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Ita&#xfa; and Veracel claimed that the Veracel accident was caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes that the Veracel accident was caused by the improper handling by Veracel&#x2019;s 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;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;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;&lt;br/&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;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;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 October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:&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_1PD09YQ39C00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 175px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="width: 3%; vertical-align: top; text-align: center; height: 15px;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman'; 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; float: none; line-height: inherit; display: inline !important;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; height: 15px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;With respect to Chubb&#x2019;s claim, the court subsequently homologated the above-mentioned settlement and, accordingly, the claim was finalized.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="width: 3%; vertical-align: top; text-align: center; height: 15px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 97%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 111px;"&gt;
&lt;td style="vertical-align: top; text-align: center; height: 111px; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman'; 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; float: none; line-height: inherit; display: inline !important;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; height: 111px; width: 97%;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;With respect to Veracel&#x2019;s claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to BRL110.5 million (approximately $17.8 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 Veracel expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL94.8 million (approximately $15.3 million) of damages arising therefrom. Confab has additional defence 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, Veracel filed its response to the appeal. In June 2022, the court resolved that it lacked jurisdiction to decide on the appeal, which was re-allocated to another court. On August 26, 2024, the court issued a decision rejecting certain procedural objections and ordering that new expert evidence be produced. As a result, the trial was redirected to the first instance court for new technical evidence to be produced by a new expert. On September 9, 2024, Veracel filed a motion for clarification, which was responded by Confab on October 23, 2024, and remains pending decision. At this stage, the Company cannot predict the outcome of the claim or the amount or range of loss in case of an unfavourable outcome.&lt;/span&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="vertical-align: top; text-align: center; height: 15px; width: 3%;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 15px; width: 97%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: top; text-align: center; height: 19px; width: 3%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman'; font-size: 13pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 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;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 19px; width: 97%;"&gt;&lt;span style="font-style: italic; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Petrobras-related proceedings and claims&lt;sup&gt;&lt;/sup&gt;&lt;/span&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; text-align: justify; text-indent: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="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;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, the Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company&#x2019;s review of these matters.&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;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; text-indent: 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 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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;wa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s 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. 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 February 22, 2024, the court of appeals referred the case to the court of cassation, which, on May 23, 2024, confirmed the decision of the first-instance court and closed the case.&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;&lt;br/&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;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;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On December 11, 2024, the Confab executives were acquitted. The acquittal has already been appealed, so the criminal proceedings continue to be underway&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; Neither the Company nor Confab is a party to these criminal proceedings.&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 addition, Petrobras and the Brazilian public prosecutors filed civil claims for alleged damages arising from the same events 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&lt;/span&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&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;2024&lt;/span&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;193.2&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;31.2&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;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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;defence&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is contesting them. At this stage, the Company cannot predict the outcome of these civil proceedings.&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;"&gt;In late March 2024, the Company became aware of a resolution of Brazil&#x2019;s General Controllers Office, which opened&#160;administrative responsibility proceedings against Confab and other non-Tenaris affiliates and formed an investigative&#160;commission charged with investigating the same purported irregularities. Confab received notice of these proceedings&#160;in February 2025, and believes that the General Controllers&#x2019; Office&#x2019;s allegations do not address either the defence&#160;arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions. Although the Company&#160;is defending itself, it cannot predict the outcome of these administrative proceedings.&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;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. Special appeals were filed by Confab in July 2023 and by the Brazilian General Tax Attorney in September 2023. The parties are 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;62.1&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;10.0&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: 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;U.S. patent infringement litigation&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;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; 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;U.S. Antidumping Duty Investigations&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, and, with respect to certain claims, to the Court of Appeals for the Federal Circuit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. 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;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;&lt;br/&gt;&lt;/span&gt;&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-size-adjust: none; 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;&lt;span style="font-size: 10pt; line-height: inherit;"&gt; &lt;/span&gt;&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 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&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;Set forth is a description of the Tenaris&#x2019;s main outstanding commitments:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Certain subsidiaries of the Company entered into a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;long-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;contract with Praxair S.A. for the service of oxygen and nitrogen supply. 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;2024&lt;/span&gt;, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled approximately $&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.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;A Mexican subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen for the supply of &lt;span&gt;197&lt;/span&gt; MW (which represents 22% of Techgen&#x2019;s 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 Techgen&#x2019;s 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 Mexican &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Comisi&#xf3;n Federal de Electricidad&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;CFE&#x201d;) or its successors. The Company&#x2019;s subsidiary may instruct Techgen 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;/li&gt; &lt;/ul&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&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 Nucor Steel Memphis 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 in April 2021, with an original duration of 3 years. In September 2023, the parties agreed to extend its term until December 31, 2024&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and in October 2024, agreed a renovation until December 31,2025&lt;/span&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&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;2024&lt;/span&gt;, the estimated aggregate contract amount calculated at current prices, was approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;57.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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;/li&gt; &lt;/ul&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; 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 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, Tenaris became the exclusive distributor of TMK&#x2019;s OCTG and line pipe products in United States and Canada. At the end of the MDA&#x2019;s &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 would be no minimum yearly purchase requirement for the OCTG product category for &lt;span&gt;2022&lt;/span&gt;, and there would be no minimum yearly purchase requirement for TMK line pipe products under the MDA neither for &lt;span&gt;2022&lt;/span&gt;, nor for any subsequent contract year until expiration of the MDA&#x2019;s term. In addition, no purchases of TMK products were made during &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;or&lt;/span&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;/li&gt; &lt;/ul&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Certain subsidiaries of the Company entered into a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;long-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;contract with the supplier JFE Steel Corporation for the purchase of tubular material, including &lt;span&gt;13&lt;/span&gt; chrome alloy products. Such contract foresees a penalty for a maximum amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;25.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million in case of early termination.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; The contract is valid until June 30, 2029.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Certain subsidiaries of the Company entered into &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;short-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;agreements with Vestas Group for the supply of materials and services related to the construction of a wind farm in Argentina. 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;2024&lt;/span&gt;, the amount related to these commitments was $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;90.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;An Argentine subsidiary of the Company entered into &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;short-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;agreements with COARCO S.A. for execution of civil and electrical works, including auxiliary services, related with the construction of a wind farm in Argentina. 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;2024&lt;/span&gt;, the amount related to these commitments was $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;39.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;A U.S. subsidiary of the Company entered into a &lt;span style="-sec-ix-hidden:Tag3439"&gt;one&lt;/span&gt;-year agreement with U.S. Steel Corporation &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;under which it is committed to take or pay on a monthly basis a specified minimum volume of steel billets, at prices calculated on a monthly 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; 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;2024&lt;/span&gt;, the estimated aggregate contract amount, calculated at current prices, stands at approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;31.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&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;n Argentine&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; subsidiary of the Company entered into a contract with Usiminas from which it committed to purchase steel coils for a remaining amount of approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;88.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million to use for manufacturing welded pipes for the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;VMOS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; project 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;Vaca Muerta &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;shale &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in Argentina&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;br/&gt;&lt;/span&gt;&lt;/li&gt; &lt;/ul&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;In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations of Techgen as described in note &lt;span&gt;14&lt;/span&gt; (c) and (ii) issued performance guarantees mainly related to long-term commercial contracts with several customers and Tenaris companies for approximately $4.1 billion as of December 31, &lt;span&gt;2024&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;&lt;br/&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; 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; &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;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 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&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; 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;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 April 30, 2024, the extraordinary general meeting of shareholders approved the cancelation of 17,779,302 ordinary shares held in treasury by the Company and the corresponding reduction of the issued share capital of the Company and, accordingly, the legal reserve was proportionally reduced. 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;2024&lt;/span&gt;, this reserve &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;remains&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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;br/&gt;&lt;/p&gt;
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      id="Tag794"
      unitRef="USD">28100000</ts:PurchaseCommitments>
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      contextRef="I20241231_TenarisBayCityIncMember_NucorSteelMemphisIncMember"
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      contextRef="I20241231_TenarisBayCityIncMember_NucorSteelMemphisIncMember"
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      id="Tag1094"
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      id="Tag1092">P6Y</ts:TermOfSupplyContract>
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      id="Tag1078"
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      id="Tag1077"
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      id="Tag1096"
      unitRef="USD">31200000</ts:PurchaseCommitments>
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    <ts:DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock contextRef="D20241231" id="Tag79">
&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; line-height: inherit;"&gt;&lt;span&gt;28&lt;/span&gt;&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Cancellation of title deed in Saudi Steel Pipe Company&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: normal; 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-weight: normal; line-height: inherit;"&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: 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;&#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-weight: normal; line-height: inherit;"&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: 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;&#160;&lt;/span&gt;&lt;/p&gt;
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      id="Tag1075"
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    <ts:DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock contextRef="D20241231" id="Tag3300">
&lt;p style="line-height: 1.2; 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; letter-spacing: -0.1pt; line-height: inherit;"&gt;&lt;span&gt;29&lt;/span&gt;&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#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;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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; 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;Between September 2019 and December 13, 2023, 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 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;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_079TEI8H4G00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 4%; text-align: center; vertical-align: top; padding: 0px 0px 10px;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 96%; text-align: justify; padding: 0px 0px 8px;"&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 remained stable during the &lt;span&gt;twelve&lt;/span&gt;-month period ended December 31, 2024, but it is unclear if it will be further modified in the short term. &lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top; padding: 0px 0px 10px;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 0px 0px 8px;"&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 services that were rendered or accrued as from December 13, 2023, does not require government approval, but payment is deferred for &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&gt;
&lt;td style="text-align: center; vertical-align: top; padding: 0px 0px 10px;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding: 0px 0px 8px;"&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 with customs clearance as from December 13, 2023, does not require government approval. Payment of the price of such imports is deferred for varying periods of time depending on the date of customs clearance; in the case of imports of goods with customs clearance on or after October 21, 2024, the price may be paid in full as from the &lt;span&gt;30&lt;/span&gt;th calendar day as from the date of custom clearance. Advance payments or at sight cannot be made. In December 2024, the government eliminated the tax on imports.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td 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 make dividend payments requires prior Argentine Central Bank approval. When required, Argentine Central Bank approvals are rarely, if ever, granted.&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; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; 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;&lt;br/&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-family: 'Frutiger 45 Light'; 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;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 MULC at the official exchange rate.&lt;/span&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;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. It is still unclear if or when the new Argentine Securities Commission&#x2019;s authorities will eliminate or loosen the remaining restrictions.&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 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 in December 2023. Since then&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and until December 2024&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the new Administration maintains a &#x201c;crawling peg&#x201d; policy by devaluating the Argentine currency at a rate of approximately 2% per month&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, rate which will be reduced to 1% per month as from February 1, 2025&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. The extent and rate of the crawling peg remains unclear.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tenaris&#x2019;s financial position in Argentine pesos 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;2024&lt;/span&gt;, amounted 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;40.6&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;. In the event of an additional devaluation, our Argentine subsidiaries, which hold 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;217.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, may be adversely affected, and 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;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 &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;2024&lt;/span&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;11%&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 made by Argentine subsidiaries during the period ended &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;2024&lt;/span&gt;, amounted approximately to &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; 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&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;2024&lt;/span&gt;, are 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;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;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:DisclosureOfForeignExchangeControlMeasuresInForeignCountriesTextBlock>
    <ts:MaximumPercentageOfExportProceedsWhichCanBeSold
      contextRef="D20231231_ARS"
      decimals="2"
      id="Tag371"
      unitRef="Pure">0.20</ts:MaximumPercentageOfExportProceedsWhichCanBeSold>
    <ts:CurrencyDevaluationPercentageRatePerMonth
      contextRef="I20241231_ARS"
      decimals="2"
      id="Tag1066"
      unitRef="Pure">0.02</ts:CurrencyDevaluationPercentageRatePerMonth>
    <ts:CurrencyDevaluationPercentageRatePerMonth
      contextRef="I20241231_ForeignExchangeRatesMember_ARS"
      decimals="2"
      id="Tag1064"
      unitRef="Pure">0.01</ts:CurrencyDevaluationPercentageRatePerMonth>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20241231_ArgentinePesoUsDollarForeignExchangeRiskMember_AR"
      decimals="-5"
      id="Tag1067"
      unitRef="USD">40600000</ts:ForeignExchangeRiskCurrencyExposure>
    <ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome
      contextRef="I20241231_InternationalMarketMember_ArgentineSubsidiariesMember_UsDollarDenominatedArgentineBondsMember"
      decimals="-5"
      id="Tag3326"
      unitRef="USD">217900000</ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome>
    <ts:PercentageOfEntitysNetEquity
      contextRef="I20241231_AR_ArgentineSubsidiariesMember"
      decimals="2"
      id="Tag317"
      unitRef="Pure">0.11</ts:PercentageOfEntitysNetEquity>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20241231_AR_ArgentineSubsidiariesMember"
      decimals="2"
      id="Tag316"
      unitRef="Pure">0.19</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:DisclosureOfCashFlowStatementExplanatory contextRef="D20241231" id="Tag3259">
&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;30&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="color: #000000; font-family: 'Times New Roman'; 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: -51.6667px; 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;&#160;&#160;&#160;&#160;&lt;/span&gt;Cash flow disclosures&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; 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="height: 309px; 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: 'Times New Roman'; font-size: 10pt;"&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: bottom; height: 17px;"&gt;
&lt;p style="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;/td&gt;
&lt;td colspan="7" 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; 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: 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; &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: bottom; height: 10px;"&gt;
&lt;p style="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;/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;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: 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;"&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: 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;"&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: 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: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 5%;" valign="bottom"&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: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 60%;" valign="bottom"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; vertical-align: bottom;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;Changes in working capital &lt;/span&gt;&lt;sup&gt;&lt;sup style="vertical-align: bottom;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt;"&gt;(*)&lt;/span&gt;&lt;/sup&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; 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; 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: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; 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; 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: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; height: 17px;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 184,996 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;)&lt;/td&gt; &lt;/tr&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;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-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 and prepayments, contract assets 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; 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; (60,456 &lt;/span&gt;&lt;/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;/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;"&gt; 64,000 &lt;/span&gt;&lt;/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;"&gt; (155,449 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; height: 17px;"&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-left: 5.4pt; padding-right: 5.4pt; 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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 550,334 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;)&lt;/td&gt; &lt;/tr&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;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-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; Other 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; 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; (100,133 &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; background-color: #cceeff;"&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;"&gt; 28,275 &lt;/span&gt;&lt;/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;"&gt; 57,389 &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; 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; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Customer advances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (71,100 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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;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-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; Trade payables &lt;/span&gt;&lt;/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; (216,724 &lt;/span&gt;&lt;/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;/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;"&gt; (149,024 &lt;/span&gt;&lt;/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;/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;"&gt; 353,892 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 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; &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: bottom; height: 17px;"&gt;
&lt;p style="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;/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; 286,917 &lt;/span&gt;&lt;/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;"&gt; 182,428 &lt;/span&gt;&lt;/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;"&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; border-top-width: 1px; 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; height: 17px; background-color: #cceeff;"&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; 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; 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; height: 17px; 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;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-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; 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;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;"&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; &lt;/span&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: bottom; height: 17px;"&gt;
&lt;p style="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;/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; Tax 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; 479,680 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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;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-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; Taxes paid &lt;/span&gt;&lt;/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; (702,190 &lt;/span&gt;&lt;/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;/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;"&gt; (818,347 &lt;/span&gt;&lt;/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;/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;"&gt; (359,585 &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; 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; height: 17px;"&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-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;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (222,510 &lt;/span&gt;&lt;/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;span style="font-weight: bold;"&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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; (143,391 &lt;/span&gt;&lt;/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;span style="font-weight: bold;"&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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; 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; border-top-width: 1px; border-top-style: solid; border-top-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;"&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; 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; 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; height: 17px; 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;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-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; 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;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;"&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; &lt;/span&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: bottom; height: 17px;"&gt;
&lt;p style="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;/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; Interest accrued, 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; (181,107 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;)&lt;/td&gt; &lt;/tr&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;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-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; Interest received &lt;/span&gt;&lt;/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; 240,809 &lt;/span&gt;&lt;/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;"&gt; 147,473 &lt;/span&gt;&lt;/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;"&gt; 68,335 &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; 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; 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-left: 5.4pt; padding-right: 5.4pt; 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 paid &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (60,769 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;)&lt;/td&gt; &lt;/tr&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;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-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: 'Times New Roman'; font-size: 10pt;"&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; 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; (1,067 &lt;/span&gt;&lt;/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;span style="font-weight: bold;"&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; 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;p style="margin: 0px; text-align: right; padding-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; 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;span style="font-weight: bold;"&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; 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;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&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; margin: 0px; text-indent: 0px; 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;"&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; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;"&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;/sup&gt;&lt;/p&gt;  </ifrs-full:DisclosureOfCashFlowStatementExplanatory>
    <ts:DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock contextRef="D20241231" id="Tag3260">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 309px; 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: 'Times New Roman'; font-size: 10pt;"&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: bottom; height: 17px;"&gt;
&lt;p style="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;/td&gt;
&lt;td colspan="7" 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; 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: 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; &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: bottom; height: 10px;"&gt;
&lt;p style="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;/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;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: 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;"&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: 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;"&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: 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: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 5%;" valign="bottom"&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: 0px 7px; height: 10px; vertical-align: bottom; background-color: #cceeff; width: 60%;" valign="bottom"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; vertical-align: bottom;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;Changes in working capital &lt;/span&gt;&lt;sup&gt;&lt;sup style="vertical-align: bottom;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; font-size: 8pt;"&gt;(*)&lt;/span&gt;&lt;/sup&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; 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; 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: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; 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; 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: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; 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; text-align: center;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&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: bottom; height: 17px;"&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; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 184,996 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;)&lt;/td&gt; &lt;/tr&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;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-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 and prepayments, contract assets 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; 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; (60,456 &lt;/span&gt;&lt;/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;/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;"&gt; 64,000 &lt;/span&gt;&lt;/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;"&gt; (155,449 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; 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; height: 17px;"&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-left: 5.4pt; padding-right: 5.4pt; 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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 550,334 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;)&lt;/td&gt; &lt;/tr&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;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-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; Other 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; 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; (100,133 &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; background-color: #cceeff;"&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;"&gt; 28,275 &lt;/span&gt;&lt;/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;"&gt; 57,389 &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; 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; 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-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Customer advances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (71,100 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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;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-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; Trade payables &lt;/span&gt;&lt;/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; (216,724 &lt;/span&gt;&lt;/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;/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;"&gt; (149,024 &lt;/span&gt;&lt;/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;/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;"&gt; 353,892 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; 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: 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; &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: bottom; height: 17px;"&gt;
&lt;p style="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;/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; 286,917 &lt;/span&gt;&lt;/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;"&gt; 182,428 &lt;/span&gt;&lt;/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;"&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; border-top-width: 1px; 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; height: 17px; background-color: #cceeff;"&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; 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; 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; height: 17px; 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;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-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; 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;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;"&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; &lt;/span&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: bottom; height: 17px;"&gt;
&lt;p style="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;/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; Tax 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; 479,680 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&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;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-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; Taxes paid &lt;/span&gt;&lt;/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; (702,190 &lt;/span&gt;&lt;/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;/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;"&gt; (818,347 &lt;/span&gt;&lt;/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;/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;"&gt; (359,585 &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; 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; height: 17px;"&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-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;"&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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (222,510 &lt;/span&gt;&lt;/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;span style="font-weight: bold;"&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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; (143,391 &lt;/span&gt;&lt;/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;span style="font-weight: bold;"&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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; 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; 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; border-top-width: 1px; border-top-style: solid; border-top-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;"&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; 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; 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; height: 17px; 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;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-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; 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;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;"&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; &lt;/span&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: bottom; height: 17px;"&gt;
&lt;p style="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;/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; Interest accrued, 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; (181,107 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&gt;)&lt;/td&gt; &lt;/tr&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;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-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; Interest received &lt;/span&gt;&lt;/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; 240,809 &lt;/span&gt;&lt;/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;"&gt; 147,473 &lt;/span&gt;&lt;/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;"&gt; 68,335 &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; 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; 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-left: 5.4pt; padding-right: 5.4pt; 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 paid &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (60,769 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-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;"&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; 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; &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: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="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;/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; font-weight: bold;"&gt; (1,067 &lt;/span&gt;&lt;/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;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&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;&lt;span&gt;31&lt;/span&gt;&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt;&#160;&#160;&#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;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;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;As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;4&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;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_1QK0KOQNWW00000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 54px; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3%; height: 17px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; height: 17px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;San Faustin S.A., a Luxembourg soci&#xe9;t&#xe9; anonyme, owned 713,605,187 shares in the Company, representing 61.37% of the Company&#x2019;s share capital and 65.81% of the voting rights.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"&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 Holdings S.&#xe0;.r.l., a Luxembourg &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;i&gt;soci&#xe9;t&#xe9; &#xe0; responsabilit&#xe9; limit&#xe9;e&lt;/i&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&#x201c;Techint&#x201d;),&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;who is the holder of record of the above-mentioned Tenaris shares.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 0px 10px;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Rocca &amp;amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (&#x201c;RP STAK&#x201d;) held voting shares in San Faustin sufficient in number to control San Faustin. &lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top;" valign="top"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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="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;Based on the information most recently available to the Company, Tenaris&#x2019;s directors and senior management as a group 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 share capital and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;0.08%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of the voting rights.&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: 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;"&gt;Transactions and balances disclosed as with &#x201c;associated companies&#x201d; are those with companies over which Tenaris exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances disclosed as with &#x201c;joint ventures&#x201d; are those with companies over which Tenaris exerts joint control in accordance with IFRS, but does not have control. All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as &#x201c;other related parties&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&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_8YYMEOEYXC00000000000000000000b"&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: 391px;" 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: 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;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; 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: 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;"&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: 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;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;2024&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;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;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;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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; &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-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; width: 5%; 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; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 60%; 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; (a) Sales of goods, services and other transactions &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: 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; &#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; 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: top; 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: top; 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; &#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; 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: top; 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: top; 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; &#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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 37,551 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/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; &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;"&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; 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; 83,250 &lt;/span&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; 121,679 &lt;/span&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; 151,884 &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;/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 and others to associated 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; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,456 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/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; &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;"&gt; Sales of services and others to joint ventures &lt;/span&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; 139 &lt;/span&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; 135 &lt;/span&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; 131 &lt;/span&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; &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 and others 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 127,940 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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-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;"&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; 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; 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; 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;"&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; 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; 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; &#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;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; margin: 0px; text-indent: 0px; 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: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 252,336 &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; 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: 17px;"&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; border-top-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; background-color: #cceeff; 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;"&gt; 289,083 &lt;/span&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;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;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;p style="margin: 0px; text-align: right; padding-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; 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: 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, services and other transactions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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; &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;"&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; 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; 154,772 &lt;/span&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; 324,556 &lt;/span&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; 555,257 &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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23,466 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/tr&gt;
&lt;tr style="height: 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; &#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;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; 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; 70,425 &lt;/span&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; 61,366 &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; 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; 51,040 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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 and others to associated 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; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,544 &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;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/tr&gt;
&lt;tr style="height: 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; &#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;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of services and others 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; 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; 55,576 &lt;/span&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; 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;"&gt; 76,751 &lt;/span&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;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;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; 36,767 &lt;/span&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; 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; 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; 321,783 &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; border-top-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-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;"&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; 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; 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; border-top-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; 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; border-top-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;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; &#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;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; 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; 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; 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; 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; 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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,218 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/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; &#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;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; margin: 0px; text-indent: 0px; 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: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 6,218 &lt;/span&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-top-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; 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: 17px;"&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; border-top-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; 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; 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: 17px;"&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; border-top-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; 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: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; 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: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&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; 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; &#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;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; 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; 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; 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; 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; 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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 71,211 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/tr&gt;
&lt;tr style="height: 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: 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; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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; 478,115 &lt;/span&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; 385,347 &lt;/span&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="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&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="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"&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: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_COQ50LXH4000000000000000000000b"&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: 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;"&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: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&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 colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; height: 17px; 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: 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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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; 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;"&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: 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;2024&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;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;/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; width: 5%;"&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; background-color: #cceeff; 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; (a) Arising from sales / purchases of goods / services and other transactions &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; 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; &#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; 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: top; 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: top; 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; &#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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,133 &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;"&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;/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; &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;"&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; 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; 68,759 &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; 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; 63,374 &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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 47,713 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/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; &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;"&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; 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; (23,531 &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; background-color: #cceeff; height: 17px;"&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; (21,012 &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; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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; (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;/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; &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;"&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; 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; (12,165 &lt;/span&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;/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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-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; 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;/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; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 83,857 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 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; 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;"&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;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; 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; &#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; 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; &#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; 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; &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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; (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;/tr&gt;
&lt;tr style="height: 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; &#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;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; 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; (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; background-color: #cceeff; height: 17px;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-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; 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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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 style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (1,286 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; 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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&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="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&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: 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 addition to the tables above, the Company issued various guarantees in favor of Techgen; for further details, please 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; (c)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and 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;(ii)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to these Consolidated Financial Statemen&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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. No other material guarantees were issued in favor of other related parties.&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; font-weight: bold;"&gt;Directors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; and senior management compensation&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: 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;"&gt;During the years ended December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;4&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;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 cash compensation of Directors and Senior managers amounted to &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;$&lt;/span&gt;33.4&lt;/span&gt;&#160;&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;47.5&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;35.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;"&gt;448&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;388&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;437&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; thousand units for a total amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;6.9&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;5.6&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;5.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Employee benefits &#x2013; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other long&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;term benefits&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to these Consolidated Financial Statements.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfRelatedPartyExplanatory>
    <ifrs-full:NumberOfSharesIssued
      contextRef="I20241231_SanFaustinSaMember"
      decimals="0"
      id="Tag3313"
      unitRef="Shares">713605187</ifrs-full:NumberOfSharesIssued>
    <ts:PercentageOfOwnershipInterest
      contextRef="I20241231_SanFaustinSaMember"
      decimals="4"
      id="Tag34"
      unitRef="Pure">0.6137</ts:PercentageOfOwnershipInterest>
    <ts:PercentOfCompanyVotingCapital
      contextRef="I20241231_SanFaustinSaMember"
      decimals="4"
      id="Tag964"
      unitRef="Pure">0.6581</ts:PercentOfCompanyVotingCapital>
    <ts:PercentageOfOwnershipInterest
      contextRef="I20241231_KeyManagementPersonnelOfEntityOrParentMember"
      decimals="4"
      id="Tag955"
      unitRef="Pure">0.0007</ts:PercentageOfOwnershipInterest>
    <ts:PercentOfCompanyVotingCapital
      contextRef="I20241231_KeyManagementPersonnelOfEntityOrParentMember"
      decimals="4"
      id="Tag956"
      unitRef="Pure">0.0008</ts:PercentOfCompanyVotingCapital>
    <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="D20241231" id="Tag3322">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_8YYMEOEYXC00000000000000000000b"&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: 391px;" 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: 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;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; 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: 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;"&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: 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;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;2024&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;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;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;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; 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; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; 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; &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-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; width: 5%; 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; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 60%; 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; (a) Sales of goods, services and other transactions &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: 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; &#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; 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: top; 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: top; 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; &#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; 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: top; 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: top; 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; &#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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 37,551 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/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; &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;"&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; 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; 83,250 &lt;/span&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; 121,679 &lt;/span&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; 151,884 &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;/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 and others to associated 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; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,456 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/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; &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;"&gt; Sales of services and others to joint ventures &lt;/span&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; 139 &lt;/span&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; 135 &lt;/span&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; 131 &lt;/span&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; &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 and others 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 127,940 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&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-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;"&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; 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; 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; 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;"&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; 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; 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; &#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;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; margin: 0px; text-indent: 0px; 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: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 252,336 &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; 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: 17px;"&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; border-top-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; background-color: #cceeff; 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;"&gt; 289,083 &lt;/span&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;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;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;p style="margin: 0px; text-align: right; padding-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; 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: 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, services and other transactions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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; &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;"&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; 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; 154,772 &lt;/span&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; 324,556 &lt;/span&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; 555,257 &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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23,466 &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;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/tr&gt;
&lt;tr style="height: 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; &#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;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; 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; 70,425 &lt;/span&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; 61,366 &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; 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; 51,040 &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;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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 and others to associated 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; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,544 &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;"&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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/tr&gt;
&lt;tr style="height: 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; &#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;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of services and others 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; 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; 55,576 &lt;/span&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; 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;"&gt; 76,751 &lt;/span&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;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;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; 36,767 &lt;/span&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; 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; 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; 321,783 &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; border-top-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-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;"&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; 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; 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; border-top-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; 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; border-top-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;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; &#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;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; 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; 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; 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; 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; 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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,218 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/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; &#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;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; margin: 0px; text-indent: 0px; 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: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 6,218 &lt;/span&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-top-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; 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: 17px;"&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; border-top-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; 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; 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: 17px;"&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; border-top-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; 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: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; 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: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-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; margin: 0px; text-indent: 0px; height: 17px;"&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; 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; &#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;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; 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; 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; 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; 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; 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: '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; 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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 71,211 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/tr&gt;
&lt;tr style="height: 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: 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; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&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; 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; 478,115 &lt;/span&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; 385,347 &lt;/span&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="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&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="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"&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: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_COQ50LXH4000000000000000000000b"&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: 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;"&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: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&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 colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; height: 17px; 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: 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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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; 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;"&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: 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;2024&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;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;/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; width: 5%;"&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; background-color: #cceeff; 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; (a) Arising from sales / purchases of goods / services and other transactions &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; 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; &#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; 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: top; 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: top; 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; &#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; 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: 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,133 &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;"&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;/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; &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;"&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; 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; 68,759 &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; 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; 63,374 &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; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 47,713 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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;/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; &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;"&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; 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; (23,531 &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; background-color: #cceeff; height: 17px;"&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; (21,012 &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; background-color: #cceeff; 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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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; (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;/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; &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;"&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; 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; (12,165 &lt;/span&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;/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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-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; 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;/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; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 83,857 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 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; 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; 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;"&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;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; 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; &#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; 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; &#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; 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; &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; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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; (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;/tr&gt;
&lt;tr style="height: 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; &#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;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; 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; (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; background-color: #cceeff; height: 17px;"&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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-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; 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;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 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 style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (1,286 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; 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="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; 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;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right;"&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="font-family: 'Frutiger 45 Light'; font-size: 9pt; margin: 0px; text-indent: 0px; padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&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; </ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
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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="font-size: 10pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;32&lt;/span&gt;&lt;span style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;Princ&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;ipal a&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;ccountant&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;f&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;ees&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; 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;"&gt;Total fees accrued for professional services rendered &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to Tenaris S.A. and its subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;by&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Ernst &amp;amp; Young S.A. (&#x201c;EY&#x201d;) &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;for the year &lt;span&gt;2024&lt;/span&gt; and &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;by&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; PricewaterhouseCoopers, Soci&#xe9;t&#xe9; coop&#xe9;rative&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;(&#x201c;PwC&#x201d;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;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; are detailed as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div id="t_ft_6ZT4E7GMPS00000000000000000000b"&gt;
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&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;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: bottom; height: 20px;" 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: 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: 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; border-top-width: 1px; border-top-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; &lt;span&gt;2024&lt;/span&gt; &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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-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: 17px; border-top-width: 1px; border-top-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; &lt;span&gt;2023&lt;/span&gt; &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; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-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: 17px; border-top-width: 1px; border-top-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; &lt;span&gt;2022&lt;/span&gt; &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; Audit fees &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; 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;"&gt; 4,386 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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;"&gt; 3,966 &lt;/span&gt;&lt;/p&gt; &lt;/td&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: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 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-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;"&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-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; 78 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 148 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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;/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;"&gt; All other fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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;"&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: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,698 &lt;/span&gt;&lt;/p&gt; &lt;/td&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; 4,821 &lt;/span&gt;&lt;/p&gt; &lt;/td&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; 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-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; 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: 10pt; margin: 0pt; text-align: justify;"&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: 10pt;"&gt;In addition,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the year &lt;span&gt;2023&lt;/span&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; PwC &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rendered $242 &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="D20241231" id="Tag33">
&lt;div id="t_ft_6ZT4E7GMPS00000000000000000000b"&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: 122px;" 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;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: bottom; height: 20px;" 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: 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: 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; border-top-width: 1px; border-top-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; &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-top-width: 1px; border-top-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: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-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: 17px; border-top-width: 1px; border-top-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; &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;" valign="bottom"&gt;&lt;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;" valign="bottom"&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;" 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: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-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; 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;"&gt; Audit fees &lt;/span&gt;&lt;/p&gt; &lt;/td&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;"&gt; 4,569 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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;"&gt; 4,386 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; 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;"&gt; 3,966 &lt;/span&gt;&lt;/p&gt; &lt;/td&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: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 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-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 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-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;"&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-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; 78 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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; 148 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&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;/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;"&gt; All other fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-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; 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;"&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: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,698 &lt;/span&gt;&lt;/p&gt; &lt;/td&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; 4,821 &lt;/span&gt;&lt;/p&gt; &lt;/td&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; 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-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; 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:DisclosureOfAuditorsRemunerationExplanatory>
    <ifrs-full:AuditorsRemunerationForAuditServices
      contextRef="D20241231"
      decimals="-3"
      id="Tag3171"
      unitRef="USD">4569000</ifrs-full:AuditorsRemunerationForAuditServices>
    <ifrs-full:AuditorsRemunerationForAuditServices
      contextRef="D20231231"
      decimals="-3"
      id="Tag932"
      unitRef="USD">4386000</ifrs-full:AuditorsRemunerationForAuditServices>
    <ifrs-full:AuditorsRemunerationForAuditServices
      contextRef="D20221231"
      decimals="-3"
      id="Tag936"
      unitRef="USD">3966000</ifrs-full:AuditorsRemunerationForAuditServices>
    <ts:AuditorsRemunerationForAuditrelatedFees
      contextRef="D20241231"
      decimals="-3"
      id="Tag330"
      unitRef="USD">51000</ts:AuditorsRemunerationForAuditrelatedFees>
    <ts:AuditorsRemunerationForAuditrelatedFees
      contextRef="D20231231"
      decimals="-3"
      id="Tag931"
      unitRef="USD">273000</ts:AuditorsRemunerationForAuditrelatedFees>
    <ts:AuditorsRemunerationForAuditrelatedFees
      contextRef="D20221231"
      decimals="-3"
      id="Tag928"
      unitRef="USD">255000</ts:AuditorsRemunerationForAuditrelatedFees>
    <ifrs-full:AuditorsRemunerationForTaxServices
      contextRef="D20241231"
      decimals="-3"
      id="Tag351"
      unitRef="USD">78000</ifrs-full:AuditorsRemunerationForTaxServices>
    <ifrs-full:AuditorsRemunerationForTaxServices
      contextRef="D20231231"
      decimals="-3"
      id="Tag930"
      unitRef="USD">148000</ifrs-full:AuditorsRemunerationForTaxServices>
    <ifrs-full:AuditorsRemunerationForTaxServices
      contextRef="D20221231"
      id="Tag934"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:AuditorsRemunerationForOtherServices
      contextRef="D20241231"
      id="Tag419"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:AuditorsRemunerationForOtherServices
      contextRef="D20231231"
      decimals="-3"
      id="Tag929"
      unitRef="USD">14000</ifrs-full:AuditorsRemunerationForOtherServices>
    <ifrs-full:AuditorsRemunerationForOtherServices
      contextRef="D20221231"
      decimals="-3"
      id="Tag935"
      unitRef="USD">11000</ifrs-full:AuditorsRemunerationForOtherServices>
    <ifrs-full:AuditorsRemuneration
      contextRef="D20241231"
      decimals="-3"
      id="Tag353"
      unitRef="USD">4698000</ifrs-full:AuditorsRemuneration>
    <ifrs-full:AuditorsRemuneration
      contextRef="D20231231"
      decimals="-3"
      id="Tag3236"
      unitRef="USD">4821000</ifrs-full:AuditorsRemuneration>
    <ifrs-full:AuditorsRemuneration
      contextRef="D20221231"
      decimals="-3"
      id="Tag933"
      unitRef="USD">4232000</ifrs-full:AuditorsRemuneration>
    <ts:AuditorsRemunerationForAcquisitionServices
      contextRef="D20231231"
      decimals="-3"
      id="Tag927"
      unitRef="USD">242000</ts:AuditorsRemunerationForAcquisitionServices>
    <ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory contextRef="D20241231" id="Tag3318">
&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;33&lt;span style="color: #000000; font-family: 'Times New Roman'; 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: -51.6667px; 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;&#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;Principal subsidiaries&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: -2pt; 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 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;"&gt;&lt;span&gt;4&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;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="line-height: 12pt; margin: -2pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;

&lt;div id="t_ft_SUGS649HPC00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 416px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; 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;"&gt; Company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; 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;"&gt; Country of Incorporation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; 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;"&gt; Main activity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="3" style="padding: 0px 7px; vertical-align: middle; height: 19px; 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;"&gt;Percentage of ownership at December 31,&#160;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;(*)&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: 0px 7px; vertical-align: middle; 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: 8pt; font-weight: bold;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: middle; 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: 8pt; 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 7px; vertical-align: middle; 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: 8pt; font-weight: bold;"&gt; &lt;span&gt;2022&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; vertical-align: middle; background-color: #cceeff; height: 10px; width: 37%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; ALGOMA TUBES INC. &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; height: 10px; width: 12%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Canada &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; height: 10px; width: 27%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 10px; width: 8%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 10px; width: 8%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &lt;/span&gt;&lt;/p&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: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; NA &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Brazil &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; DALMINE S.p.A. and subsidiaries (a) &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: 8pt;"&gt; Italy &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; EXIROS B.V. and subsidiaries (b) &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Netherlands &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 50% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 50% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 50% &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; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; HYDRIL COMPANY &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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; USA &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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Manufacturing 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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; USA &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Indonesia &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: 8pt;"&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; 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: 8pt;"&gt; 89% &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: 8pt;"&gt; 89% &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: 8pt;"&gt; 89% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; SILCOTUB S.A. &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Romania &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; SAUDI STEEL PIPE CO. and subsidiaries (c) &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: 8pt;"&gt; Saudi Arabia &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: 8pt;"&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; 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: 8pt;"&gt; 48% &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: 8pt;"&gt; 48% &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: 8pt;"&gt; 48% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; SIAT SOCIEDAD ANONIMA &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Argentina &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (d) &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: 8pt;"&gt; Argentina &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Portugal &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Holding company &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; USA &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; TENARIS CONNECTIONS BV &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Netherlands &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Uruguay &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: 8pt;"&gt; Financial operations &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Canada &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; USA &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; United Kingdom &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; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Uruguay &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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Marketing, distribution of steel products and holding company &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Netherlands &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Holding company &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Luxembourg &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;" valign="bottom"&gt;
&lt;p style="margin: 0pt; line-height: 1.1;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Marketing and distribution of steel products, financial operations and holding company &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;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; China &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Colombia &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; TUBOS DE ACERO DE MEXICO, S.A. and subsidiaries &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Mexico &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: -2pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;(*)&lt;/span&gt;&#160;All percentages rounded.&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-family: 'Frutiger 45 Light'; font-size: 9pt; 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 Baogang Baotou Steel Pipes Ltd. Until &lt;span&gt;2022&lt;/span&gt; held 98.4% of Tenaris Supply Chain S.A.&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;(a) &lt;span&gt;Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.&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-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;) &lt;span&gt;Tenaris holds 50% of the voting rights&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; and Ternium owns the remaining 50%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Exiros&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#x2019; agreement, Tenaris recognizes Exiros&#x2019; assets, liabilities, revenue and expenses in relation to its interest in the joint operation.&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-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;) &lt;span&gt;Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Calibri;"&gt;&#x101;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;wul), Tenaris holds 47.79% and has the right to nominate the majority of the members 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 G&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;lobal &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;P&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ipe &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ompany&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-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;) &lt;span&gt;&lt;span&gt;Until its liquidation in April 2023&lt;/span&gt; Siderca held 51% of NKKTubes.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt; &lt;/div&gt; </ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory>
    <ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory contextRef="D20241231" id="Tag3321">
&lt;div id="t_ft_SUGS649HPC00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 416px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; 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;"&gt; Company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; 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;"&gt; Country of Incorporation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding: 0px 7px; vertical-align: middle; height: 29px; 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;"&gt; Main activity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="3" style="padding: 0px 7px; vertical-align: middle; height: 19px; 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;"&gt;Percentage of ownership at December 31,&#160;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;(*)&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: 0px 7px; vertical-align: middle; 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: 8pt; font-weight: bold;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: middle; 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: 8pt; 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 7px; vertical-align: middle; 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: 8pt; font-weight: bold;"&gt; &lt;span&gt;2022&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; vertical-align: middle; background-color: #cceeff; height: 10px; width: 37%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; ALGOMA TUBES INC. &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; height: 10px; width: 12%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Canada &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; height: 10px; width: 27%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 10px; width: 8%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 10px; width: 8%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 10px; width: 8%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &lt;/span&gt;&lt;/p&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: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; NA &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Brazil &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; DALMINE S.p.A. and subsidiaries (a) &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: 8pt;"&gt; Italy &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; EXIROS B.V. and subsidiaries (b) &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Netherlands &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 50% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 50% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 50% &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; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; HYDRIL COMPANY &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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; USA &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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Manufacturing 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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; USA &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Indonesia &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: 8pt;"&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; 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: 8pt;"&gt; 89% &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: 8pt;"&gt; 89% &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: 8pt;"&gt; 89% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; SILCOTUB S.A. &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Romania &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; SAUDI STEEL PIPE CO. and subsidiaries (c) &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: 8pt;"&gt; Saudi Arabia &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: 8pt;"&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; 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: 8pt;"&gt; 48% &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: 8pt;"&gt; 48% &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: 8pt;"&gt; 48% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; SIAT SOCIEDAD ANONIMA &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Argentina &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (d) &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: 8pt;"&gt; Argentina &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Portugal &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Holding company &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; USA &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; TENARIS CONNECTIONS BV &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Netherlands &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Uruguay &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: 8pt;"&gt; Financial operations &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Canada &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; USA &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; United Kingdom &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; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Uruguay &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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Marketing, distribution of steel products and holding company &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Netherlands &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Holding company &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Luxembourg &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;" valign="bottom"&gt;
&lt;p style="margin: 0pt; line-height: 1.1;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Marketing and distribution of steel products, financial operations and holding company &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;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; China &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Colombia &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: 8pt;"&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; 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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: 8pt;"&gt; 100% &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: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; TUBOS DE ACERO DE MEXICO, S.A. and subsidiaries &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; Mexico &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; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&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; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &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; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt; 100% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: -2pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 10.6667px; 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;(*)&lt;/span&gt;&#160;All percentages rounded.&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-family: 'Frutiger 45 Light'; font-size: 9pt; 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 Baogang Baotou Steel Pipes Ltd. Until &lt;span&gt;2022&lt;/span&gt; held 98.4% of Tenaris Supply Chain S.A.&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;(a) &lt;span&gt;Dalmine S.p.A holds 57% of Immobiliare Cultura Industriale S.R.L.&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-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;) &lt;span&gt;Tenaris holds 50% of the voting rights&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; and Ternium owns the remaining 50%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Exiros&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#x2019; agreement, Tenaris recognizes Exiros&#x2019; assets, liabilities, revenue and expenses in relation to its interest in the joint operation.&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-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;) &lt;span&gt;Saudi Steel Pipe Company is a public company listed in the Saudi Arabian Stock Exchange (Tad&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Calibri;"&gt;&#x101;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;wul), Tenaris holds 47.79% and has the right to nominate the majority of the members 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 G&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;lobal &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;P&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ipe &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ompany&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-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;) &lt;span&gt;&lt;span&gt;Until its liquidation in April 2023&lt;/span&gt; Siderca held 51% of NKKTubes.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory>
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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; letter-spacing: -0.1pt;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt;&lt;span style="font-size: 10pt;"&gt;&#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;"&gt;Business combinations&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: bold; letter-spacing: -0.1pt;"&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;Acquisition of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&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; 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;Acquisition and price determination&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;On November 30, 2023, Tenaris completed the acquisition of Mattr&#x2019;s pipe coating business unit and other specific assets for $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;182.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million paid in cash. Under the purchase contract, the acquisition price was paid based on an estimated closing statement and the final price was 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;"&gt;. On July 31, 2024, the parties entered into a settlement agreement, pursuant to which the parties agreed that the aggregate shortfall payment payable by Mattr to Tenaris amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;32.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and, accordingly, the final purchase price was $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;150.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 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;"&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: 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 consolidated the balances and results of operations of the acquired business as from November 30, 2023. &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 the &lt;span&gt;twelve&lt;/span&gt;-month period ended December 31, 2024, the acquired business contributed revenues of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;347.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, represented a minor contribution to Tenaris&#x2019;s results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, and was initially assigned to the Other segment but subsequently reclassified to the Tubes segment.&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;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 application of the acquisition 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; 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 purchase price allocation was carried out with the assistance of a third-party expert. Following IFRS &lt;span&gt;3&lt;/span&gt;, during the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;twelve&lt;/span&gt; month following the acquisition date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the Company continued reviewing the allocation and, based on new information related to events or circumstances existing at the acquisition date, made certain adjustments over the value of the identifiable assets acquired such as property, plant and equipment, intangible assets, working capital and other assets and liabilities.&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: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:&lt;/span&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; 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: 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: 'Times New Roman'; font-size: 9pt;"&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;"&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: 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; vertical-align: middle;"&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; Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023) in Millions of USD: &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td 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;"&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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td 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;"&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; Preliminary &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td 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;"&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; width: 77%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Intangible assets &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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &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: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &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: bottom;" 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&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;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Cash and Cash Equivalents &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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; 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; 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &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: bottom;" 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Provisions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&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;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other assets and liabilities, net &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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; 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; 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &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: bottom;" 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; 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; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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; 169 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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;/tbody&gt; &lt;/table&gt;
&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 fair value of the net assets acquired shown above amounted to approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;152.5&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;The preliminary purchase price allocation resulted in a goodwill of approximately $13.6 million. However, following the completion of the previously mentioned purchase price allocation and a concurrent price adjustment, the business combination resulted in a bargain purchase of approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;2.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, recorded in &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;.&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;Acquisition-related costs for the year ended December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;4&lt;/span&gt; and &lt;span&gt;2023&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, amounted to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1.3&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1.1&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;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and were included in 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;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 price purchase allocation of the remaining business combinations that occurred during &lt;span&gt;2023&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;were finalized during the year ended December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&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;"&gt; without any further adjustments.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfBusinessCombinationsExplanatory>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="-5"
      id="Tag824"
      unitRef="USD">182600000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <ts:BusinessAcquisitionConsiderationPaymentReceivable
      contextRef="I20240731_MattrsPipeCoatingBusinessUnitMember_SettlementAgreementMember"
      decimals="-5"
      id="Tag301"
      unitRef="USD">32300000</ts:BusinessAcquisitionConsiderationPaymentReceivable>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred
      contextRef="I20240731_MattrsPipeCoatingBusinessUnitMember_SettlementAgreementMember"
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      id="Tag310"
      unitRef="USD">150200000</ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred>
    <ts:NumberOfPlantsAcquired
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="0"
      id="Tag311"
      unitRef="Number">9</ts:NumberOfPlantsAcquired>
    <ifrs-full:RevenueOfAcquiree
      contextRef="D20241231_MattrsPipeCoatingBusinessUnitMember"
      decimals="-5"
      id="Tag306"
      unitRef="USD">347100000</ifrs-full:RevenueOfAcquiree>
    <ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory
      contextRef="D20241231_MattrsPipeCoatingBusinessUnitMember"
      id="Tag3299">
&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; margin-left: 0.1px;" 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;span style="font-family: 'Times New Roman'; font-size: 9pt;"&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;"&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: 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; vertical-align: middle;"&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; Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023) in Millions of USD: &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td 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;"&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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td 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;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td 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;"&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; Preliminary &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td 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;"&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; width: 77%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; 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; width: 1%; background-color: #cceeff; 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; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom;" 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Intangible assets &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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &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: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &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: bottom;" 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&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;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Cash and Cash Equivalents &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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; 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; 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &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: bottom;" 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Provisions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; 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; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&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;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other assets and liabilities, net &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: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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; margin: 0px; text-indent: 0px; 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; 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; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-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 &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: bottom;" 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; 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; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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; 169 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-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;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory>
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      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="-6"
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      unitRef="USD">115000000</ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate>
    <ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember"
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      unitRef="USD">126000000</ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate>
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      unitRef="USD">29000000</ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate>
    <ts:WorkingCapitalRecognisedAsOfAcquisitionDate
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
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      id="Tag312"
      unitRef="USD">-2000000</ts:WorkingCapitalRecognisedAsOfAcquisitionDate>
    <ts:WorkingCapitalRecognisedAsOfAcquisitionDate
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember"
      decimals="-6"
      id="Tag307"
      unitRef="USD">-13000000</ts:WorkingCapitalRecognisedAsOfAcquisitionDate>
    <ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="-6"
      id="Tag298"
      unitRef="USD">20000000</ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate>
    <ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember"
      decimals="-6"
      id="Tag807"
      unitRef="USD">21000000</ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate>
    <ts:ProvisionsRecognisedAsOfAcquisitionDate
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="-6"
      id="Tag305"
      unitRef="USD">7000000</ts:ProvisionsRecognisedAsOfAcquisitionDate>
    <ts:ProvisionsRecognisedAsOfAcquisitionDate
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember"
      decimals="-6"
      id="Tag805"
      unitRef="USD">7000000</ts:ProvisionsRecognisedAsOfAcquisitionDate>
    <ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="-6"
      id="Tag314"
      unitRef="USD">11000000</ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther>
    <ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember"
      decimals="-6"
      id="Tag803"
      unitRef="USD">13000000</ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="-6"
      id="Tag299"
      unitRef="USD">152000000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember_PreliminaryValueMember"
      decimals="-6"
      id="Tag313"
      unitRef="USD">169000000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="-5"
      id="Tag309"
      unitRef="USD">152500000</ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed>
    <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate
      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
      decimals="-5"
      id="Tag808"
      unitRef="USD">13600000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
    <ts:BusinessCombinationBargainPurchaseGainRecognized
      contextRef="D20241231_MattrsPipeCoatingBusinessUnitMember"
      decimals="-2"
      id="Tag308"
      unitRef="USD">2200</ts:BusinessCombinationBargainPurchaseGainRecognized>
    <ts:AcquisitionRelatedCosts
      contextRef="D20241231_MattrsPipeCoatingBusinessUnitMember"
      decimals="-5"
      id="Tag304"
      unitRef="USD">1300000</ts:AcquisitionRelatedCosts>
    <ts:AcquisitionRelatedCosts
      contextRef="D20231231_MattrsPipeCoatingBusinessUnitMember"
      decimals="-5"
      id="Tag806"
      unitRef="USD">1100000</ts:AcquisitionRelatedCosts>
    <ts:DisclosureOfShareBuybackTextBlock contextRef="D20241231" id="Tag3314">
&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; line-height: inherit;"&gt;&lt;span&gt;35&lt;/span&gt;&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; 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;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Share &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;B&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;uyback &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;P&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;rogram&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;s&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;First &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Share Buyback &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Program&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 November 1, 2023, the Company&#x2019;s board of directors approved a share buyback program of up to $1.2 billion&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;to be executed within a year, with the intention to cancel the ordinary shares acquired through the program.&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 &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="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;buyback program &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; carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, up to a maximum of 10% of the Company&#x2019;s shares.&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;For purposes of carrying out each tranche of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;first &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;share buyback &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;program, Tenaris entered into non-discretionary buyback agreements with primary financial institutions that made trading decisions concerning the timing of the purchases of Tenaris&#x2019;s ordinary shares independently of and uninfluenced by Tenaris and acted in compliance with applicable rules and regulations, including the Market Abuse Regulation &lt;span&gt;596&lt;/span&gt;/&lt;span&gt;2014&lt;/span&gt; and the Commission Delegated Regulation (EU) &lt;span&gt;2016&lt;/span&gt;/&lt;span&gt;1052&lt;/span&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;During the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;first&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;share buyback &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;program, which &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;was divided into four tranches and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ran from&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;November 5, 2023, to (and including)&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;August 2, 2024, the Company purchased &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;71,679,768&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ordinary shares, representing &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;6.07%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of the Company&#x2019;s issued share capital at the beginning of the program, for a total consideration of $1.2 billion. &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;Second &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Share Buyback &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Program&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 November 6, 2024 the Company&#x2019;s board of directors &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;approved a follow-on share buyback program &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;f up to $700 million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, with the intention to cancel the ordinary shares acquired through the program, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;under the authority granted by the annual general meeting of shareholders held on June 2, 2020&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;up to a maximum of 10% of the Company&#x2019;s shares.&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="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;This follow-on share buyback program will cover up to $700 million&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(excluding incidental transaction &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;fees&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;, subject to a maximum of 46,373,915 ordinary shares representing the remainder 3.93% of the Company&#x2019;s issued share capital (measured also as at the launch of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;first share buyback&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; program)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, to complete the maximum &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of 10% of the share capital&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that may be repurchased by the Company&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;During the year ended December 31, 2024, the Company purchased &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;83,616,548&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;shares, for $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,441.8&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; (net of a performance amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;7.4&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;, out of which, $1,439.6 were paid.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; During the year ended December 31, 2023, the Company purchased &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;12,648,091&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shares, for a value of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;213.7&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; (net of a performance amount of $0.7&lt;/span&gt;&#160;&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;out of which, $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;213.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; were paid.&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;For purposes of carrying out the second share buyback program, Tenaris entered into non-discretionary buyback agreement with a primary financial institution that will make trading decisions concerning the timing of the purchases of Tenaris&#x2019;s ordinary shares independently of and uninfluenced by Tenaris and will act in compliance with applicable rules and regulations, including the Market Abuse Regulation &lt;span&gt;596&lt;/span&gt;/&lt;span&gt;2014&lt;/span&gt; and the Commission Delegated Regulation (EU) &lt;span&gt;2016&lt;/span&gt;/&lt;span&gt;1052&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;&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 April 30, 2024, the extraordinary shareholders meeting approved the cancellation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;17,779,302&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ordinary shares held in treasury by the Company, which had been acquired throughout the first tranche of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the first&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; share buyback program, and resolved to approve the corresponding reduction of the issued share capital of the Company and the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;corresponding &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amendment of the first paragraph of article &lt;span&gt;5&lt;/span&gt; of the Company&#x2019;s articles of association. As a result, effective April 30, 2024, the share capital of the Company was reduced from $1,180,536,830 (represented by 1,180,536,830 shares with a par value of $1 per share) to $1,162,757,528 (represented by 1,162,757,528 shares with a par value of $1 per share).&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;"&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 &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;2024&lt;/span&gt;, the Company held &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;78,485,337&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shares as treasury shares. The Company intends to cancel all treasury shares purchased under the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;share buyback &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;program&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; in due course.&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, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2024&lt;/span&gt; and &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 held a liability in connection to the shares to be settled under the &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="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; buyback program&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; that amounted 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;243.3&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;$86.2 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;, valued at fair value.&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;Further information on the buyback transactions is available on Tenaris&#x2019;s corporate website under the Share Buyback Program Section.&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfShareBuybackTextBlock>
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&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;36&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"&gt;&#160;&#160;&#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Climate&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; change&lt;/span&gt;&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; letter-spacing: -0.1pt;"&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 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="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 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;"&gt;In February 2025, the baseline for this medium-term target was reset to take into account the expanded perimeter of &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; through various acquisitions since &lt;span&gt;2018&lt;/span&gt;, the inclusion of intermill transportation emissions within the target scope, and additions and other changes in raw material emission factors to more accurately represent their use in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;its&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; operations.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company aims to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix&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;by making investments to increase energy efficiency and the use of renewable energy in its energy requirements&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 selective sourcing for raw material and steel purchases.&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 particular, a large proportion of these investments &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in projects aimed at reducing emissions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;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&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, through the interconnected grid,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 103.2 MW of power, or close to 50% 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; total electric power requirements, to its industrial facilities in Campana.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In November 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; 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&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;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 opportunities for improvement in line with its reduction target.&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;Th&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; medium-term target forms part of a broader objective of decarbonizing &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt; 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 &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;carbon capture and
storage&lt;/span&gt;. 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;/p&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;In its assessment&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of climate change and energy transition potential impact on operations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, 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;"&gt;Environmental, Social and Governance (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ESG&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; 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: 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;The recoverable value assessments performed by the Company for purposes of the preparation of these financial statements reflects management&#x2019;s views on &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;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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;37&lt;/span&gt;&lt;/span&gt;&lt;span style="font: 10pt 'Times New Roman';"&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;Events after the reporting period&#160;&lt;sup&gt;11&lt;/sup&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;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;"&gt;Recently Announced 25% Tariff on Steel Imports in the United States&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; letter-spacing: -0.1pt;"&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; letter-spacing: -0.1pt;"&gt;Early in 2025, the U.S. government imposed a 25% tariff on virtually all imports of steel and steel derivatives, revoking previously negotiated country-specific exemptions and quota arrangements. As a result, all previously exempted or quota-managed countries became subject to the full 25% tariff on their steel exports to the United States.&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; letter-spacing: -0.1pt;"&gt;&lt;br/&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; letter-spacing: -0.1pt;"&gt;In addition, on February 1, 2025, the U.S. government announced the imposition, through the International Emergency Economic Powers Act (&#x201c;IEEPA&#x201d;), of across-the-board tariffs applicable to all products imported from Mexico, Canada and China (with the exception, as of the date of this Consolidated Financial Statements), of Mexican and Canadian products that comply with USMCA preferential rules of origin). These tariffs could apply to certain products that Tenaris and other companies are currently importing under previously granted exclusions or tariff-free quotas.&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; letter-spacing: -0.1pt;"&gt;&lt;br/&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; letter-spacing: -0.1pt;"&gt;In light of the foregoing uncertainties, at this time, Tenaris is unable to predict the evolution or ultimate outcome of these developments or to quantify the impact that the new tariffs and measures could have on its business or financial condition.&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; letter-spacing: -0.1pt;"&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; letter-spacing: -0.1pt;"&gt;Annual Dividend Proposal&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; letter-spacing: -0.1pt;"&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;Upon approval of the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#xb4;s annual accounts &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;April&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;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;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the Board of Directors intends to propose, for the approval of the Annual General Shareholders' meeting to be held on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;May&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;6&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;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the payment of an annual dividend of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.83&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;outstanding &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;share ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.66&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;0.9&lt;/span&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;illion, which includes the interim dividend of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.27&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;outstanding &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;share ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.54&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;0.3&lt;/span&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;illion, paid 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;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;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. If the annual dividend is approved by the shareholders, a dividend of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.56&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;outstanding &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;share ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.12&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;0.6&lt;/span&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;illion will be paid on May &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;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;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;5&lt;/span&gt;&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;r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ecord date on May &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;, &lt;span&gt;2025&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;These Consolidated Financial Statements do not reflect this dividend payable.&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: 12pt; 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;"&gt;Share buyback Second Program Completion&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 March 4, 2025, the Company announced the completion of its second Share Buyback Program. During the Program, which ran from November 11, 2024, until March 4, 2025, the Company purchased a total of 36,862,132 ordinary shares, for a total consideration of approximately $691.6 million (net of a performance amount of approximately $8.4 million). As of March 4, 2025, the Company held 90,762,598 treasury shares. The Company intends to cancel all treasury shares purchased under the share buyback programs in due course.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
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        <link:footnote id="footnote3" xlink:label="footnote3" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt; line-height: inherit;"><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Includes liability related to share buyback program. See note </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 Financial Statements.</xhtml:span></xhtml:span></link:footnote>
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          xlink:href="#Tag154"
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        <link:footnote id="footnote4" xlink:label="footnote4" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="line-height: inherit;"><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes liability related to share buyback program. See note </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 Financial Statements.</xhtml:span></xhtml:span></link:footnote>
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          xlink:href="#Tag189"
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        <link:footnote id="footnote5" xlink:label="footnote5" 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;">For </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span>2023</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">sale of Venezuela awards. For more information see note </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span>6</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</xhtml:span></xhtml:span></link:footnote>
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          xlink:href="#Tag215"
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          xlink:href="#Tag218"
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          xlink:href="#Tag251"
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        <link:footnote id="footnote2" xlink:label="footnote2" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt; line-height: inherit;"><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Out of </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">172.0</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> m</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion fixed rate </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">borrowings,</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">162.1</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">m</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion are short-term</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</xhtml:span></xhtml:span></link:footnote>
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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-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Starting on January 1, 2023, Asia Pacific</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Middle East and Africa </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">areas</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> were merged in a single geographical </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">area</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</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"><xhtml:span style="font-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the years </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">202</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">4</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </xhtml:span><xhtml:span style="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="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="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="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and <xhtml:span style="border-left: none; border-right: none;">20</xhtml:span></xhtml:span><xhtml:span style="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="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="font-family: 'Frutiger 45 Light'; line-height: inherit;"> includes </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">Investment</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; font-style: italic; line-height: inherit;">s in non-consolidated companies</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">See 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>14</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> t</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">o these Consolidated</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements</xhtml:span><xhtml:span style="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'; line-height: inherit;">78,485,337</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;">shares</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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font-family: 'Frutiger 45 Light'; line-height: inherit;">1,084,272,191</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;">outs</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;">tanding shares</xhtml:span><xhtml:span style="color: #000000; 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orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 </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>35</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; 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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-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;">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-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;"> 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-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;"><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-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;">, </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; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span>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-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;"><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-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;"><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-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;">there were 1,180,536,830 shares issued. 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          xlink:label="Tag1154"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1154"
          xlink:to="footnote8"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1155"
          xlink:label="Tag1155"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
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        <link:loc
          xlink:href="#Tag1162"
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        <link:loc
          xlink:href="#Tag1163"
          xlink:label="Tag1163"
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1163"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
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        <link:loc
          xlink:href="#Tag1164"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1164"
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        <link:loc
          xlink:href="#Tag1166"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1166"
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        <link:loc
          xlink:href="#Tag1169"
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        <link:loc
          xlink:href="#Tag1177"
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        <link:footnote id="footnote21" xlink:label="footnote21" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: 'Frutiger 45 Light';">For </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">the year </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><xhtml:span>202</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><xhtml:span>4</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> a </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">loss</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">0.1</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">loss</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">0.1</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</xhtml:span><xhtml:span style="font-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light';">For</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> the year</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><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';"> a </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">loss</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">0.9</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">loss</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">1.3</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</xhtml:span></xhtml:span></link:footnote>
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          xlink:href="#Tag1178"
          xlink:label="Tag1178"
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        <link:loc
          xlink:href="#Tag1186"
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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-family: 'Frutiger 45 Light';">For the years <xhtml:span>2024</xhtml:span> and <xhtml:span>2023</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">elated to </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">Mattr&#x2019;s pipe coating business unit acquisition</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>34</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">.</xhtml:span></link:footnote>
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1186"
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        <link:loc
          xlink:href="#Tag1195"
          xlink:label="Tag1195"
          xlink:type="locator"/>
        <link:footnote id="footnote24" xlink:label="footnote24" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: 'Frutiger 45 Light';">For the years <xhtml:span>2024</xhtml:span> and <xhtml:span>2023</xhtml:span>, mainly include </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">annuities purchased from an insurance company for the benefit of current and future retirees</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">.</xhtml:span></link:footnote>
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        <link:loc
          xlink:href="#Tag1221"
          xlink:label="Tag1221"
          xlink:type="locator"/>
        <link:footnote id="footnote23" xlink:label="footnote23" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: 'Frutiger 45 Light';">For the years <xhtml:span>2024</xhtml:span> and <xhtml:span>2023</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">elated 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>34</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">.</xhtml:span></link:footnote>
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1221"
          xlink:to="footnote23"
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        <link:loc
          xlink:href="#Tag1227"
          xlink:label="Tag1227"
          xlink:type="locator"/>
        <link:footnoteArc
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          xlink:from="Tag1227"
          xlink:to="footnote24"
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        <link:loc
          xlink:href="#Tag1239"
          xlink:label="Tag1239"
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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-family: 'Frutiger 45 Light';">For </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">the year </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><xhtml:span>20</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';"><xhtml:span>4</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">a </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">loss</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">1.6</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumption</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">s</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> and a </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">loss</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">5.9</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million to financ</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">ial assumptions.</xhtml:span><xhtml:span style="font-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light';">For </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">the year </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><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';"> a </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">loss</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">0.6</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million is attributable to demographic assumptions and a </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">loss</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">8.3</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million to financial assumptions.</xhtml:span></xhtml:span></link:footnote>
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          xlink:from="Tag1239"
          xlink:to="footnote19"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1242"
          xlink:label="Tag1242"
          xlink:type="locator"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1242"
          xlink:to="footnote23"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1243"
          xlink:label="Tag1243"
          xlink:type="locator"/>
        <link:footnote id="footnote20" xlink:label="footnote20" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: 'Frutiger 45 Light';">For </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">the year </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><xhtml:span>2024</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">elated to</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">Mattr&#x2019;s pipe coating business unit acquisition</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>34</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">.</xhtml:span><xhtml:span style="font-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light';">For the year 2023, related to the GPC, Isoplus anticorrosion coating division and Mattr&#x2019;s pipe coating business unit acquisitions.</xhtml:span></xhtml:span></link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1243"
          xlink:to="footnote20"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1249"
          xlink:label="Tag1249"
          xlink:type="locator"/>
        <link:footnote id="footnote55" xlink:label="footnote55" 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';"> In <xhtml:span>20</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';"><xhtml:span>4</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> and </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><xhtml:span>20</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';"><xhtml:span>3</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">, </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">$</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">13.5</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">million </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">and $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">15.8</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">corresponding to </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">plans</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">with surplus balance</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">s that</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> w</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">ere</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">reclassified</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> within other </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">non-</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">current assets</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">, respectively</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">, consequently the net post-employment benefits funded exposed as liabilities amounted to $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">2.5</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million and $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">5.0</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million respectively.</xhtml:span></xhtml:span></link:footnote>
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          xlink:href="#Tag1261"
          xlink:label="Tag1261"
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        <link:footnoteArc
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          xlink:from="Tag1261"
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        <link:loc
          xlink:href="#Tag1267"
          xlink:label="Tag1267"
          xlink:type="locator"/>
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        <link:loc
          xlink:href="#Tag1270"
          xlink:label="Tag1270"
          xlink:type="locator"/>
        <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-family: 'Frutiger 45 Light';">For the years <xhtml:span style="border-left: none; border-right: none;">2024</xhtml:span> and <xhtml:span style="border-left: none; border-right: none;">2023</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">elated to </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">Mattr&#x2019;s pipe coating business unit acquisition</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>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1270"
          xlink:to="footnote15"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1278"
          xlink:label="Tag1278"
          xlink:type="locator"/>
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          xlink:from="Tag1278"
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          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1293"
          xlink:label="Tag1293"
          xlink:type="locator"/>
        <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;">For the year <xhtml:span style="border-left: none; border-right: none;">2023</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">GPC, Isoplus anticorrosion coating division and </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#x2019;s pipe coating business unit acquisitions</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</xhtml:span></xhtml:span></link:footnote>
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
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          xlink:href="#Tag1296"
          xlink:label="Tag1296"
          xlink:type="locator"/>
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          xlink:from="Tag1296"
          xlink:to="footnote26"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1339"
          xlink:label="Tag1339"
          xlink:type="locator"/>
        <link:footnote id="footnote17" xlink:label="footnote17" 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;">For the year <xhtml:span style="border-left: none; border-right: none;">2023</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to the GPC, Isoplus anticorrosion coating division and Mattr&#x2019;s pipe coating business unit acquisitions.</xhtml:span></link:footnote>
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1339"
          xlink:to="footnote17"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1343"
          xlink:label="Tag1343"
          xlink:type="locator"/>
        <link:footnote id="footnote16" xlink:label="footnote16" 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;">For </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the year </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">2024</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">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</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> 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></link:footnote>
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1343"
          xlink:to="footnote16"
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        <link:loc
          xlink:href="#Tag1350"
          xlink:label="Tag1350"
          xlink:type="locator"/>
        <link:footnoteArc
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          xlink:from="Tag1350"
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          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1353"
          xlink:label="Tag1353"
          xlink:type="locator"/>
        <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="font-family: 'Frutiger 45 Light'; line-height: inherit;">For the year <xhtml:span style="border-left: none; border-right: none;">2024</xhtml:span>, r</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">elated to Mattr&#x2019;s pipe coating business unit acquisition. 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></link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1353"
          xlink:to="footnote18"
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        <link:footnote id="footnote56" xlink:label="footnote56" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt; line-height: inherit;"><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 </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;">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'; line-height: inherit;">eserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement 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.</xhtml:span></xhtml:span></link:footnote>
        <link:footnoteArc
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          xlink:to="footnote56"
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        <link:footnote id="footnote50" xlink:label="footnote50" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span 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: 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';">During <xhtml:span>202</xhtml:span></xhtml:span><xhtml:span 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: 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';"><xhtml:span>2</xhtml:span> a</xhtml:span><xhtml:span 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: 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';">s</xhtml:span><xhtml:span 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: 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';"> a</xhtml:span><xhtml:span 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: 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';"> result of NKKTubes&#x2019; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </xhtml:span><xhtml:span 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: 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';">was</xhtml:span><xhtml:span 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: 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';"> reclassified </xhtml:span><xhtml:span 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: 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';">with impact in</xhtml:span><xhtml:span 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: 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';"> the</xhtml:span><xhtml:span 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: 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';"> income statement</xhtml:span><xhtml:span 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: 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';">.</xhtml:span></link:footnote>
        <link:footnoteArc
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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="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 the year <xhtml:span>2024</xhtml:span>, related </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 Mattr&#x2019;s pipe coating business unit acquisition. </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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 </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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>34</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 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></link:footnote>
        <link:footnoteArc
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          xlink:to="footnote51"
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          xlink:href="#Tag2685"
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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="line-height: inherit;"><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;">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;"> working capital </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;">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'; line-height: inherit;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;">30.3</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;"> 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'; line-height: inherit;"><xhtml:span>4</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><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;">16.7)</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;"> 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'; line-height: inherit;"><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'; line-height: inherit;"> 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'; line-height: inherit;">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'; line-height: inherit;"> 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'; line-height: inherit;"><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'; line-height: inherit;">.</xhtml:span></xhtml:span></link:footnote>
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        <link:loc
          xlink:href="#Tag2692"
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        <link:footnoteArc
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          xlink:href="#Tag2721"
          xlink:label="Tag2721"
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        <link:footnote id="footnote40" xlink:label="footnote40" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="line-height: inherit;"><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;">For </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 year </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>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'; line-height: inherit;"><xhtml:span>4</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;">, related </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;">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'; 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: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#x2019;s pipe coating business unit</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;">acquisition</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;">. 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'; line-height: inherit;"><xhtml:span>34</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></link:footnote>
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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;">hares</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; font-family: 'Frutiger 45 Light'; line-height: inherit;"> as treasury shares</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; font-family: 'Frutiger 45 Light'; line-height: inherit;">, and there were</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; font-family: 'Frutiger 45 Light'; line-height: inherit;">1,167,888,739</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; 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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>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; 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